Calavo Growers 4Q Profit Falls, Sales Drop
SANTA PAULA, Calif. (AP) ¿ Calavo Growers Inc. said Monday that its fiscal fourth-quarter profit fell, hurt by a significantly smaller cyclical crop of avocados from California.
The marketer of fresh avocados and maker of processed avocado products earned $2.3 million, or 16 cents per share, for the three months ended Oct. 31. That's down 43 percent from $4 million, or 28 cents per share, a year ago.
Analysts polled by Thomson Reuters, whose estimates generally exclude one-time items, predicted a higher profit of 23 cents per share.
Sales dropped 14 percent to $80.9 million from $93.6 million.Chairman, President and CEO Lee Cole said in a statement that Calavo benefited from a bigger fruit supply from Mexico that helped to somewhat offset the lower crop yield from California. For the year, profit surged 77 percent to $13.6 million, or 94 cents per share, from $7.7 million, or 53 cents per share. Annual sales declined 5 percent to $344.8 million from $361.5 million. Gross margin climbed 34 percent to $44.5 million due to reduced avocado costs. The company said its strong performance during the year allowed it to lower its long-term debt to $13.9 million from $25.4 million. Shares of Calavo Growers shed $1.27, or 7.5 percent, to $15.73 in morning trading. Over the past year, the stock has traded in a range of $10.50 to $22.08.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV