Avocado producer Calavo Growers has posted a fall in income and revenues for its fiscal first quarter, as lower avocado volumes out of Mexico constrained results.
For the three months ended 31 January, Calavo registered net income of US$2.3m on revenues of $67.3m, down from income of $4.4m and revenues of $70.6m in the year-ago first quarter.
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Total gross margin narrowed to 13.2%, down from 17.6% in the corresponding quarter of last year.
Nevertheless, chairman, president and chief executive Lee Cole remained upbeat on the company’s prospects for the remainder of the yearl
“Despite our slower start to fiscal 2010, by every indicator, this year is expected to produce a record avocado supply—approximately 1.5bn pounds, according to forecasts—from all available sources, which will benefit Calavo significantly. Consumer demand for fresh avocados continues to expand and available supply is keeping pace,” Cole said.
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