Auriga: Chiquita Reports Lower 4Q Revenue, Improved EPS

In a research report published today by Auriga, Chiquita Brands International (NYSE: CQB) reported lower revenue and improved EPS for its 4QFY11.

In the report, Auriga said, “Despite a weaker pricing to start the year, recent improvements in market conditions and the implementation of a North American force majeure price increase should help to improve revenue in the coming months. In addition, the company is implementing several initiatives to boost future growth, including expanding into new markets as well as focusing on new salad initiatives, including private label. Chiquita also continues to focus of profitability by implementing additional cost reduction measures. Overall, we continue to view Chiquita's shares as cheap; we reiterate our Buy recommendation and $12 PT.”

Chiquita closed yesterday at $9.23.