Stock Monitor: Limoneira Post Earnings Reporting
LONDON, UK / ACCESSWIRE / January 11, 2018 / Active-Investors.com has just released a free earnings report on Calavo Growers, Inc. (NASDAQ: CVGW) ("Calavo"). If you want access to this report all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=CVGW. The Company reported its fourth quarter and fiscal 2017 operating results on December 19, 2017. The global avocado-industry leader and expanding provider of value-added fresh food's full-year revenues surpassed $1 billion for the first time in the Company's history; gross margin dollars reached a new record level; and adjusted net income matched the all-time high set in the year ago same period. Register today and get access to over 1000 Free Research Reports by joining our site below:
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Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, Calavo Growers most recent news is on our radar and our team decided to put out a fantastic report on the company that is now available for free below:
Earnings Highlights and Summary
For the quarter ended October 31, 2017, Calavo's revenues advanced 12% to $277.2 million compared to $247.7 million in Q4 FY16. The double-digit revenue growth was powered by higher sales in each of the Company's three business segments, most notably in the Renaissance Food Group (RFG) unit. Calavo's revenue numbers fell short of analysts' estimates by $9.6 million.
For the fiscal year 2017, Calavo's revenues grew 15% to $1.1 billion from $935.7 million in the preceding year.
During Q4 FY17, Calavo's gross margin climbed 16% to $31.5 million, equal to 11.4% of revenues, compared to $27.1 million, or 10.9% of revenues, in Q4 FY16. The Company's selling, general, and administrative expenses (SG&A) reached $14.7 million, equal to 5.3% of total revenues, in the reported quarter versus $11.6 million, or 4.7% of total revenues, in Q4 FY16. The y-o-y increase in SG&A was primarily due to a change in presentation of RFG broker commissions, as well as an increase in headcount associated with the Company's growth initiatives.
For Q4 FY17, Calavo's operating income of $16.8 million reflected an 8% increase from the operating income of $15.5 million in Q4 FY16.
Calavo's net income rose 11% to $10.3 million, equal to $0.59 per diluted share, in Q4 FY17 compared to a net income of $9.2 million, or $0.53 per diluted share, in Q4 FY16. The Company's earnings surpassed Wall Street's estimates of $0.50 per share.
For the year ended October 31, 2017, Calavo's net income equaled $37.3 million, or $2.13 per diluted share. The Company's full-year results included approximately $1.2 million in operating expenses related to senior management team transitions during Q1 FY17, totaling approximately $0.8 million, or $0.04 per diluted share. Excluding these operating expenses, Calavo's adjusted net income totaled $38.0 million, or $2.17 per diluted share, in FY17 versus $38.0 million, or $2.18 per diluted share, in FY16.
During Q4 FY17, Calavo's Fresh business segment's revenues edged upward to $146.1 million, compared to $143.4 million in Q4 FY16. The segment's gross margin jumped by approximately 57% to $23.8 million, or 16.3% of segment sales, in Q4 FY17 from $15.2 million, equal to 10.6% of segment sales, in Q4 FY16. The total Fresh unit volume was 2.9 million in Q4 FY17 compared to 3.2 million in Q4 FY16.
Calavo's revenues in the RFG business segment rose 26% to $110.6 million in Q4 FY17 compared to $87.9 million in Q4 FY16, representing the 25th consecutive quarter of double-digit, y-o-y growth in the segment. The segment's gross margin was $6.1 million, or 5.6% of segment sales, in the reported quarter versus $7.4 million, or 8.4% of segment sales, in the year ago comparable period.
Calavo's Foods business segment's revenues advanced 25% to $20.5 million in Q4 FY17 from $16.4 million in Q4 FY16. The segment's gross margin totaled $1.6 million, or 7.7% of segment sales, compared to $4.6 million, or 27.8%, in Q4 FY16. The segment's top-line growth was attributable to higher sales volumes as well as price increases.
As of October 31, 2017, Calavo's cash and cash equivalents totaled $6.63 million compared to $13.84 million as of October 31, 2016.
Stock Performance Snapshot
January 10, 2018 - At Wednesday's closing bell, Calavo Growers' stock fell 1.52%, ending the trading session at $87.35.
Volume traded for the day: 253.64 thousand shares, which was above the 3-month average volume of 142.97 thousand shares.
Stock performance in the last month – up 21.49%; previous three-month period – up 20.82%; past twelve-month period – up 45.83%; and year-to-date – up 3.50%
After yesterday's close, Calavo Growers' market cap was at $1.53 billion.
Price to Earnings (P/E) ratio was at 41.07.
The stock has a dividend yield of 1.09%.
The stock is part of the Consumer Goods sector, categorized under the Farm Products industry.
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