Monday 27 February 2017

Fyffes ups earnings estimate to as much as €61m for the year Newsdesk Newsdesk

Fyffes executive chairman David McCann
Fyffes executive chairman David McCann

Irish fruit giant Fyffes has upped its earnings estimate for the year and is now forecasting earnings before deductions to hit between €55m and €61m.

The previous estimate for earnings before interest, taxes, depreciation and amortization (EBITDA) was for between €44m and €50m. The company took in €48.2m in EBITDA in 2014.

In a trading update the Dublin based company said that it has performed well throughout the year “in response to significant currency headwinds and through its constant focus on operational efficiencies”.

It added: “Fyffes is confident about the future prospects of its business and is well placed to compete strongly in its key markets, following important strategic and operational developments in recent years”.

The firm has also upped its earnings per share estimate for the year. Whereas previously it had forecast EPS of 10-11.8 cent it is now estimating EPS of 12.2-13.9 cent.

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