US produce supplier Calavo Growers has booked a 31% increase in annual profits after earnings in its fourth quarter more than doubled.

The avocado, salsa and hummus maker recorded net income of US$17.8m for the year to the end of October, it said yesterday (3 January).

Fourth-quarter net income stood at $4.8m, up sharply from $2.3m a year earlier. The jump in quarterly earnings came on the back of higher sales, which rose 32% to $107.2m. Over the full year, revenues reached a company record $398.4m.

Calavo chairman, president and CEO Lee Cole said the company’s fourth-quarter and full-year results were “formidable”.

Cole said: “Calavo’s strong results underscore the company’s continued success implementing its business agenda, focusing squarely on sourcing diversification for avocados and other diversified fresh produce items. Complementing our fresh avocado performance, we witnessed growth last year in tomatoes and refrigerated fresh guacamole, two categories in which the company has worked diligently to expand over the past several years.”

For the full earnings statement, click here.