Calavo Growers' Revenue Takes a Hit, but Profitability Surges
Shares of avocado agribusiness Calavo Growers (NASDAQ: CVGW) rose 9% Wednesday following the company's fiscal third-quarter 2020 results, which were released after the markets closed on Tuesday.
In its quarterly scorecard, Calavo revealed a significant year-over-year revenue decline of nearly 25% to $270 million. In addition, the organization recorded a diluted per-share loss of $0.89 versus a profit in the prior-year quarter of $0.60. Given such a seemingly weak top- and bottom-line showing, let's break down below why investors were so sanguine about Calavo's prospects following the report.
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Source Fool.com
