Calavo Growers down on missing Q3 profit estimates

Calavo Growers

02/09/2022 16:51

** Shares of avocado distributor Calavo Growers Inc  CVGW.O 
down 16.8% at $34.69 after co's Q3 results on Thursday
    ** On an adj. basis, co earned 16 cents/share during Q3 vs.
ests of 35 cents/share, according to Refinitiv data  urn:newsml:reuters.com:*:nGNXbbKznh
    ** Co said avocado supply challenges and price volatility in
Mexico negatively impacted results of its Grown segment in July;
Q3 revenue stood at $342 mln
    ** "Q3’22 results underwhelmed, but headwind sources were 
surprising and we believe are unlikely to persist," says Lake
Street Capital Markets
    ** Stock fell ~19% YTD

 (Reporting by Tiyashi Datta in Bengaluru)
 ((tiyashi.datta@thomsonreuters.com))