Calavo Growers – the biggest marketer of avocados in the world – expects another record-breaking year in 2012 on the back of an increase in profits and revenue during the first quarter.
“I am confident that fiscal 2012 will be a record year for Calavo, exceeding the company’s historical earnings per share record of US$1.22,” chairman, president and CEO Lee E. Cole revealed in a press release.
Cole said the company saw accelerating Mexican fruit volume at the close of the first quarter and favourable prices, with further strong volume anticipated from both Mexico and California during this year.
The group also plans to handle more tomatoes, papayas and pineapples in 2012.
Calavo’s net income for the three months ended 31 January rose 16 per cent to US$2.7m, while revenues advanced 29 per cent to US$117.4m, up from US$91.3m a year ago.
Operating results (including $35m in revenue) for the quarter also include those of Renaissance Food Group, which became part of the company on 1 June.
First-quarter gross margin also grew to US$12m, against US$8.7m in last year’s initial period, while first quarter operating income expanded 21 per cent to US$4.4m from US$3.7m in the corresponding 2011 period.
Calavo imports and distributes avocados, tomatoes, papayas, and pineapples, as well as processes avocados into guacamole products.
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