SHV -5.85%: a soft day for the almond producer with a disappointing first half result weighing on the shares in SHV. Revenue fell 19% but was still a small beat, but EBITDA at $15.8m was behind expectations. EBITDA was dragged by higher corporate & processing costs which are expected to continue to drag earnings in the near term. Wet weather has hampered their harvesting ability and the almond market has been hampered by high stockpiles and supply chain issues. These problems will pass and the outlook for Select should improve as a result.
MM are long and bullish SHV
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