Chiquita, Fresh Del Monte finances slip on weak banana market

Chiquita Brands International Inc. reported an unexpected, $8 million third-quarter loss, and Fresh Del Monte Produce Inc. also posted disappointing quarterly results, with both companies hurt by slumping banana markets in Europe.

Weak salad sales, reflecting retailers’ shift toward cheaper, private-label products, also squeezed Chiquita’s Fresh Express subsidiary, which cut its 2010 profit forecast for the second time in four months.

Banana prices in Europe eroded late in the third quarter because of excessive imports from major African, Caribbean and Pacific producing regions, Chiquita’s chief executive officer, Fernando Aguirre, said in a statement announcing the company’s quarterly results Nov. 2.

 

 

 

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