Calavo finished the second quarter of the financial year (ending on 30 April) with a net income of $14,1 million. This is an increase of 9% ten compared to the previous year. The turnover for this same period was somewhat less. It stood at $264,4 million against $270,2 million a year earlier.
"The fresh segment recorded double growth figures in avocado volumes," explains Lee E. Cole, Calavo's Chairman, President and CEO. The pricing remains in line with historic figures. Meanwhile, the 2017 second quarter figures were characterised by rapidly climbing prices. Despite the larger volumes, this year's results were, comparatively, lower." He points out the last year's results were exceptionally high. This was because the demand for avocados substantially outweighed the supply.
Over the first six months of the 2018 fiscal year, the company's net income rose by 17% to $21,3 million. A year earlier, this was still $18,2 million. Sales amounted to $512,3 million. This is 3% more than the $496,7 million than the previous year. The fresh segment recorded revenues of $137,9 million, 11% lower than in 2017. The results were lower due to the lower sales of tomatoes in the fresh produce category.
"The demands for fresh avocado as well as consumption are on a continual upward trend. This year's supply is up to 20% larger than last year. This is a good sign for us, as a market leader", says Cole. The company is expecting avocados from California, Mexico, Peru, and Colombia. They will put these on the market in the second half of the year. "We are anticipating double growth figures in avocado volumes."