Chiquita Reports $408 Million Loss In 2012 Results
March 12, 2013 | 1 min to read
Chiquita Brands International, reporting its full-year earnings for the first time as a Charlotte-based company, reported a $408 million loss for 2012, as the company restructured its business to cut costs and restart growth.
That’s down from a $57 million profit last year. One executive called 2012, which saw a major strategy shift, a new CEO, a corporate relocation, and a massive restructuring, a “very muddy year.”
The company has finished most of its restructuring, CEO Ed Lonergan told analysts Monday evening. The results of that plan, which was expected to save $60 million in annual costs, should start showing up in the bottom line this year, he said.
“Our restructuring is complete, and we’re seeing the results we expected,” said Lonergan, who was brought in to replace longtime CEO Fernando Aguirre last year.
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