Business
Calavo Growers, Inc. Announces Second Quarter 2024 Financial Results
SANTA PAULA, Calif., June 10, 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., June 10, 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 second quarter ended April 30, 2024. Second Quarter Financial Overview Introductory Note: In the first quarter of 2024, we concluded that the fresh cut (formerly RFG) business meets 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. 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. Due to the planned divestiture, the fresh cut business unit is no longer included in our Prepared business segment. Retrospective reclassifications also have been made to prior period financial statements and commentary in this press release to present the fresh cut business unit as discontinued operations. Unless otherwise noted, amounts and commentary included in this press release relate to our continuing operations. Total net sales of $184.4 million, a 16.5% increase from the prior year quarter Grown segment net sales increased 18.9% to $166.8 millionPrepared segment net sales decreased 1.9% to $17.6 million Gross profit of $20.4 million, compared to $15.7 million for the prior year quarter Grown segment gross profit increased $3.5 million to $16.0 millionPrepared segment gross profit increased $1.2 million to $4.3 million Net income from continuing operations of $6.5 million, or $0.36 per diluted share, compared to net income of $1.4 million, or $0.08 per diluted share, for the same period last yearAdjusted net income of $8.9 million, or $0.50 per diluted share, compared to adjusted net income of $5.1 million, or $0.29 per diluted share for the prior year quarterAdjusted EBITDA of $13.4 million compared to $9.9 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 for Continuing Operations Grown gross profit increased 27% versus the prior year quarter, driven by strength in avocado margins as...