Calavo Growers beats per share estimates but misses on revenue
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.
• Contact Philip Joens at pjoens@pacbiztimes.com
