Business
Calavo Growers, Inc. Announces Fourth Quarter and Fiscal 2022 Financial Results
Delivered fourth quarter and full year earnings improvement, led by Prepared segment recovery SANTA PAULA, Calif., Dec. 20, 2022 (GLOBE NEWSWIRE) -- Calavo
About this update from Calavo Growers, Inc.
[{"type":"text","content":"Delivered fourth quarter and full year earnings improvement, led by Prepared segment recovery\nSANTA PAULA, Calif., Dec. 20, 2022 (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 fourth quarter and fiscal year ended October 31, 2022. Fourth Quarter Financial Overview Total revenue of $243.6 million, an 11% decline from prior year Grown segment revenue declined 20% year-over-year to $119.1 millionPrepared segment revenue increased 0.6% year-over-year to $125.0 million Gross profit of $20.4 million compared to $9.1 million for the year-ago quarter Grown segment gross profit increased $1.1 million from prior year to $8.6 millionPrepared segment gross profit increased $10.1 million from prior year to $11.8 million Net loss of $(3.3) million, or $(0.19) per diluted share, compared to net loss of $(13.0) million, or $(0.73) per diluted share, for the same period last yearAdjusted net income of $0.6 million, or $0.03 per diluted share, compared to adjusted net loss of $(1.4) million, or $(0.08) per diluted share for the year-ago quarterAdjusted EBITDA of $9.6 million, or $0.55 per diluted share compared to $1.4 million, or $0.08 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. Fiscal Year 2022 Financial Overview Total revenue of $1.2 billion, compared to $1.1 billion for fiscal year 2021Gross profit of $73.8 million compared to $57.4 million for fiscal year 2021Net loss of $(6.2) million, or $(0.35) per share, compared to a net loss of $(11.8) million, or $(0.67) per share for fiscal year 2021Adjusted net income of $8.9 million, or $0.50 per share, compared to adjusted net income of $6.2 million, or $0.35 per diluted share for fiscal year 2021Adjusted EBITDA of $35.1 million, compared to $26.8 million for fiscal year 2021Reduced net debt by approximately $38 million Fourth Quarter and Fiscal Year Highlights Established new executive leadership team and better aligned corporate compensation programs to company performanceAchieved significant performance improvement in Prepared segmentRealized $16 million of benefits from Project Uno in Q4 and $46 million for full yearGener...