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28 February, 2024 18:40 IST
Calavo Growers second-quarter profit jumps 33.61 percent on a YOY basis
Source: IRIS | 07 Jun, 2017, 01.01PM

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Calavo Growers, Inc. (CVGW) has reported a 33.61 percent jump in profit for the quarter ended Apr. 30, 2017. The company has earned $12.94 million, or $0.74 a share in the quarter, compared with $9.69 million, or $0.56 a share for the same period last year.

Revenue during the quarter grew 22.63 percent to $270.16 million from $220.30 million in the previous year period. Gross margin for the quarter expanded 125 basis points over the previous year period to 13.42 percent. Total expenses were 92.29 percent of quarterly revenues, down from 93.12 percent for the same period last year. This has led to an improvement of 83 basis points in operating margin to 7.71 percent.

Operating income for the quarter was $20.83 million, compared with $15.15 million in the previous year period.

Chairman, president and chief executive officer Lee E. Cole stated: "Calavo registered a very successful second quarter as evidenced by upward trend lines in revenues, gross margin, net income and earnings per share, which advanced operating results to these new record levels. Our three principal business segments - Fresh, Renaissance Food Group (RFG) and Calavo Foods - are executing well with each segment posting double-digit top line growth in the most recent period leading to overall growth in revenues of nearly 23 percent. "Operating results in the most recent quarter were led by revenue and gross margin growth in our Fresh segment. Calavo's outstanding sourcing, sales and production management capabilities helped boost our Fresh segment results to new second quarter highs in revenue and gross margin."

For the fiscal year 2017, Calavo Growers, Inc. expects revenue to grow at 20 percent.


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