Calavo growers has outlined a positive set of results for the fourth quarter of 2012, scoring the highest quarterly net income in the history of the group.
Net income for the quarter jumped 72 per cent, the company noted, boosted by a larger Californian avocado crop, helping Calavo earn US$6.2m compared with US$3.6m in the same period of 2011.
'Calavo registered the single-highest net income for any period in its history during the final quarter, enabling us to post results for fiscal 2012 that are among its best ever, including revenues and gross margin which shattered previous record highs,' said chairman, president and CEO Lee Cole. 'We benefited from strong showings in each of our three business segments and this operating momentum continues to validate the strategic blueprint we established for the company – all indicators are trending favorably.'
For the full 12 months of fiscal 2012, Calavo earned US$17.1m, up from US$11.1m in 2011, with annual revenue up 6 per cent to US$551.1m.
Looking ahead, Cole said that he expected Calavo to turn in a record set of earnings for 2013, driven by another bumper avocado crop.
