US produce group Calavo Growers saw its share price slide in afternoon trading yesterday (5 June) as second-quarter earnings came in below market expectations.
In the three months to the end of January, net profit amounted to US$2.7m, a 1.1% increase on the prior year. Analysts polled by FactSet were expecting higher earnings of 37 cents per share.
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The California-based company has been investing heavily to promote its fresh avocado business. So while sales were up 18.8% to $139.5bn in the period, profit shrank on these costs.
Operating profit in the period fell 2.5% to $4.3m.
The company’s shares fell around 3% to $29.20 in afternoon trading.
Click here to view the full earnings release.
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