Calavo Growers, Inc., a
global avocado-industry leader and provider of value-added fresh food, today reported its financial results for the fourth quarter and fiscal year ended October 31, 2021.
Fourth Quarter Financial Overview
- Total revenue of $273.4 million, a 17% increase from the year-ago quarter.
- Fresh segment revenue increased 26% year-over-year to $149.8 million, and Renaissance Food Group (RFG) and Foods segments revenues increased 7% and 6% year-over-year, respectively.
- Gross profit of $9.1 million, or 3.3% of revenue, compared to $21.2 million, or 9.0% of revenue, for the year-ago quarter.
- Net loss of $(13.0) million, or $(0.73) per share, compared to net income of $6.2 million, or $0.35 per diluted share, for the same period last year.
- Adjusted net loss was $(1.4) million, or $(0.08) per share, compared to adjusted net income of $6.0 million, or $0.34 per diluted share last year.
- Adjusted EBITDA of $1.4 million compared to $13.4 million for the same period last year.
Fiscal Year 2021 Financial Overview
- Total revenue of $1.1 billion, consistent with fiscal year 2020.
- Gross profit of $57.4 million, or 5.4% of revenue, compared to $89.9 million, or 8.5% of revenue, for fiscal year 2020.
- Net loss of $(11.8) million, or $(0.67) per share, compared to a net loss of $(13.6) million, or $(0.78) per share for fiscal year 2020.
- Adjusted net income of $6.2 million, or $0.35 per share, compared to adjusted net income of $27.6 million, or $1.57 per diluted share for fiscal year 2020.
- Adjusted EBITDA of $26.8 million, compared to $54.4 million for fiscal year 2020.
Fourth Quarter and Fiscal Year Highlights
- Headway with Project Uno, a profit improvement project with initial focus on pricing initiatives, SKU rationalization, plant optimization and unified procurement, freight and back-office activities across all business units.
- Continued strengthening supply chain and adjusting for the prolonged COVID-19 pandemic.
- Appointed Mariela Matute to Chief Financial Officer role and Graciela Montgomery as first Chief Human Resources Officer.
- Declared an annual cash dividend of $1.15 per share on common stock, consistent with the prior year’s annual dividend.
- Published the third annual sustainability report and undertook the first corporate carbon footprint measurement, providing a baseline to measure progress on Calavo’s journey to net-zero.
Fourth Quarter 2021 Consolidated Financial Review
Total revenue for the fourth quarter 2021 was $273.4 million, compared to $234.4 million for the fourth quarter 2020, an increase of 17%. Fresh segment sales increased 26%, and the RFG and Foods business segments generated sales growth of 7% and 6%, respectively. The average selling price of avocados in the Company’s Fresh segment was higher by 37% while volumes were 7% lower than the prior-year period due to sub-optimal sizes in August in both California and Mexico.
For more information: calavo.com