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Calavo Growers reports $661.5M in 2024 sales, adjusts focus after Fresh Cut divestiture

Calavo Growers, Inc., a company specializing in the global avocado industry and value-added fresh food, has released its financial results for the fiscal fourth quarter and year ending October 31, 2024. The company has also noted changes in its business structure following the divestiture of its Fresh Cut business unit.

In the first quarter of 2024, Calavo determined that its Fresh Cut segment met the criteria to be classified as held for sale and discontinued operations. The divestiture of this segment was completed on August 15, 2024. As a result, financial results for the Fresh Cut business are reported separately as discontinued operations. The Prepared reporting segment, which previously included both the Fresh Cut business and the guacamole business, has been adjusted accordingly, with retrospective changes applied to prior period financial statements.

For fiscal year 2024, Calavo reported total net sales of $661.5 million, reflecting an 11.4% increase from the prior year. The Grown segment, driven by avocado operations, saw a 13.3% rise in net sales, totaling $597.6 million. In contrast, the Prepared segment, which includes the guacamole business, experienced a 4.2% decline in net sales, reaching $63.9 million. Gross profit for the year increased by 8.3% to $67.8 million, with the Grown segment contributing $55.3 million (a 9.4% increase) and the Prepared segment contributing $12.5 million (a 3.8% increase).

Net income from continuing operations for the fiscal year was $6.8 million, or $0.38 per diluted share, compared to $5.1 million, or $0.26 per diluted share, in the prior year. Adjusted net income, which excludes certain non-recurring items, rose to $18.7 million, or $1.05 per diluted share, from $11.5 million, or $0.64 per diluted share, in the previous year. Adjusted EBITDA for the fiscal year reached $37.0 million, up from $33.2 million in the prior year.

In the fourth quarter, total net sales increased by 19.5% year-over-year to $170.0 million. The Grown segment posted a 23.4% increase in net sales, amounting to $154.6 million, while the Prepared segment experienced a 9.4% decline, with net sales of $15.3 million. Gross profit for the quarter grew by 14.2% to $16.3 million, driven by a 24.1% increase in the Grown segment to $14.3 million. However, the Prepared segment's gross profit decreased by 27.6%, totaling $2.0 million.

The company reported a net loss from continuing operations of $2.5 million, or $(0.14) per diluted share, for the fourth quarter, compared to a net loss of $4.7 million, or $(0.26) per diluted share, in the same period last year. Adjusted net income for the quarter was $0.8 million, or $0.05 per diluted share, compared to an adjusted net loss of $0.4 million, or $(0.02) per diluted share, in the prior-year quarter. Adjusted EBITDA for the quarter was $6.7 million, down from $8.0 million in the same period last year.

To view the full report, click here.

For more information:
Julie Kegley
Calavo Growers
Tel: +1 310 622 8246
Email: [email protected]
www.ir.calavo.com

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