Calavo Growers, Inc. Announces Third Quarter 2020 Financial Results
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Calavo Growers (CVGW) Tops Q3 EPS by 1c, Revenues Miss
September 8, 2020 4:03 PM EDTCalavo Growers (NASDAQ: CVGW) reported Q3 EPS of $0.73, $0.01 better than the analyst estimate of $0.72. Revenue for the quarter came in at $270.4 million versus the consensus estimate of $325.37 million.
Third Quarter Highlights
Total revenue of $270.4 million, a 24.7% decrease year-over-year, reflecting 18.2% growth in avocado volume offset by lower avocado prices and lower sales in the Renaissance Food Group (RFG) and Foods segments.Gross profit of $30.8 million, or 11.4% of revenue, compared to $35.8 million, or 10.0% of revenue, for the comparable period last year. The increase in gross profit margin was attributable to continued gross... More