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Michael A. Browne, Executive Vice President of Calavo Growers Inc. (NASDAQ:CVGW), recently purchased 5,000 shares of the company’s common stock. The shares were acquired at a weighted average price of $23.12, amounting to a total transaction value of approximately $115,600. Following this acquisition, Browne holds 6,400 shares directly. Additionally, he has indirect ownership of 7,500 shares through a trust and 900 shares through his spouse. According to InvestingPro data, Calavo Growers maintains strong financial health with more cash than debt on its balance sheet, and analysts expect net income growth this year. Get access to 8 more exclusive InvestingPro Tips and comprehensive financial metrics to make informed investment decisions.
In other recent news, Calavo Growers reported first-quarter earnings that exceeded analyst expectations, while revenue fell short of projections. The company posted adjusted earnings per share of $0.33, surpassing the analyst consensus of $0.30. However, revenue was $154.4 million, which, although up 21% year-over-year, did not meet the anticipated $159.85 million. The Fresh segment, including avocados and tomatoes, saw a 23.7% sales increase, driven by a 30.5% rise in the average price per carton despite a 4.6% decline in volume. Gross profit for the quarter increased by 46.2% to $15.7 million, with significant gains in the Fresh segment. Additionally, Calavo Growers announced a $25 million stock buyback program, approved by its Board of Directors, to enhance shareholder value. The program is set to run until March 18, 2027. The company has maintained a strong financial position with $48.5 million in cash and $96.7 million in available liquidity at the quarter's end.
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