Shares in banana producer Chiquita Brands International fell sharply after the company posted large fourth quarter losses hit by low banana prices and higher production and advertising costs.

Chiquita said income from continuing operations before interest, taxes, depreciation and amortization fell to $5m from $18m last year, while losses for the period came in at $26.3m.

The company reiterated that it would provide three-year goals but not short-term forecasts.