SANTA PAULA, CA - Calavo Growers has released its Q2 2015 financial report, citing its highest single-period totals in the company’s history. Net income for the company reached $8.5 million for the second quarter.
Chairman, President, and Chief Executive Officer of Calavo Lee E. Cole said, “In each of its three business units and by every metric, Calavo turned in an outstanding showing in the second fiscal quarter. Double-digit top-line growth was paced by revenue gains in our Fresh and RFG business segments. Total gross margin increased $4.1 million, translating to an approximately 70 basis point year-over-year gain. This was fueled by gains across all three business segments, most significantly Calavo Foods, which did an outstanding job managing fruit and production costs.”
Revenues also made a jump this quarter, growing by $26.7 million, or 13.7 percent, to reach a record $221.6 million. Last year’s Q2 saw revenues of $194.9 million. Cole also said in the report that Calavo will expand into a second growing region in Mexico and build a new packing facility in Guzman and Jalisco in order to capture additional market share.
“Fresh business segment operations saw substantially higher avocado volume, increasing by nearly 20 percent over the same quarter last year, Cole added. “The double-digit avocado volume growth which we have witnessed in the first six months of this year is expected to continue, and even accelerate, in the second half of this year. Mexico avocado operations are hitting on all cylinders—pricing and availability are trending favorably—and will be complemented by increased volume of pounds year-over-year in California, packing of which will ramp up during the third quarter.”
Other highlights from Calavo’s Q2 report include:
- Diluted EPS total grew to 49 Cents, versus Q2 2014's adjusted diluted EPS of 43 Cents.
- Gross margin reached $23.0 Million, up 21.6 percent from $18.9 million in Q2 2014.
- Operating income grew 31.7 percent to $13 million from $9.9 million (adjusted) in Q2 2014.
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