This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Chiquita Brands International's CEO Discusses Q2 2012 Results - Earnings Call Transcript

Stocks in this article: CQB

And now, I'll turn the call over to Fernando.

Fernando G. Aguirre

Thank you, Steve, and good afternoon and thank you for joining us today. We several items which we would like to cover this afternoon. First, we will review, Chiquita's second quarter performance. Second, formally launch our transformation strategy, which we began laying out on the year-end call in February and is intended to increase shareholder value by singularly focusing on driving profitability in our core businesses of bananas and salads. Third, we will frame the earnings power of Chiquita going forward, quantify our long-term financial goals, and provide additional detail on the actions we are taking to support the achievement of these long-term financial goals. Last, I will also discuss my future plans with the company.

To put this in context, the actions we are announcing today are a series of initiatives, which began with the move to Charlotte, and the decision to expand our salads business by offering, private-label salads, and will result in a continued restructuring of our current organization. The move together with the changes we are announcing will lower our fixed cost base and are expected to increase Chiquita’s profitability in the next six months by reducing expenses and allowing also focus in our core businesses bananas and salads. I’m going to ask Brian to take us through our second quarter results and expand on the plans to improve our profitability short term. Brian?

Brian W. Kocher

Thank you, Fernando. Now regarding second quarter, you’ll remember that on the last couple of calls we indicated that 2012 would be a challenging year for Chiquita. Although manning of the external factors impacting our business have not changed, our results reflect improvements and in some instances even exceed our expectations particularly with regard to many of the controllable aspects of our business.

2 of 3

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 18,080.38 +50.17 0.28%
S&P 500 2,091.96 +10.08 0.48%
NASDAQ 4,814.1330 +40.6610 0.85%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs