Calavo Growers (NASDAQ: CVGW) reported fourth quarter and fiscal-year earnings for the periods ended October 31, 2017.
Fourth quarter sales increased 12% to $277.2 million from the year-ago period, and net income increased 11% to $10.3 million over the same period. Full-year revenues reached a record $1.1 billion, up 15% from fiscal 2016’s $935.7 million. Adjusted net income, at $38 million, was unchanged from fiscal 2016’s net income.
The company’s Chairman, President, and CEO, Lee Cole, stated, “Calavo posted an excellent operating performance in its fiscal 2017 final quarter to cap another successful year. Double-digit revenue growth was powered by higher sales in each of the company’s three business segments, but most notable was our Renaissance Food Group unit where the top line rose 26 percent from last year’s fourth quarter as expansion initiatives continued to take root. This also represents the 25th consecutive quarter of double-digit, year-over-year growth at RFG – further demonstrating the long-term strength of that business.”
Management forecasts fiscal 2018 consolidated revenue to increase 20%, with double-digit growth in earnings per share. Calavo’s stock closed Tuesday up $1.95 per share, or 2.58%.
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