Calavo swings to profit as revenue climbs 24%

Calavo Growers Inc., a Santa Paula, Calif.-based seller and processor of avocados, said it swung to a profit in its fiscal fourth quarter that ended Oct. 31. The company said it earned $1.3 million, or 9 cents a share, compared with a loss of $517,000, or 4 cents, a year earlier. Revenue rose 24% to $76.9 million.

For the year, Calavo said it earned $5.8 million, or 40 cents a share, compared with a profit of $3.3 million, or 24 cents, in the previous year. Revenue rose 6% to $274 million.

Calavo said its growth resulted from a banner crop of California avocados and increased guacamole sales. Calavo shares rose 10 cents to $11.67.

Jerry Hirsch