Calavo Growers, Inc. Announces Fourth Quarter and Fiscal 2020 Financial Results

About this update from Calavo Growers, Inc.

[{"type":"text","content":"SANTA PAULA, Calif., Dec. 21, 2020 (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 fourth quarter and fiscal year ended October 31, 2020. Fourth Quarter Highlights Total revenue of $234.4 million, a 20% decrease year over year, reflecting 3% growth in avocado volume offset by 22% lower avocado prices and lower revenue in the Renaissance Food Group (“RFG”) and Foods segments.Gross profit of $21.2 million, or 9.0% of revenue, compared to $24.6 million, or 8.4% of revenue, for the comparable period last year. The increase in gross profit margin percentage was attributable to improvements in the RFG and Foods segments.Net income of $6.2 million, or $0.35 per diluted share, compared to $5.2 million, or $0.30 per diluted share. Adjusted net income was $6.0 million, or $0.34 per diluted share.Adjusted EBITDA of $13.4 million, compared to $14.8 million for the same period last year. The year-over-year decline in adjusted EBITDA was primarily due to $2.5 million of non-recurring charges related to various legacy items mostly in the international operations of the Company’s Fresh segment.On December 4, 2020, Calavo paid an annual cash dividend on its common stock of $1.15 per share, a 4.5% increase over the prior year’s annual dividend. Adjusted net income and adjusted EBITDA are non-GAAP financial measures. See “Non-GAAP Financial Measures” below. Fiscal Year 2020 Highlights Total revenue of $1.1 billion, an 11% decrease year-over-year.Gross profit of $89.9 million, or 8.5% of revenue, compared to $128.1 million, or 10.7% of revenue, for fiscal year 2019.Net loss of $13.6 million, or $(0.78) per diluted share. Adjusted net income was $27.6 million, or $1.57 per diluted share.Adjusted EBITDA of $54.4 million, compared to $87.3 million for fiscal year 2019.Maintained supply chain and business continuity despite the impact of the prolonged COVID-19 pandemic. Management Commentary “Avocado volumes increased due to rising popularity in the U.S. and abroad,” said James E. Gibson, CEO of Calavo Growers. “Our fourth quarter results reflect a continuation of trends from the third quarter. With strong crops out of both Mexico and California, supply in the fourth quarter was plentiful, lowering the average selling price ...

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