Calavo Growers reported net sales of US$122.2 million for the first quarter of fiscal year 2026, compared with US$154.4 million in the same period last year.
Gross profit totaled US$15.2 million, compared with US$15.7 million a year earlier. Net income for the quarter was US$0.7 million, compared with US$4.4 million in the prior year period. Adjusted net income reached US$4.8 million, or US$0.27 per diluted share, compared with US$6.3 million, or US$0.35 per diluted share, last year. Adjusted EBITDA was US$8.0 million, compared with US$9.3 million in the same quarter of the previous fiscal year.
© Calavo
The decline in sales was mainly related to lower avocado prices. Average avocado selling prices fell by 35% during the quarter, although avocado carton volumes increased by 17%. Fresh segment sales totaled US$104.7 million, representing a 25% decrease from the same period last year. Tomato sales also declined by 48%, reflecting lower carton volumes and selling prices.
Prepared segment sales totaled US$17.5 million, an increase of 20% compared with the prior year quarter. The increase was mainly due to a 21% rise in pounds sold.
Fresh segment gross profit totaled US$10.3 million, a decrease of 15% compared with the same quarter last year. The decline was linked to lower avocado selling prices and reduced tomato volumes and pricing. Prepared segment gross profit increased to US$4.9 million, compared with US$3.6 million in the prior year period, supported by higher sales volumes and lower fruit input costs.
Selling, general, and administrative expenses totaled US$16.4 million in the first quarter, compared with US$10.3 million in the prior year period. The current quarter included approximately US$7.2 million in non-recurring expenses. These consisted primarily of US$4.9 million in transaction-related costs, US$1.2 million in non-recurring stock-based compensation, US$0.6 million related to a legal settlement connected to the Fresh Cut business divested in fiscal year 2024, and US$0.5 million in onboarding costs linked to leadership changes and other items.
At the end of the quarter, the company reported US$47.7 million in cash and cash equivalents and US$79.8 million in available liquidity. As of January 31, 2026, the company reported no borrowings under its revolving credit facility and total debt of US$3.9 million, consisting of long-term obligations and finance leases.
Cash used in operating activities during the first quarter totaled US$8.7 million.
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© Calavo GrowersFor more information:
Alex Villalta and Will Swett
Calavo Growers
Tel: +1 310 622 8236
Email: [email protected]
www.calavo.com
