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UPDATE 1-Chiquita Brands Q2 beats Street; cuts FY outlook
July 29, 2010 / 9:17 PM / 7 years ago

UPDATE 1-Chiquita Brands Q2 beats Street; cuts FY outlook

* Q2 EPS $1.40 vs est $1.10

* Q2 sales fall 4 percent to $916 mln vs est $885 mln

* Sees FY revenue slightly lower

* Sees FY income $80 mln-$90 mln vs prev $110 mln-$120 mln

July 29 (Reuters) - Chiquita Brands International Inc’s CQB.N second-quarter results beat Wall Street’s view as costs reductions helped its European business return to profitability, but the fresh fruit producer cut its full-year outlook, citing a lower euro.

The company posted second-quarter net income of $95 million, or $2.06 a share, compared with $89 million, or $1.95 a share, a year ago.

Excluding items, it earned $1.40 a share, beating analysts expectations for earnings of $1.10 a share, according to Thomson Reuters I/B/E/S. Sales fell 4 percent to $916 million, compared with analyst estimates of $885.0 million.

The company now expects full-year revenues to fall slightly, versus its prior expectation of revenue growth of 3 to 5 percent.

Shares of the company closed at $13.21 Thursday on the New York Stock Exchange. (Reporting by Mihir Dalal in Bangalore; Editing by Aradhana Aravindan)

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