Fyffes hikes FY EPS forecast by 20 percent

DUBLIN (Reuters) - Fruit distributor Fyffes 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 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)