Why Mission Produce Stock Was Down 11% on Tuesday
Mission Produce (NASDAQ: AVO) shareholders lost ground to the market on Tuesday, with shares falling 11% by 11:00 a.m. EDT. The slump was due to some disappointing news in the avocado producer's latest earnings report.
Mission Produce just reported that sales rose 4% year over year to $247 million in the period that ended in late July. The company also noted only a modest 2% increase in average selling prices, while most investors were looking for a better balance between rising volumes and increased prices. Gross profit margin dropped as well.
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Source Fool.com
