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Chiquita Brands International Inc. Message Board

  • horger_1999 horger_1999 Jul 7, 2008 12:26 PM Flag

    CQB - How could this happen?

    The stock dropped after the devastating earnings announcement of "significant" Q3 loss on 16 June. How could this announcement occur 1 month after Aguierre proudly proclaimed:

    "Our excellent first quarter represents the third consecutive quarter of year-over-year improvements and illustrates that we continue to take the right actions to drive profitability in our business," said Fernando Aguirre, chairman and chief executive officer. "Our brand premium, improved banana pricing, benefits from our business restructuring and continued recovery in value-added salads have enabled us to generate significantly better results. We have demonstrated the ability to overcome cost challenges and we expect this improvement will continue, particularly in the first half of the year."

    Aguirre added, "We also delivered two other major achievements, which reflect both our financial discipline and confidence in our long-term strategy. We successfully refinanced our capital structure to further strengthen our balance sheet and signed agreements to develop two major sources of bananas in Africa for our European markets, without investing any capital in owned assets. We will continue to focus on strong execution throughout our operations and to invest in innovative, long-term growth opportunities. These achievements and strong quarterly results are continued evidence that our long-term strategy is working."

    Is there something illegal here or is it just gross negligence?

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