Originally published at www.seclive.com
Calavo Growers Inc. (NASDAQ:CVGW) announced its financial results for the second fiscal quarter of 2014, posting record results. A global leader in the avocado industry, Calavo revenue in second quarter hit a new record at $194.9M, a 17.2% increase from the year-ago $166.3M. Earnings jumped over 200% from $2.2M and $0.15 per share to $6.7M and $0.43 per share. The company's three main business segments, fresh products, Calavo foods, and Renaissance Food Group (NYSEARCA:RFG), all enjoyed marked increases in performance. When compared to the year-ago quarter, fresh products and RFG saw the most growth in net sales, with Calavo Foods the only segment that saw a tightening of its gross margin. Chairman, President, and CEO Lee Cole remarked that the company managed its margins better and enjoyed successes from its complementary businesses.
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