Avocado distributor Calavo slumps on disappointing Q2 report

Calavo Growers' CVGW.O shares down 17.3% at $22.90, a two month low, on Tues after qtrly results miss estimates

CVGW on course for biggest daily pct decline since Mar 7, 2023

Santa Paula, California-based firm late Mon posted adj EPS of 40 cents, down from 51 cents a yr ago, while rev increased ~3% y/y to $190.5 mln

Avg estimates among 3 brokerages providing data were adj EPS of 53 cents and rev of $201.5 mln, according to LSEG

Gross profit per carton improved in Q2, driven by stronger avocado margins, despite a $0.9 mln negative impact from tariffs levied primarily on U.S.-Mexico-Canada Agreement (USMCA)-compliant goods sourced from Mexico for the three days they were in effect during March, co said in the statement

Co said, however, total gross profit declined mainly due to lower volumes in both avocados and tomatoes

With move on Tues, CVGW down ~10% YTD vs Nasdaq's .IXIC nearly 2% advance