Calavo Growers has reported on a tough end to 2009 in its fourth quarter results, as the group took a year-on-year hit in both quarterly profit and sales.
The group, a leading US producer and marketer of fresh avocados, saw quarterly income fall to US$2.3m, or US$0.16 per share, down 43 per cent from the US$4m (US$0.28 per share) recorded at the end of 2008. Sales during the three-month period dropped 14 per cent from US$93.6m last year to US$80.9m.
According to Calavo, the results were hit by a lower cyclical crop of avocados from California, although this was partially offset by a larger Mexican supply.
For the full year, however, profit jumped 77 per cent to US$13.6m, or US$0.94 per share, from US$7.7m, or US$0.53 per share, in 2008.
Annual sales fell 5 per cent to US$344.8m from US$361.5m last year, with long-term debt slashed to US$13.9m from US$25.4m at the start of 2009.
No comments yet