Global avocado and value-added food specialist Calavo Growers Inc has reported on strong fiscal Q4 and full-year net income for 2013, on revenues that climbed to new record highs for both periods.
For the fourth quarter, revenues climbed 35 per cent year-on-year to US$190.7m, up from US$141.6m the previous year. Actual net income fell to US$6m from US$6.2m.
Full-year revenues soared by 25 per cent to reach a record US$691m, well up on the US$551.1m recorded in fiscal 2012. Net income for the 12-month period came in at 17.3m, up from US$17.1m recorded last year.
'We completed another successful year punctuated by a final quarter during which each of Calavo's three business segments continued to register outstanding revenue growth and strong profitability – matching the fourth quarter record for net income before giving effect to the FreshRealm investment,' said chairman, president and CEO Lee Cole.
'Our top-line growth was paced by an ever-quickening expansion of the avocado industry, which we continue to lead and innovate,' he continued. 'We packed 2.3m more fresh avocado cartons last year over fiscal 2012, almost 14.4m units in total, indicative of overall industry growth which reached nearly 1.7bn pounds in 2013.'
