Calavo Growers beat per share analyst expectations but missed revenue estimates when the company reported fiscal year 2016 first quarter earnings March 8.
The Santa Paula-based avocado grower reported earnings per share of 37 cents, 2 cents better than estimates compiled by financial information provider S&P Capital IQ. Revenues increased 5 percent from $194.8 million during last year’s first quarter to $204.6 million this year, but missed estimates of $212.72 million, according to S&P Capital IQ.
Net income also increased for the company from $5.3 million last year to $6.4 million this year.
Calavo Growers CEO Lee Cole said in a news release the company packed 10 percent more cartons of avocados than it did last year, which offset the lower price of avocados this year.
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