Business
Calavo Growers, Inc. Announces First Quarter 2022 Financial Results
SANTA PAULA, Calif., March 14, 2022 (GLOBE NEWSWIRE) -- Calavo Growers, Inc. (Nasdaq-GS: CVGW), a global avocado-industry leader and provider of value-added
About this update from Calavo Growers, Inc.
[{"type":"text","content":"SANTA PAULA, Calif., March 14, 2022 (GLOBE NEWSWIRE) -- Calavo Growers, Inc. (Nasdaq-GS: CVGW), a global avocado-industry leader and provider of value-added fresh food, today reported its financial results for the first quarter ended January 31, 2022. First Quarter Financial Overview Total revenue of $274.1 million, a 24% increase from the year-ago quarter.Fresh segment revenue increased 41% year-over-year to $162.6 million, and Renaissance Food Group (RFG) and Foods segments revenues increased 6% and 4% year-over-year, respectively.Gross profit of $13.2 million, or 4.8% of revenue, compared to $17.8 million, or 8.1% of revenue, for the year-ago quarter.Net loss of $(4.0) million, or $(0.23) per diluted share, compared to net income of $5.3 million, or $0.30 per diluted share, for the same period last year.Adjusted net loss was $(0.4) million, or $(0.02) per diluted share, compared to adjusted net income of $3.0 million, or $0.17 per diluted share last year.Adjusted EBITDA of $4.7 million, or $0.27 per diluted share compared to $9.4 million, or $0.53 per diluted share for the same period last year. Adjusted net income (loss) and adjusted EBITDA are non-GAAP financial measures. See “Non-GAAP Financial Measures” below. First Quarter Highlights Showed sequential improvement in the first quarter of 2022 over the fourth quarter of 2021: Gross profit improved by $4.1 million;Net loss improved by $9.0 million, or $0.50 per diluted share;Adjusted EBITDA improved by $3.3 million. Maintained focus on Project Uno, a profit improvement project, making progress on pricing initiatives, SKU rationalization, unified procurement, consolidating freight and administrative functions across all business units.Appointed Brian W. Kocher as Calavo’s President and Chief Executive Officer.Named former interim CEO Steven Hollister as Chairman of the Board of Directors. Management Commentary “I want to thank interim CEO Steve Hollister and the Calavo team for getting the company back on course following the challenges created by the COVID-19 pandemic,” said Brian W. Kocher, President and Chief Executive Officer of Calavo Growers, Inc. “While we still have considerable progress to make, we are showing sequential improvement quarter to quarter in revenue, gross margin and EBITDA, and these trends are continuing into the second quarter. “As Calavo’s new Presi...