Business
Calavo Growers, Inc. Announces Fourth Quarter and Fiscal 2023 Financial Results
SANTA PAULA, Calif., Jan. 31, 2024 (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., Jan. 31, 2024 (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, 2023. Fourth Quarter Financial Overview Total net sales of $241.2 million, a 1.0% decrease from the prior year quarter Grown segment net sales increased 5.6% to $125.7 millionPrepared segment net sales decreased 7.9% to $116.1 million Gross profit of $15.5 million, compared to $20.4 million for the prior year quarter Grown segment gross profit increased $0.2 million to $8.7 millionPrepared segment gross profit decreased $5.1 million to $6.7 million Net loss of $7.9 million, or $0.45 per diluted share, compared to a net loss of $3.3 million, or $0.19 per diluted share, for the same period last yearAdjusted net loss of $5.8 million, or $0.33 per diluted share, compared to adjusted net income of $0.6 million, or $0.03 per diluted share for the prior year quarterAdjusted EBITDA of $7.0 million compared to $9.6 million for the same period last year Fiscal Year 2023 Financial Overview Total net sales of $972.0 million, an 18.4% decrease from the prior year Grown segment net sales decreased 24.5% to $529.0 millionPrepared segment net sales decreased 10.3% to $445.8 million Gross profit of $70.0 million, compared to $73.8 million for the prior year Grown segment gross profit increased $2.0 million to $52.2 millionPrepared segment gross profit decreased $5.9 million to $17.8 million Net loss of $8.3 million, or $0.47 per diluted share, compared to a net loss of $6.2 million, or $0.35 per diluted share, for the prior yearAdjusted net loss of $0.2 million, or $0.01 per diluted share, compared to adjusted net income of $8.9 million, or $0.50 per diluted share for the prior yearAdjusted EBITDA of $31.3 million compared to $35.1 million for the prior 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. Management Commentary “I am pleased with our fourth quarter results as we continued to focus on the fundamentals of our operations,” said Lee E. Cole, President and Chief Executive Officer of Calavo Growers, Inc. “We continue to work toward completin...