Business
Calavo Growers, Inc. Announces Fiscal 2020 First Quarter Results
First Quarter Highlights Include: 15 Percent Increase in Fresh Avocado Unit Volume over Last YearRevenues Rose to a Record $273.3 Million from $258.0
About this update from Calavo Growers, Inc.
[{"type":"text","content":"First Quarter Highlights Include:\n 15 Percent Increase in Fresh Avocado Unit Volume over Last YearRevenues Rose to a Record $273.3 Million from $258.0 MillionGross Profit Registered $15.8 Million Versus $30.8 Million Last YearNet Loss of $0.9 Million; Adjusted Net Income(1) of $1.2 MillionDiluted Loss Per Share of 5 Cents; Adjusted Diluted EPS(1) of 7 Cents Looking Forward for Fiscal Year 2020: CEO Gibson Forecasts Double-Digit Growth in Adjusted EPS over Remaining Three Quarters SANTA PAULA, Calif., March 10, 2020 (GLOBE NEWSWIRE) -- Calavo Growers, Inc. (Nasdaq-GS: CVGW), a global avocado-industry leader and expanding provider of value-added fresh food, today reported financial results for its fiscal 2020 first quarter. Revenues rose to reach a new first-period record, paced primarily by a sharp increase in fresh avocado sales. However, transitory factors in Calavo’s three business segments resulted in profit that fell beneath company expectations in the initial quarter. Revenues rose six percent to a new first-quarter record of $273.3 million, surpassing the previous high of $258.0 million posted in the same period last year. Gross profit was $15.8 million, or 5.8 percent of revenues, which compares with $30.8 million, or 12.0 percent of revenues, in the fiscal 2019 first quarter. The company posted a loss from operations of $0.4 million in the most-recent quarter, versus operating income of $16.6 million in the year-ago initial period. Net loss for the three months ended Jan. 31, 2020 was $0.9 million, or $0.05 per diluted share. This compares with net income of $4.5 million, equal to $0.26 per diluted share, in the year-earlier first quarter. Excluding certain items impacting comparability, adjusted net income(1) was $1.2 million, or $0.07 per diluted share, versus adjusted net income of $13.0 million, or $0.74 per diluted share, in the fiscal 2019 first quarter. James E. Gibson, who assumed the position of chief executive officer on Feb. 1, 2020, stated: “Continued growth in avocado consumption drove double-digit sales growth in our Fresh segment, and propelled total revenues to a new first-quarter high. While we are pleased by this top-line growth, Fresh segment gross profit was impacted by a number of industry factors in the first quarter. Specifically, we encountered market conditions in which selling prices remained r...