Why Calavo Growers Stock Took Off on Thursday
Shares of Calavo Growers (NASDAQ: CVGW), a company that sells packaged foods and fresh avocados, took off on Thursday after the release of its financial results for its fiscal third quarter of 2023. The stock was up as much as 17% early in the session and was still trading 8% higher as of 1:50 p.m. ET.
Long-time Calavo Growers CEO Lee Cole returned to the company in the fiscal second quarter, promising to "restore Calavo's profitability." It didn't take long for Cole to start delivering results, which is why the stock is up today.
Q3 revenue for Calavo Growers plunged 24% year over year to $260 million. However, the company's gross profit jumped to $25 million compared with a gross profit of $18.5 million in the prior-year quarter. Moreover, whereas it had a net income of only $1.3 million last year, its net income grew to $6.6 million in Q3.
Source Fool.com
