SANTA PAULA, Calif. (AP) — Avocado distributor Calavo Growers Inc. said Thursday its third-quarter profit jumped 77 percent as sales rose by a double-digit percentage and gross margins improved.
The Santa Paula, Calif.-based company earned $2.5 million, or 17 cents per share, in the three months that ended July 31, up from $1.4 million, or 10 cents per share, a year earlier.
Revenue rose 10 percent to $106.3 million from $96.9 million.
Calavo said its total gross margin as a percentage of net sales rose to 9.3 percent from 7.9 percent a year ago.
Its shares rose 83 cents, or 4.8 percent, to $18.02 in morning trading Thursday.