Shares of Limoneira Co. (LMNR, Financial) fell sharply on Tuesday after reporting third-quarter earnings of 50 cents per share on $39.95 million in revenue, reflecting a 1.1% year-over-year decline. The company beat revenue expectations by $2.68 million, but fell 5 cents short of earnings estimates.
Moreover, Agribusiness revenue decreased from $39.1 million in the prior-year quarter to $38.7 million due to a smaller-than-expected avocado crop. Rental operations revenue was flat.
Earnings before interest, taxes, depreciation and amortization was $13.4 million, down from $14.9 million in the year-ago quarter.Â
Moreover, in July, the company acquired San Pablo ranch and related assets in La Serena, Chile for $13.1 million.
The company now expects adjusted earnings between 65 cents and 70 cents per share, up from the previous guidance range of 65 cents to 75 cents per share.
Casey's General Stores Inc. (CASY, Financial) jumped more than 6% on Tuesday. The company posted revenue growth of 23.9% year over year to $2.59 billion on Monday, beating estimates by $10 million. Earnings were $1.90 per share, also beating estimates by 24 cents.
"We continue to invest in the Value Creation Plan that we believe will drive long-term shareholder value, and we remain on track to begin realizing benefits in the second half of fiscal 2019," President and CEO Terry Handley said.
During the quarter, the company repurchased 352,592 shares for approximately $35.2 million, or an average price of $99.97 per share.
Shares of Avid Bioservices Inc. (CDMO, Financial) fell n Tuesday trading after reporting a first-quarter loss of 6 cents per share on $12.59 million in revenue, a 53.5% year-over-year decline. The company managed to beat earnings estimates by 7 cents and revenue expectations by $3.63 million.
The gross margin was 9%, 15% lower than the comparable quarter of 2017 due to shipping delays and fewer manufacturing runs.
Disclosure: The author holds no positions in any stocks mentioned.
