Business
Calavo Growers, Inc. Announces First Quarter 2023 Financial Results
SANTA PAULA, Calif., March 06, 2023 (GLOBE NEWSWIRE) -- Calavo Growers, Inc. (Nasdaq-GS: CVGW), a global avocado-industry leader and provider of convenient,
About this update from Calavo Growers, Inc.
[{"type":"text","content":"SANTA PAULA, Calif., March 06, 2023 (GLOBE NEWSWIRE) -- Calavo Growers, Inc. (Nasdaq-GS: CVGW), a global avocado-industry leader and provider of convenient, ready-to-eat fresh food, today reported its financial results for the fiscal first quarter ended January 31, 2023. First Quarter Financial Overview Total revenue of $226.2 million, an 18% decline from prior year Grown segment revenue decreased 27% year-over-year to $117.7 millionPrepared segment revenue decreased 3% year-over-year to $108.5 million Gross profit of $14.4 million, compared to $13.2 million for the year-ago quarter Grown segment gross profit decreased $2.2 million from prior year to $9.5 millionPrepared segment gross profit increased $3.4 million from prior year to $5.0 million Net loss of $(3.1) million, or $(0.17) per diluted share, compared to net loss of $(4.0) million, or $(0.23) per diluted share, for the same period last yearAdjusted net loss of $(1.4) million, or $(0.08) per diluted share, compared to adjusted net loss of $(0.4) million, or $(0.02) per diluted share for the year-ago quarterAdjusted EBITDA of $3.6 million compared to $4.7 million for the same period last year Adjusted net income (loss), adjusted net income (loss) per diluted share, and adjusted EBITDA are non-GAAP financial measures. See “Non-GAAP Financial Measures” below. First Quarter Highlights Achieved year over year improvement in Prepared segment results despite weather challengesImplemented first phase of new transportation management system that enables RFPs on most outsourced freight; will be fully implemented in second quarterFinalized latest initiatives to streamline operations and improve performance Management Commentary“Our first quarter results were impacted by challenging market conditions in both the Grown and Prepared segments. Grown segment performance was challenged by low avocado prices and margins, driven by increased volumes of Mexican avocados. Prepared segment performance was affected by volume softness and winter weather that led to higher operating costs including from temporary facility closures,” said Brian W. Kocher, President and Chief Executive Officer of Calavo Growers, Inc. “Grown segment market conditions started to recover in February, and we have realized avocado margins within our targeted range of $3 to $4 per case for most of the second quarter. S...