NEW YORK (TheStreet) -- Shares of Chiquita Brands International Inc. (CQB) are down -2.88% to $10.80 on heavy volume as the marketer and distributor of bananas and other fresh produce reported first quarter 2014 earnings results.
The company reported GAAP net loss of $25 million in 2014 compared to GAAP net income of $2 million 2013.
Ed Lonergan, Chiquita's president and CEO said, "Drought conditions in Central America and winter storms in North America and over the Atlantic disrupted our value chain and market demand for our products."
TheStreet Ratings team rates CHIQUITA BRANDS INTL INC as a Hold with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation:
"We rate CHIQUITA BRANDS INTL INC (CQB) a HOLD. The primary factors that have impacted our rating are mixed some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its solid stock price performance, impressive record of earnings per share growth and compelling growth in net income. However, as a counter to these strengths, we also find weaknesses including generally higher debt management risk, poor profit margins and weak operating cash flow."