Calavo Growers (NASDAQ:CVGW) announced that net income increased by 72 percent in the fiscal fourth quarter, helped by a better than expected avocado harvest. The company earned $6.2 million, or 42 cents per share, up from $3.6 million, or 25 cents per share, in the same period last year. Analysts had expected earnings of 41 cents per share. Revenue dropped by 4 percent to $141.6 million from $147.3 million, due to lower avocado pricing. For the full year, the company earned $17.1 million, or $1.15 per share, versus $11.1 million, or 75 cents per share, in the same period last year. Revenue for the year increased by 6 percent to $551.1 million from $522.5 million.
Shares are lower by about eight tenths of a percent.
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