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Chiquita savors its best 4Q in five years

Chiquita Brands International Inc reported fourth-quarter 2003 net income of $8 million, or $0.19 per share. The company had a net loss of $26 million, or $0.66 per share, in the same quarter a year earlier.

Net sales for the quarter were $686 million, up $323 million from the fourth quarter of 2002. Operating income from continuing operations in fourth-quarter 2003 totaled $19 million, versus a $13 million operating loss in the year-ago period.

“Chiquita had its best fourth quarter in five years as the company continued to cut costs and benefit from a strong euro,” said Fernando Aguirre, president and chief executive of the company. “We also progressed against our goals, reducing debt by $42 million during the quarter, and divesting additional non-core assets.”

TAGS: Foodservice
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