NEW YORK (TheStreet) -- Shares of China Green Agriculture, (CGA) which primarily produces and distributes humic acid-based compound fertilizers and other agricultural products, soared 33.77% to $3.05 in morning trading Friday after the company reported its fourth-quarter results.
Net sales rose 3.4% year-over-year to $72.2 million from $69.8 million, but net income plunged 70.2% to $4.3 million from $14.3 million. The company attributed this drop to "the increase in selling expenses and impairment expenses." Earnings per share declined 74.3% to 11 cents from 51 cents.
For the full year, revenue climbed 7.6% year-over-year to $233.4 million from $216.9 million, while net income dropped 43% to $25.5 million from $44.8 million.
For the first quarter of 2015, China Green Agriculture expects revenue in the range of $50.7 million to $54.3 million, net income in the range of $5.9 million to $7.8 million, and EPS of 18 cents to 24 cents. For the full year, the company expects revenue of $254.7 million to $268.8 million, net income of $26 million to $35.1 million, and EPS in the range of 80 cents to $1.08.
More than 10.5 million shares had changed hands as of 11:23 a.m., compared to the average volume of 197,902.
Separately, TheStreet Ratings team rates CHINA GREEN AGRICULTURE INC as a "hold" with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation: