Chiquita Brands International Inc reported first-quarter 2004 net income of $20 million, compared with $25 million in the same quarter a year ago.
Net sales for the 2004 quarter were $793 million, up $322 million from $471 million in the first quarter of 2003. Atlanta AG, a German fresh-produce distributor acquired at the end of March 2003, accounted for $283 million of the increase.
Operating income from continuing operations in the first quarter of 2004 was $32 million, versus $38 million in the year-ago period.
“We had a strong quarter,” said Fernando Aguirre, president and chief executive officer. “In spite of difficult market conditions, our underlying business performance was on par with the strong results posted in the year-ago period.”