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Calavo Growers, Inc.
Lee E. Cole
Chairman, President and CEO
CALAVO GROWERS, INC. ANNOUNCES
FISCAL 2019 FIRST QUARTER RESULTS
First Quarter Highlights Include:
Net Income Equaled $4.5 Million; Adjusted Net Income(1) Grew 36 Percent to $13.0 Million
Diluted EPS Totaled 26 Cents; Adjusted Diluted EPS(1) Registered 74 Cents
Operating Income Increased 53 Percent to $16.6 Million
Gross Profit Climbed 17 Percent to $30.8 Million from $26.3 Million
Revenues Rose to $258.0 Million from $247.9 Million
Double-Digit Sales Growth in RFG and Calavo Foods Segments
Looking Forward for Fiscal Year 2019:
CEO Cole Re-Affirms Forecast for Record Revenue (Driven By Growth in All Segments) and Double-Digit Increase in Adjusted Diluted EPS
SANTA PAULA, Calif. (March 7, 2019)Calavo Growers, Inc.(Nasdaq-GS: CVGW) today reported that fiscal 2019 first quarter adjusted net income rose 36 percent on a 17 percent increase in gross profit over the corresponding period last year. Operating income advanced 53 percent in the most-recent quarter, according to the company, a global avocado-industry leader and expanding provider of value-added fresh food.
For the three months ended Jan. 31, 2019, Calavo posted net income of $4.5 million, equal to $0.26 per diluted share. Excluding certain items impacting comparability, the company posted a 36 percent increase in adjusted net income(1) to $13.0 million, or $0.74 per adjusted diluted share, versus $9.5 million, equal to $0.54 per adjusted diluted share, in the year ago initial quarter.
First-quarter revenues climbed four percent to $258.0 million from $247.9 million in the corresponding quarter last year. Gross profit rose to $30.8 million, equal to 12.0 percent of revenues, from $26.3 million, or 10.6 percent of revenues, one year ago. Calavos operating income increased by $5.8 million to $16.6 million in the most-recent quarter, from $10.8 million in the fiscal 2018 first period.
Adjusted financial metrics, such as adjusted net income and adjusted EPS, used throughout this release are non-GAAP measures that exclude items affecting comparability. Reconciliations of non-GAAP financial measures to GAAP financial measures are provided in the financial tables that accompany this release.
The following information was filed by Calavo Growers Inc (CVGW) on Wednesday, March 13, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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