US produce group Calavo Growers has booked an increase in annual earnings on the back of record sales.
Calavo posted a 1.7% rise in net income to US$17.3m for the year to the end of October. The result included costs linked to Calavo’s distribution technology platform FreshRealm and the 2011 acquisition of Renaissance Food Group. It also benefited from a lower tax bill.
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Operating income declined to $25.1m from a year-earlier total of $27.5m.
Full-year revenues climbed 25% to a record $691.5m. Sales from Calavo’s core avocado business, as well as from its prepared foods divison and Renaissance Food Group, increased.
Nevertheless, chairman, president and CEO Lee Cole said the improved sales and net profit was “indicative of the enduring strength of the Calavo business model”.
Cole added: “Calavo expects to further extend our sustained successes in fiscal 2014 and anticipates another highly successful year.”
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