DUBLIN (Reuters) - Fruit distributor Fyffes (>> Fyffes plc) on Friday raised its full-year forecast for earnings per share by 20 percent, citing higher fruit prices and currency tailwinds.
The Irish firm, whose proposed merger with Chiquita Brands (>> Chiquita Brands International Inc) collapsed last year, forecast 2015 earnings per share would be between 12.2 and 13.9 cents per share, up from a range of 10-11.8 cents, an increase of 20 percent at the mid-point.
"Management’s goal of moving the business to a higher and more sustainable earnings base is playing out," said Davy analyst Declan Morrissey. "Fyffes remains undervalued on earnings and returns-based metrics."
Fyffes shares opened up 9 percent at 1.29 euros.
(Reporting by Conor Humphries; editing by Jason Neely)