Calavo Growers reports record sales and earnings
Shares of Santa Paula-based Calavo Growers soared on June 6 after the company reported record sales and earnings for the second quarter of its fiscal year.
Calavo shares jumped $4 and closed at $73.05 on average trading volume, a 5.8 percent gain for the day which made it the 20th biggest gainer on Nasdaq.
The avocado and fresh food distributor said that for the three months ended April 30, net income jumped 34 percent to $12.9 million or 74 cents per share compared to the same quarter in 2016. Revenue jumped 23 percent to $270.2 million from $220.3 million for the same period in 2016 and operating income jumped to $20.8 million, rising 38 percent from $15.1 million in the second quarter of fiscal 2016.
“Our three principal business segments — Fresh, Renaissance Food Group and Calavo Foods — are executing well with each segment posting double-digit top line growth,” said Chairman and CEO Lee Cole in a statement.
Cole said the company’s Renaissance Food Group, which distributes packaged food products, delivered “exceptional revenue growth in the mid-20 percent range” with higher margins versus the prior year.