Shares of Calavo Growers, Inc. (CVGW), a prominent marketer and distributor of avocados and other perishable goods, surged over 14% in pre-market trading on Tuesday, reaching $28.73. This increase followed the announcement of the company’s second-quarter results, which exceeded analysts' expectations.
Net income from continuing operations for the second quarter rose to $6.51 million, or $0.36 per share, up from $1.45 million, or $0.08 per share, in the same period last year.
Excluding one-time items, earnings stood at $8.9 million, or $0.50 per share, surpassing the average analyst estimate of $0.36 per share, as cited by Thomson-Reuters.
Quarterly sales increased by 16.5% year-over-year, reaching $184.38 million, compared to the consensus estimate of $160.46 million.
On Monday, Calavo shares closed at $24.99, reflecting a 1.65% decline. Over the past year, the stock has fluctuated between $21.42 and $38.97.
