2023-06-06 16:16:01 ET
- Calavo Growers press release ( NASDAQ: CVGW ): Q2 Non-GAAP EPS of -$0.01 misses by $0.26 .
- Revenue of $244.69M (-26.2% Y/Y) misses by $33.44M .
- Outlook: We expect earnings to improve in the second half of the year compared to the first half on improved performance in both Grown and Prepared. In Grown, avocado margins in the fiscal third quarter through early June have exceeded the average level realized in our fiscal second quarter. We expect avocado volumes in the fiscal second half to exceed prior year levels.
- In Prepared, we expect the impact of new volume and other operational initiatives to drive improved performance in fresh cut in the fiscal second half compared to the fiscal first half. We expect the guacamole division to continue to benefit from reasonable fruit costs and operational improvements versus the prior year, achieving a gross margin of approximately 20% for the full year.
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Calavo Growers Non-GAAP EPS of -$0.01 misses by $0.26, revenue of $244.69M misses by $33.44M