Calavo Growers, Inc. announces record 2013 third quarter results
Gross margin in the quarter expanded by $1.9 million, or 11.5 percent, to $18.1 million, or 9.3 percent of revenues, from $16.2 million, or 10.5 percent of revenues, in the third period of fiscal 2012. Income from operations reached $9.4 million, an 11 percent jump from $8.5 million during the prior year's quarter.
"In the Fresh products segment, the company will continue to benefit as the market-share leader from the expanding available industry supply pegged to be at least 1.65 billion pounds this year," says Lee E. Cole, Chairman, President and Chief Executive Officer. "The larger year-over-year California avocado harvest and ample supplemental volumes available from Mexico have enabled us to sell about 2.5 million more cartons of fresh avocados in the first three quarters of fiscal 2013 versus the initial nine months last year--an increase of nearly 30 percent. By comparison, the avocado industry has expanded 19.6 percent year to date if our company is removed from results and 22.5 percent inclusive. Fresh avocado volume is expected to remain robust in the fourth quarter and will afford production efficiencies to our unit-driven packing operations."
Please click here for the full report.
Source: marketwatch.com
