US avacado supplier and fresh food maker Calavo Growers has reported a jump in profits for the first nine months of its financial year.
Calavo chairman, president and CEO Lee Cole said the company was on track for a “record-breaking year”.
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For the nine months ended 31 July, net income rose to US$27m from $11.3m for the same period a year earlier. The result included a US$12.6m non-operating gain related to the deconsolidation of its FreshRealm subsidiary.
Operating income also increased to $26.8m from $17m.
Sales for the first nine months were up 16.2% at $582m.
For the third quarter of the year, Calavo reported a profit increase to $16m from $6.3m for the same period a year earlier. Operating profit grew to $11.5m from $9.3m. Sales were also up at $219m from US$195m.
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By GlobalDataCole said: “Calavo remains squarely on target to post record earnings per share (EPS) from operations in fiscal 2014. We expect the revenue and profit engines of our highly complementary business segments to continue performing exceptionally well.”
