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Omar Venerio
Omar Venerio
Articles (1509) 

US Markets Green Monday

Castle Brands jumps on strong revenue growth

U.S. stocks were in positive territory on Monday, heading into a week full of monetary policy meetings for several central banks.The Dow Jones Industrial Average gained 0.24% to 26,152, the S&P 500 index advanced 0.28% to 2,895 and the Nasdaq Composite Index jumped 0.83% to 7,861.

Shares of Castle Brands Inc. (ROX) gained more than 6% on Monday after the company announced fourth-quarter results. Revenue grew 11.7% from the prior-year quarter to $26.89 million, beating analysts’estimates by $1.98 million. Earnings were 5 cents per share.

"This was an outstanding year for Castle Brands," President and CEO Richard J. Lampen said. "Continued growth of our more profitable brands, such as Jefferson's, Goslings and Knappogue Irish whiskey, resulted in continued growth in revenue and gross profit. Importantly, we reported positive net income per share for the fiscal year for the first time in the Company's history and had a record level of EBITDA, as adjusted."

Earnings before interest, taxes, depreciation and amortization reached $3.4 million, up from $2.3 million in the prior-year quarter. For full fiscal 2019, it was $7.8 million, up from $7.4 million in the year-ago quarter.

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Global markets

The main European stock markets were mixed. The U.K.'s FTSE 100 gained 0.16%, France's CAC 40 advanced 0.43%, Germany's Dax slid 0.09% and Spain's IBEX 35 dipped 0.68%.

In Asia, Japan's Nikkei 225 rose 0.03%, India’s BSE Sensex fell 1.25%, Hong Kong's Hang Seng advanced 0.40% and China's Shanghai Composite closed 0.20% higher.

Disclosure: The author holds no positions in any stocks mentioned.

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About the author:

Omar Venerio
Omar Venerio is a capital markets, derivatives, corporate finance and financial management professor and Area Head of Finance. He is passionate about the stock market and providing independent fundamental research and hedge fund and insider trading-focused investigation.

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