Leading global avocado marketer Calavo Growers has reported on its strongest-ever set of second quarter (Q2) results, with net income climbing 7 per cent year-on-year to a record US$4.8m, and earnings per share up to a quarterly record of US$0.33.
Revenues for the three-month period jumped 26 per cent on 2009 to US$109.2m from US$86.8m, another record, as sales in fresh avocados and other diversified commodity produce items improved.
Group chairman, president and CEO Lee Cole noted that Calavo's performance had benefited from a continued focus on product and sourcing diversification.
'Calavo is delivering exceptionally well against the ambitious performance targets that we have set for ourselves,' said Mr Cole. 'The company posted an outstanding second quarter that we are confident is a harbinger of continued operating strength as fiscal 2010 progresses.'
Looking ahead to the remainder of the year, Mr Cole said that indicators pointed to another record year of operating results.
'Fresh avocado volumes during the third and fourth quarters, which are anticipated to reach unprecedented levels, will principally drive our second quarter performance,' he added. 'With industry estimates of the current year's avocado harvest in the 1.3bn-1.5bn lb range, Calavo will benefit significantly from this volume upsurge through operating efficiencies and economies of scale we realise as the market leader.'
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