Calavo tops 3Q net income expectations, misses revenue forecasts

MarketsAssociated Press

Calavo Growers Inc. (CVGW) on Tuesday reported fiscal third-quarter earnings of $16 million.

On a per-share basis, the Santa Ana, California-based company said it had profit of $1.02. Earnings, adjusted for non-recurring gains, were 53 cents per share.

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The results exceeded Wall Street expectations. The average estimate of analysts surveyed by Zacks Investment Research was for earnings of 46 cents per share.

The avocado grower posted revenue of $218.7 million in the period, which did not hit Street forecasts. Analysts expected $224 million, according to Zacks.

Calavo shares have climbed 28 percent since the beginning of the year. The stock has increased 42 percent in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. A stock research report on CVGW from Zacks is available at: http://www.zacks.com/ap/CVGW

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Keywords:Calavo,Earnings Report