Business
Calavo Growers, Inc. Announces Fourth Quarter and Fiscal Year 2024 Financial Results
SANTA PAULA, Calif., Jan. 14, 2025 (GLOBE NEWSWIRE) -- Calavo Growers, Inc. (Nasdaq-GS: CVGW), a global avocado-industry leader and provider of value-added
About this update from Calavo Growers, Inc.
[{"type":"text","content":"SANTA PAULA, Calif., Jan. 14, 2025 (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 fiscal fourth quarter and fiscal year ended October 31, 2024. Introductory Note: In the first quarter of 2024, we concluded that the Fresh Cut (formerly RFG) business met the requirements to be classified as held for sale and discontinued operations. As a result, the financial results of that business are reported as discontinued operations in this press release. The divestiture of the Fresh Cut business occurred on August 15, 2024. Prior to the decision to divest our Fresh Cut business, the Company’s Prepared reporting segment included the Fresh Cut business unit and our guacamole business. The Fresh Cut business unit is no longer included in our Prepared business segment in this press release. Retrospective reclassifications have been made to prior period financial statements and commentary in this press release to present the Fresh Cut business unit as a discontinued operation. Unless otherwise noted, the amounts and commentary included in this press release relate to our continuing operations. Fiscal Year 2024 Financial Overview Total net sales increased 11.4% to $661.5 million from the prior year Grown segment net sales increased 13.3% to $597.6 millionPrepared segment net sales decreased 4.2% to $63.9 million Total gross profit increased 8.3% to $67.8 million from the prior year Grown segment gross profit increased 9.4% to $55.3 millionPrepared segment gross profit increased 3.8% to $12.5 million Net income from continuing operations of $6.8 million, or $0.38 per diluted share, compared to net income from continuing operations of $5.1 million, or $0.26 per diluted share, for the prior year.Adjusted net income of $18.7 million, or $1.05 per diluted share, compared to adjusted net income of $11.5 million, or $0.64 per diluted share, for the prior yearAdjusted EBITDA of $37.0 million, compared to $33.2 million for the prior year Fourth Quarter Financial Overview Total net sales increased 19.5% to $170.0 million from the prior year quarter Grown segment net sales increased 23.4% to $154.6 millionPrepared segment net sales decreased 9.4% to $15.3 million Total gross profit increased 14.2% to $16.3 million from the prio...