Chiquita's 1Q Net Income Falls 26 Percent

CINCINNATI (AP) — Chiquita Brands International Inc. said Thursday that its sales of bananas and packaged salads were stronger than expected in the first quarter, but the strong dollar dragged its net income down 26 percent.

The earnings results handily beat analyst expectations, and Chiquita shares soared in after-hours trading.

The Cincinnati-based company said it earned $23 million, or 51 cents a share, in the period that ended in March, down from $31 million, or 70 cents a share, a year earlier.

Revenue fell 10 percent to $842 million.

Thomson Reuters said analysts, who typically exclude one-time items, on average predicted earnings per share of 28 cents on revenue of $910.5 million.

Shares closed up 4 cents at $7.57 in regular trading Thursday. In after-hours trading, they rose another 68 cents, or 9 percent, to $8.25.

Chief Executive Fernando Aguirre said the company's first quarter was strong considering the drag that foreign currency had on results. But showings in salads were better than expected, giving the company a jump on its plan to improve its results this year.