Calavo Growers, Inc., a global avocado-industry provider of convenient, ready-to-eat fresh food, today reported its financial results for the fiscal second quarter ended April 30, 2023.
Second Quarter Financial Overview
- Total revenue of $244.7 million, a 26% decline from prior year
- Grown segment revenue decreased 33% year-over-year to $140.7 million
- Prepared segment revenue decreased 14% year-over-year to $104.5 million
- Gross profit of $15.0 million, compared to $21.7 million for the year-ago quarter
- Grown segment gross profit decreased $5.6 million from prior year to $12.6 million
- Prepared segment gross profit decreased $1.1 million from prior year to $2.4 million
- Net loss of $(4.0) million, or $(0.23) per diluted share, compared to net loss of $(0.2) million, or $(0.01) per diluted share, for the same period last year
- Adjusted net loss of $(0.2) million, or $(0.01) per diluted share, compared to adjusted net income of $5.8 million, or $0.33 per diluted share for the year-ago quarter
- Adjusted EBITDA of $6.9 million compared to $12.7 million for the same period last year
Adjusted net income (loss), adjusted net income (loss) per diluted share, and adjusted EBITDA are non-GAAP financial measures. See “Non-GAAP Financial Measures” below.
Second Quarter Highlights
- Lee E. Cole appointed President and Chief Executive Officer
- Avocado margins improved versus fiscal first quarter
- Implemented restructuring activities
- Ramping up new Prepared volume for the fiscal second half
- Board declared a quarterly cash dividend of $0.10 per share to be paid on July 11, 2023 to investors of record on June 27, 2023
“I am excited to be back at Calavo, a company that I helped to build and lead as CEO for 20 years and as Chairman for 28 years,” said Lee E. Cole, President and Chief Executive Officer of Calavo Growers, Inc. “I am back because I believe in the long-term earnings potential of this company, and I am confident that our team under my leadership can restore Calavo’s profitability. My primary focus since returning has been on the avocado business, and I am really pleased with the progress we’re making. Avocado margins have improved from the first quarter, and avocado volume in the second quarter was up 11% compared to the prior year quarter.
“With the improvements we’re making to the business, I’m optimistic about the second half of the year and feel confident that we’re putting Calavo back on track for long-term success. It’s an exciting time to be at Calavo, and I look forward to seeing the results of our work.”
For more information:
Calavo Growers, Inc.
Tel.: +1 310-622-8246