Calavo breaks second-quarter records

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Carl Collen

BY CARL COLLEN

Calavo breaks second-quarter records

Net income climbs nearly 34 per cent to US$12.9m

Calavo breaks second-quarter records

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Calavo Growershas reported record fiscal 2017 second-quarter operating results, with virtually all key metrics reaching new all-time, single-period highs.

The company, a global avocado-industry leader and provider of value-added fresh food, said that double-digit sales growth in each of its three business segments helped pace its operating performance in the most recent period.

For the three months ended 30 April 2017, net income rose 34 per cent to a record US$12.9m from US$9.7m in last year’s second quarter.

Revenues in the most-recent period climbed to US$270.2m, a 23 per cent increase from US$220.3m in the fiscal 2016 second quarter.

“Calavo registered a very successful second quarter as evidenced by upward trend lines in revenues, gross margin, net income and earnings per share, which advanced operating results to these new record levels," said chairman, president and CEO Lee Cole. "Our three principal business segments – Fresh, Renaissance Food Group (RFG) and Calavo Foods – are executing well with each segment posting double-digit top line growth in the most recent period leading to overall growth in revenues of nearly 23 per cent."

 

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