UPDATE 1-Chiquita Q1 profit beats estimates
* Q1 EPS of 51 cents
* Sees FY09 capex of $55 mln-$65 mln
* Expects salads segment to improve in '09
April 30 (Reuters) - Banana distributor Chiquita Brands International Inc (CQB.N) posted a first-quarter profit well above analysts' estimates, helped in part by better-than-expected performance at its salads segment and lower expenses.
For the first quarter, the company earned $23 million, or 51 cents a share, compared with $31 million, or 70 cents a share, a year earlier.
The company reported income from continuing operations of 49 cents a share.
Net sales fell 10 percent to $842 million.
Four analysts on average were expecting earnings of 28 cents a share, before special items, while two analysts were expecting revenue of $910.4 million, according to Reuters Estimates.
Sales in the banana segment fell 8 percent, hurt by European exchange rates.
Sales in the salads and healthy snacks segment declined 16 percent. The company said the decline was not as bad as expected.
Chiquita, known for its namesake bananas and Fresh Express bagged salads, has been witnessing relatively sluggish demand for its packaged salads as thrifty consumers view them as discretionary.
Operating expenses at Chiquita, which competes with privately held Dole Food and Fresh Del Monte Produce Inc (FDP.N), fell 8 percent to $808 million in the quarter.
The Cincinnati, Ohio-based company's shares closed at $7.57 Thursday on the New York Stock Exchange. (Reporting by Amitha Rajan in Bangalore; Editing by Anne Pallivathuckal)
