Business
Calavo Growers, Inc. Announces Second Quarter 2023 Financial Results
SANTA PAULA, Calif., June 06, 2023 (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., June 06, 2023 (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 second quarter ended April 30, 2023. Second Quarter Financial Overview Total revenue of $244.7 million, a 26% decline from prior year Grown segment revenue decreased 33% year-over-year to $140.7 millionPrepared segment revenue decreased 14% year-over-year to $104.5 million Gross profit of $15.0 million, compared to $21.7 million for the year-ago quarter Grown segment gross profit decreased $5.6 million from prior year to $12.6 millionPrepared segment gross profit decreased $1.1 million from prior year to $2.4 million Net loss of $(4.0) million, or $(0.23) per diluted share, compared to net loss of $(0.2) million, or $(0.01) per diluted share, for the same period last yearAdjusted net loss of $(0.2) million, or $(0.01) per diluted share, compared to adjusted net income of $5.8 million, or $0.33 per diluted share for the year-ago quarterAdjusted EBITDA of $6.9 million compared to $12.7 million for the same period last 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. Second Quarter Highlights Lee E. Cole appointed President and Chief Executive OfficerAvocado margins improved versus fiscal first quarterImplemented restructuring activitiesRamping up new Prepared volume for the fiscal second halfBoard declared a quarterly cash dividend of $0.10 per share to be paid on July 11, 2023 to investors of record on June 27, 2023 Management Commentary“I am excited to be back at Calavo, a company that I helped to build and lead as CEO for 20 years and as Chairman for 28 years,” said Lee E. Cole, President and Chief Executive Officer of Calavo Growers, Inc. “I am back because I believe in the long-term earnings potential of this company, and I am confident that our team under my leadership can restore Calavo’s profitability. My primary focus since returning has been on the avocado business, and I am really pleased with the progress we’re making. Avocado margins have improved from the first quarter, and avocado volume in the second quarter was up 11% compared to the prior year quarter. “Our Prepa...