Avocado distributor Calavo Growers jumps after Q2 beat

Calavo Growers

11/06/2024 15:23

** Shares of Calavo Growers Inc  CVGW.O  up 12.1% at $28.02
early Tues after co's qtrly report exceeds expectations
    ** CVGW jumps as much as 22.4% to $30.58, a 3-mth high.
Stock tracking biggest daily pct gain of 2024
    ** Co late Mon posted Q2 rev of $184.4 mln, 16.5% yr/yr
increase, and adj EPS of 50 cents
    ** Avg estimates among 3 brokerages providing data were rev
of $160.5 mln and profit of 36 cents/sh for the qtr, LSEG data
shows
    ** In the statement, CEO Lee Cole said strong results due to
improved prices and margins in co's core avocado business as
well as in its tomato portfolio, and improved guacamole business
    ** With move on the session, CVGW down ~5% YTD and off ~13%
over the past 12 months

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))