U.S. melon sales help Fyffes first quarter

05/14/2014 11:34:00 AM
Tom Karst

Strong U.S. melon sales helped Fyffes PLC record first quarter earnings before taxes that were up 14.9% compared with last year.

“Fyffes has delivered a strong result in the first quarter of 2014,” David McCann, chairman of Fyffes PLC, said in a news release.

First quarter 2014 earnings before taxes and other deductions were $21.95 million, including what he called a “very good performance” in the melon category.

The Dublin-based company said in the release that the proposed merger with Chiquita Brands International Inc., announced in March, remains under regulatory review.

The full-year earnings target for Fyffes, before taxes, interest, and amortization expenses, remains at $41 million to $48 million, McCann said in the release.

U.S. melon sales benefited from growth in volume and prices that were slightly above last year, according to the first quarter report, despite a weaker U.S. dollar.

Average selling prices for bananas in Europe were lower in the first quarter, according to the report, and profits from banana sales were down despite higher volume. Profits also were off for the pineapple category in the quarter, pulled lower by reduced average selling prices in Europe. Pineapples include fruit from a farm in Costa Rica the company acquired in the first quarter of 2013.



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