US based consumer goods and farm products company Calavo Growers has recorded an increase of 5.3% in revenue during the fourth quarter of 2014.
US based consumer goods and farm products company Calavo Growers has recorded an increase of 5.3% in revenue during the fourth quarter of 2014.
The company reported $200.7m revenue in the fourth quarter of 2014 compared to $190.7m in the corresponding period in 2013.
Accordingly, the revenues for the year 2014 rose 13.2% to $782.5m from $691.5m in fiscal 2013.
This result was impacted by strong performances in each of the company's three principal business segments, Calavo stated.
Calavo Growers chairman, president and CEO Lee E. Cole said: "Our company posted strong final-quarter results to cap a record-breaking fiscal 2014, during which all important metrics reached new historic highs.
"Of particular note, Calavo's operating performance in the most-recent period reflects the beneficial impact of sourcing and marketing Mexico-grown avocados, which improved Fresh business segment gross margin and counterbalanced the cyclically smaller harvest of California fruit."
In the fourth quarter of 2014, company's gross margin increased to $19.4m from $17.4m of 2014, while gross margin in the whole year reached to $73.0m from $60.1m in Fiscal 2013.
Calavo is also expecting a record in increase in fiscal 2015 revenues and earnings per share.
The company anticipates operating results in 2015 to be driven by the 20% revenue and gross-profit growth in the Renaissance Food Group (RFG) business segment, double-digit growth in revenue and gross profit in Calavo Foods business segment, and a 20% increase in total domestic avocado consumption to more than two billion pounds.
