Calavo Growers Sales Hit by Fungicide-Related Hold on Mexican Fruit

Dow Jones09-10

By Katherine Hamilton

Calavo Growers logged lower sales in its fiscal third quarter after a hold on Mexican imports dented its fresh fruit revenue.

The avocado producer and distributor on Tuesday posted a profit of $4.7 million, or 26 cents a share, in the quarter ended July 31, compared with $5.4 million, or 30 cents a share, a year earlier.

Stripping out certain one-time items, adjusted per-share earnings were 57 cents.

Revenue fell 0.4% to $178.8 million. A decline in avocado and tomato volumes resulted in a 5% decrease in revenue from Calavo's fresh produce business. That was somewhat offset by its prepared food business, where sales jumped 40%.

Fresh sales were adversely affected by a temporary Food and Drug Administration detention hold on certain avocado imports from Mexico because of trace detection of Imazalil, a fungicide not approved for use on avocados. The hold, which was resolved last week, resulted in extra testing and slower cross-border movement, creating a $4.2 million cost during the quarter.

Shares fell 6% to $26 in after-hours trading Tuesday. At the close, the stock was up 8% this year.

Write to Katherine Hamilton at katherine.hamilton@wsj.com

(END) Dow Jones Newswires

September 09, 2025 17:54 ET (21:54 GMT)

Copyright (c) 2025 Dow Jones & Company, Inc.

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A decline in avocado and tomato volumes resulted in a 5% decrease in revenue from Calavo's fresh produce business. That was somewhat offset by its prepared food business, where sales jumped 40%. \n\n\n  Fresh sales were adversely affected by a temporary Food and Drug Administration detention hold on certain avocado imports from Mexico because of trace detection of Imazalil, a fungicide not approved for use on avocados. The hold, which was resolved last week, resulted in extra testing and slower cross-border movement, creating a $4.2 million cost during the quarter. \n\n\n  Shares fell 6% to $26 in after-hours trading Tuesday. 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