Calavo Growers Announces Record Fiscal 2015 Third Quarter Results
SANTA PAULA, CA - Calavo Growers has released its Q3 2015 financial report, showing record high revenues and announcing two new facilities in Mexico and Florida.
“Calavo posted an excellent operating performance during the third quarter and registered increases in many key metrics,” said Calavo Chairman and Chief Executive Officer Lee E. Cole. “Our business model of having diversified revenue and profit drivers continues to serve Calavo well. Total revenues and gross profit rose to new highs for any single period in company history paced by increases for those metrics in each of Calavo’s three business segments.”
Third quarter revenues grew 6.3 percent in the third quarter, reaching an all-time high of $232.5 million. This increase is up from $218.7 million over the corresponding fiscal 2014 period. Net income also hit record highs this quarter, totaling $8.6 million, or $0.50 per diluted share.
In addition to the all-time high revenues and new incomes, Calavo also used its report to announce an expansion into a second Mexico growing region with its new packinghouse in Guzman, Jalisco. Expected to come online in first quarter of fiscal 2016, Calavo believes this will be a great way to respond to growing demand.
Additionally, Calavo will be opening a new 208,000 square-foot facility in Jacksonville, FL this December. This new facility will be the first fully shared operation between all the major divisions of Calavo—Fresh, Calavo Foods and RFG. Calavo hopes this will provide the company with the base for greater business penetration into Southeastern U.S. markets, according to a press release.
Other highlights from Calavo’s Q3 2015 financial report include:
- Gross margin hit $24.3 million, up 20.3 percent from $20.2 million
- 120 basis point improvement year-over-year
- Fresh avocado unit volume climbs 15 percent
- Forecast for 2016 total consumption of 2.5 billion pounds, up from 2.0 billion pounds in 2015
- Growth of approximately 25 percent
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