Wednesday, June 2, 2010

Calavo Growers (Nasdaq:CVGW) Surges Over 14 Percent on Strong Earnings

Calavo Growers (Nasdaq:CVGW) exploded over 14 percent as earnings for the company in the second quarter far exceeded analysts' expecations, coming in at 33 cents a share, far above the 27 cents a share analysts were looking for.

Sales of their main product avocados helped the net income of the company increase by 7 percent in the quarter, and new products also aided the performance.

For the quarter ending April 30, net income increased to $4.8 million, or 33 cents a share, up from $4.5 million, or 31 cents a share last year in the same quarter.

Guidance from the company was they should end the fiscal year with record earnings, although they didn't offer specific numbers.

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