Calavo Growers, Inc., a global avocado-industry player and provider of convenient, ready-to-eat fresh food, today reported its financial results for the fiscal fourth quarter and fiscal year ended October 31, 2022.
Fourth Quarter Financial Overview
- Total revenue of $243.6 million, an 11% decline from prior year
- Grown segment revenue declined 20% year-over-year to $119.1 million
- Prepared segment revenue increased 0.6% year-over-year to $125.0 million
- Gross profit of $20.4 million compared to $9.1 million for the year-ago quarter
- Grown segment gross profit increased $1.1 million from prior year to $8.6 million
- Prepared segment gross profit increased $10.1 million from prior year to $11.8 million
- Net loss of $(3.3) million, or $(0.19) per diluted share, compared to net loss of $(13.0) million, or $(0.73) per diluted share, for the same period last year
- Adjusted net income of $0.6 million, or $0.03 per diluted share, compared to adjusted net loss of $(1.4) million, or $(0.08) per diluted share for the year-ago quarter
- Adjusted EBITDA of $9.6 million, or $0.55 per diluted share compared to $1.4 million, or $0.08 per diluted share for the same period last year
Fiscal Year 2022 Financial Overview
- Total revenue of $1.2 billion, compared to $1.1 billion for fiscal year 2021
- Gross profit of $73.8 million compared to $57.4 million for fiscal year 2021
- Net loss of $(6.2) million, or $(0.35) per share, compared to a net loss of $(11.8) million, or $(0.67) per share for fiscal year 2021
- Adjusted net income of $8.9 million, or $0.50 per share, compared to adjusted net income of $6.2 million, or $0.35 per diluted share for fiscal year 2021
- Adjusted EBITDA of $35.1 million, compared to $26.8 million for fiscal year 2021
- Reduced net debt by approximately $38 million
“In the fourth quarter, we generated sequential and year-over-year improvements in total company gross profit and adjusted EBITDA led by our Prepared segment with both the guacamole and fresh-cut fruit and vegetable divisions contributing to the continued momentum,” said Brian W. Kocher, President and Chief Executive Officer of Calavo Growers, Inc. “Earnings were moderated by the Grown segment, which had a slower than anticipated recovery from the challenging market conditions that occurred late in the third quarter."
“Prepared segment gross profit for the quarter increased $10.1 million versus the prior year quarter, achieving a gross margin of 9.4%. The gross profit increase occurred across the segment with the fresh-cut division, formerly RFG, generating a gross margin of over 8% and the guacamole division, formerly Foods, realizing a gross margin of about 14% as fruit input costs declined over the course of the quarter."
Click here to read the full statement.
For more information:
Thomas Federl
Calavo Growers, Inc.
Tel.: +1 843-801-4174
Thomas.Federl@calavo.com