Calavo Growers Inc. on Tuesday posted a significantly narrowed loss for its fiscal fourth quarter, but revenue declined amid lower profit in the avocado division amid input cost pressure.
The international consumer goods and farm products company said its net loss for the three months ended Oct. 31 narrowed to $3.3 million, or 19 cents a share, compared with a loss of $13.0 million, or 73 cents a share, a year earlier.
Stripping out one-time items, the company’s earnings per share came in at 3 cents. Analysts surveyed by FactSet had forecast adjusted earnings of 33 cents a share.
Revenue fell 11% to $243.6 million, falling behind market expectations of $298.0 million, according to FactSet.
The company said that its avocado division was hit by lower profit, with avocado volumes falling by 12%.
“Although improved versus the prior year, the volume and margin recovery in our avocado business occurred more gradually from the third quarter than anticipated,” the company said.