Calavo Growers sinks to new 52-week low on disappointing Q2 revenue
Calavo Growers Inc. (Nasdaq:CVGW) was down 11.6% this morning, hitting a new 52-week low, after the avocado and perishable produce item provider reported fiscal 2008 third-quarter revenue that fell below at least one analyst's expectations.
The Santa Paula, Calif.-based company announced at 9 a.m. this morning that it earned $1.4 million, or $0.10 per share, on revenue of $96.9 million during the three months ended July 31. At least one analyst was expecting earnings of $0.10 on revenue of $113.9 million.
Looking ahead, Calavo also said it does not expect to realize fully the benefits of the downward trend in Mexican fruit prices during the fiscal fourth quarter.
By mid-morning, Calvao is at $9.90, down $1.30, after hitting a new 52-week low of $8.84 earlier in the day. Previously, the stock had traded between $10.54 and $25.15 in the past year.
For detailed price information and news stories on Calavo, click CVGW.
