Calavo Growers, a global leader in avocado marketing, has reported on another set of strong results for the third quarter (Q3) of the year following the record start to 2009.
The US group said that net income for the three-month period ended 31 July 2009 climbed 77 per cent to US$2.5m, up from S$1.4m in 2008, according to Reuters.
Revenues during that time jumped 10 per cent to US$106.3m, a company record for the any quarter in Calavo's history, from US$96.9m in the corresponding period last year.
Results were driven by double-digit fresh avocado sales growth and continued strong gross margins, the group said.
Overall fresh produce segment sales grew 12 per cent to US$94.7m through the quarter from US$84.8m last year.
'Calavo registered another outstanding quarter that was in line with our plan,' said group chairman and CEO Lee Cole. 'Our operating performance reflects the measured, disciplined strides we have made implementing our strategic business agenda, a central component of which is diversified sourcing for fresh avocados both to meet customer demand and provide a continuous stream of product through our distribution system.
'These efforts are serving us well and the beneficial effect is evident in Calavo's rising gross margin trend line and improved utilisation of our infrastructure,' he added.
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