Chiquita Brands (NYSE: CQB) Expects To Post Lower Q1 Results, Announces JV With Danone

Chiquita Brands International Inc. (NYSE:CQB) expects to post "substantially lower" Q1 results due to weak European banana demand, according to a Reuters report.

The company's European banana volume fell 13% and was about 11% lower year-over-year in Q1.

CEO Fernando Aguirre said, "European banana pricing was negatively impacted by the harshest winter weather in 30 years."

Separately, Chiquita said it formed a joint venture with Danone to market fruit beverages in Europe. The deal is expected to help drive improvements in its results.

The company will receive a one-time cash payment for a 51% interest in the venture and expects the transaction to immediately add to earnings.