Calavo Growers Stock Climbs After Q3 Results, Dividend Increase: Details

Calavo Growers, Inc. CVGW shares are climbing after the company reported its third-quarter financial results after Monday's closing bell. Here's a look at the details from the report. 

The Details: Calavo Growers reported quarterly earnings of 57 cents per share, which beat the analyst consensus estimate of 43 cents by 32.56%.  The company reported quarterly sales of $179.6 million which beat the analyst consensus estimate of $178.54 million.

Grown segment sales increased 13.3%, while Prepared segment sales decreased 2.4% and the average selling price of avocados in the Grown segment increased by 25% compared to the prior year.

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“Our third quarter results reflect continued momentum in our flagship avocado business,” said Lee Cole, president and CEO of Calavo Growers, Inc.

“Despite temporary industry supply disruptions from Mexico during the quarter, we generated strong financial results due to our operational flexibility and our resilient team. Although our guacamole business experienced headwinds from higher fruit input costs compared to the third quarter last year, our volume increased 7% due to our focus on growing the business. I am also pleased to share that we will be launching some exciting, innovative guacamole products during the fourth quarter.”

The company increased its cash dividend by 10 cents per share to 20 cents per share to be paid on Oct. 30, 2024, to shareholders of record on Oct. 2, 2024

CVGW Price Action: According to Benzinga Pro, Calavo Growers shares are up 8.29% after-hours at $25.99 at the time of publication Monday.

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Photo: Courtesy of Calavo Growers, Inc.