Business
Calavo Growers, Inc. Announces Fiscal 2019 Fourth Quarter and Full-Year Results
Fourth Quarter Highlights Include: Net Income Increased to $5.2 Million; Adjusted Net Income(1) Rose 59 Percent to $8.0 Million Diluted EPS Totaled 30 Cents;
About this update from Calavo Growers, Inc.
[{"type":"text","content":"\nFourth Quarter Highlights Include:\n\n\n\nNet Income Increased to $5.2 Million; Adjusted Net Income(1) Rose 59 Percent to $8.0 Million\n\n\nDiluted EPS Totaled 30 Cents; Adjusted Diluted EPS(1) Equaled 45 Cents\n\n\nGross Profit Increased 11 Percent to $24.6 Million\n\n\nRevenues Rose to $292.2 Million from $280.0 Million\n\n\n\nFull-Year Highlights Include:\n\n\n\nNet Income Totaled $36.6 Million; Adjusted Net Income(1) Rose to $53.1 Million\n\n\nDiluted EPS Equaled $2.08; Adjusted Diluted EPS(1) Climbed 21 Percent to $3.02\n\n\nGross Profit Increased 13 Percent to $128.1 Million\n\n\nRevenues Grew 10 Percent to $1.2 Billion from $1.1 Billion\n\n\n\nLooking Forward for Fiscal Year 2020:\n\n\n\nChairman and CEO Cole Forecasts Record Revenue and Double-Digit Increase in Adjusted Diluted EPS\n\n\n\n \n\n SANTA PAULA, Calif.--(BUSINESS WIRE)--\nCalavo Growers, Inc. (Nasdaq-GS: CVGW) today reported sharply higher fiscal 2019 fourth quarter results as compared with the final period last year. The strong operating performance propelled the company – the global avocado-industry leader and an expanding provider of value-added fresh food – to record 12-month results with revenues, gross profit, operating income, adjusted net income and adjusted diluted earnings per share reaching new all-time highs.\n\n\nNet income for the three months ending Oct. 31, 2019 rose to $5.2 million, equal to $0.30 per diluted share, versus a net loss of $1.3 million, or negative $0.08 per diluted share, in the fiscal 2018 fourth quarter. Excluding certain items impacting comparability, adjusted net income(1) climbed by 59 percent to reach $8.0 million, or $0.45 per diluted share, from $5.0 million, or $0.29 per diluted share, in the year-earlier final quarter.\n\n\nFinal-quarter revenues grew to $292.2 million, edging up four percent from $280.0 million in the corresponding quarter last year. Gross profit rose by 11 percent to $24.6 million, or 8.4 percent of revenues, from $22.3 million, or 8.0 percent of revenues, in the year-earlier fourth period. Operating income registered a 31 percent increase, advancing from $7.5 million in last year’s fourth quarter to $9.8 million in the most-recent period.\n\n\nChairman, President and Chief Executive Officer Lee E. Cole stated: “I am enormously gratified to report that Calavo posted another outstanding year in fis...