Calavo Growers grew income in third quarter
Santa Paula-based Calavo Growers followed record highs last quarter with a 47.5 percent increase in net income for the third quarter of 2016, the company reported Sept. 7.
Income rose to $12.7 million for the quarter, compared to $8.6 million for the same period last year, and earnings per diluted share rose to 73 cents, a 46 percent increase.
This was driven by an increase in revenues to $263.1 million, an all-time high for the company, primarily in the Fresh and Renaissance Food Group divisions, while selling, general and administrative expenses totaled $12.3 million, a 16 percent increase over the third quarter of 2015.
This left Calavo at $28.8 million in net income, or $1.65 per diluted share for the fiscal year so far, exceeding earnings for 2015. The company reported cash and cash equivalents of $14.6 million.
A new packinghouse in Jalisco, Mexico is still waiting for regulatory approval of its operational work plan, said CEO Lee Cole. He anticipated that it will come online during the area’s avocado harvest.
As of 11:15 a.m., the stock was trading $67.91, up 14 percent for the day.
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