Calavo, nation’s top avocado packer, posts record quarterly profit
Calavo Growers Inc., the Santa Paula-based avocado packing and shipping company, reported record fourth-quarter financial results Wednesday.
The gains came from strong growth in the sale of fresh avocados and packaged goods such as guacamole.
The nation’s largest avocado packer said its profit more than tripled to $4 million from $1.2 million in the fourth quarter of 2007. It was the best single-quarter profit in the company’s history. Revenue advanced 10% to $93.6 million from $85.3 million.
Calavo posted record profit of $7.7 million for the year, an increase of 5% from 2007.
Sales rose 19% to $361.5 million, also a new high for the company.
The company’s diversification strategy of using its sales and marketing infrastructure to pitch other fresh produce added to the 2008 results, said Lee Cole, Calavo’s chief executive.
“Tomatoes, principally, but also pineapples, papayas, mushrooms and other tropical produce items are proving to be solid revenue drivers,” he said.
Shares of Calavo increased $1.11 cents, or 9.5%, to $12.84.
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