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Calavo Growers fiscal Q2 profit climbs 34.7% YOY

Calavo Growers Inc. said its normalized net income for the fiscal second quarter ended April 30 was 73 cents per share, compared with the S&P Capital IQ consensus estimate of 65 cents per share.

EPS increased 34.0% year over year from 55 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $12.8 million, a gain of 34.7% from $9.5 million in the year-earlier period.

The normalized profit margin increased to 4.8% from 4.3% in the year-earlier period.

Total revenue climbed 22.6% year over year to $270.2 million from $220.3 million, and total operating expenses increased 21.5% year over year to $249.3 million from $205.2 million.

Reported net income grew 32.9% on an annual basis to $13.0 million, or 74 cents per share, from $9.8 million, or 56 cents per share.