US produce group Calavo Growers revealed “record” net income in its third quarter, boosted by double-digit sales in each of its main business segments.
Net income rose 13% to US$6.4m in the three months to the end of July. Operating profit was up 11.9% to $9.4m.
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Revenues climbed 27% in the period to $194.9m. Calavo said it achieved double-digit sales in its three divisions: fresh products, CalavoFoods and Renaissance Food Group.
“We achieved excellent operating results during the quarter, with revenue growth accelerating both sequentially, as well as year over year,” said CEO Lee Cole. “The principal factor – the company’s sharply higher fresh avocado volume, which expanded by nearly 700,000 units, or 21%, from the corresponding period last year – is in keeping with our stated goal of increasing market share in this rapidly expanding product category.”
Click here to view the full earnings release.
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