A top-to-bottom global review already is in full swing at Chiquita Brands International Inc.

        The company, with headquarters on Fifth Street downtown, is exploring expansion of the Chiquita brand name, and threatening to shut some unprofitable Latin American divisions.

        The review hasn't produced bottom-line results yet. But with better exchange rates, more licenses to sell bananas in Europe and reduced debt, the company posted second-quarter earnings of $47.7 million, or $1.19 a share, in its first full quarter since emerging from Chapter 11 bankruptcy in March. That's despite falling prices in Western Europe and North America.

        Sales increased 6 percent to $631.9 million.

        Results have Chiquita executives optimistic. In May, they granted about 4.5 million stock options to management employees, valuable if the stock price tops $16.95 a share.

        And they said Tuesday that even without new businesses, Chiquita can add $100 million in earnings in the next three years through efficiency improvements.

        “Costs are hard to get out if you want to leave your firm in good shape,” chairman and chief executive officer Cyrus Freidheim told Wall Street investors. “But they're coming out.”

        Mr. Freidheim said inefficiency in Panama's Armuelles division, which helped increase banana production costs $7 million, could mean the closing of that unit.

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