US produce firm Growers has reported a 47% rise in net income for the first quarter of fiscal 2014.

Net profit for the three months to 31 January to came in at US$3.9m, compared to $2.7m a year earlier.
Operating profit which was up 26% on the same period last year at $5.5m.

Net sales were rose 21% to $168.2m with sales in each of Calavo’s business segments up.

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Its fresh business segment saw sales grow 17%. Its food business division, which takes in chilled and frozen foods, generated an 8% rise in sales. The company’s RFG arm saw sales grow 31%.

Calavo’s CEO Lee Cole said the results showed the firm had started 2014 positively and “in line with expectations”.

He added: “We have begun fiscal 2014 on a stellar note and anticipate Calavo’s operating performance momentum to continue strengthening as the year progresses.

“We are executing against plan very effectively and anticipate that to translate to another strong year for Calavo in fiscal 2014. I am optimistic and confident about the company’s prospects and, the cyclically lower California crop aside, things are shaping up quite nicely. I look forward to communicating Calavo’s progress as the fiscal year advances.”

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