Chiquita Brands International Management Discusses Q2 2013 Results - Earnings Call Transcript at Seeking Alpha(Thu, Aug 8)
Thanks, Steve. Good morning, and thank you all for joining us. Our Q2 results show significant year-on-year profit improvement, resulting from increased volumes in our core product lines, as well as savings from previously announced SG&A and value chain efficiency enhancements. For the quarter, we are reporting $58 million of adjusted EBITDA versus $40 million in the second quarter of 2012. These results reflect both the single-minded execution against our focus on the core strategy and the ability to leverage the strengths of our core product brands and capabilities in the current market place.
We continue to make progress against the objectives we've discussed on the last few earnings calls. Our plans to drive increased revenue and profitability on our core bananas and salads businesses are progressing well. Our share of bananas in North America continues to increase as a result of growth with existing customers and from new contracts. Additional contract gains were made in Q2 at accretive contribution.
In Europe, we continue to manage our premium banana brand for price as opposed to volume. We have exited unprofitable contracts, improved realization in our remaining contracted volume and have steadfastly focused on customers that recognize the service and quality implicit in our brand in a year in which supply and demand have been largely imbalanced.
In our Salad business, we're reporting the first quarter of year-over-year volume growth since 2008. The business is growing and we're strategically well-positioned as we continue our turnaround. Our salad revenues have increased as a result of volume gains with existing customers and contract wins in both ...