Cheers! Robust Revenue Growth for Florida OJ Producer
Buoyed by the boom in grocery sales during the COVID-19 pandemic, orange juice producer Florida’s Natural Growers saw a 12% increase in total sales revenue for its 2019-2020 fiscal year.
But the surge in grocery sales came at the expense foodservice sales, which plunged 25% after the pandemic hit as schools, hotels, and other foodservice customers shut down, the Lake Wales juice processing cooperative reported in its annual financial report.
The performance of the Florida’s Natural brand was particularly good news for its citrus grower members, who got paid farm prices for oranges about double the state average.
Florida’s Natural Growers released its financial result this year in a video format. The annual luncheon meeting was canceled because of COVID-19. The cooperative reported total sales revenue of $470 million for the fiscal year ending Aug. 31, an increase from $419.5 million in 2018-2019.
The processing cooperative is owned by 14 Florida citrus grower organizations, including Ben Hill Griffin Inc. in Frostproof and the Winter Haven, Haines City, and Lake Wales citrus grower associations.
Florida’s Natural did even better than its major competitors – Tropicana Products Inc. in Bradenton, owned by Pepsico Inc., and the Minute Maid brand, owned by the Coca-Cola Co. – experienced unspecified supply chain problems, according to Frank Hunt III, chairman of the board and a Lake Wales grower.
Bob Behr, the company’s CEO, said he did not know what specific supply chain issues Tropicana and Minute Maid experienced in recent months.
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