Calavo Growers reports Q3 adjusted EPS 57c, consensus 54c

Reports Q3 revenue $178.82M vs. $179.6M last year. “Our third quarter results highlight both the challenges and the opportunities in our business,” said Lee Cole, president and CEO of Calavo Growers (CVGW), Inc. “On the Fresh segment side, results were adversely affected by the temporary FDA detention hold tied to trace detection of Imazalil, a postharvest fungicide not approved for use on avocados, in a single shipment from our Mexican facility. This required enhanced testing and slowed cross-border movement. In addition, third quarter avocado selling prices were significantly lower sequentially versus the second quarter as avocado supply from Mexico, California, and Peru converged. In contrast, our Prepared segment delivered outstanding growth with higher volumes.”