USA: Calavo Growers reports lower Q3 profit
California-based avocado company Calavo Growers has reported slightly lower third-quarter profit, despite posting the highest quarterly revenues in the company's history.
The company posted net income of US$3.1m, or 23 cents per share, for the third quarter to 31 July, compared to $3.2m, or 25 cents per share, for the year-ago quarter. Net revenues rose to $83.3m, the highest quarterly total in company history, from $81.4m in the same period of fiscal 2003.
Calavo said its profitable financial results in the recent quarter were mainly due to a strong performance in the company's California avocado segment, which experienced significant volume growth due to a larger domestic crop. The company reported that increased sales from its international avocado and international perishable food products segment also contributed to third-quarter revenue growth.
"We are proceeding into the fourth quarter with increasing momentum and a sense of confidence about our business units," said CEO Lee Cole. "The California Avocado segment is expected to continue yielding robust volume, particularly when measured against last year's seasonally lower domestic crop.
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