Business
Calavo Growers, Inc. Announces Third Quarter 2022 Financial Results
Prepared segment delivers continued, sequential quarterly improvement SANTA PAULA, Calif., Sept. 01, 2022 (GLOBE NEWSWIRE) -- Calavo Growers, Inc. (Nasdaq-GS:
About this update from Calavo Growers, Inc.
[{"type":"text","content":"Prepared segment delivers continued, sequential quarterly improvement\nSANTA PAULA, Calif., Sept. 01, 2022 (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 third quarter ended July 31, 2022. Note: Third quarter results are presented under new reporting segments, Grown and Prepared. Grown consists of the former Fresh segment while Prepared consists of the former RFG and Foods segments, each of which are now divisions within Prepared. Third Quarter Financial Overview Total revenue of $342.0 million, a 20% increase from prior year Grown segment revenue increased 28% year-over-year to $207.6 millionPrepared segment revenue increased 9% year-over-year to $134.9 million1 Gross profit of $18.5 million, or 5.4% of revenue, compared to $7.9 million, or 2.8% of revenue, for the year-ago quarter Grown gross profit decreased $0.4 million from prior year to $11.8 millionPrepared gross profit increased $11.1 million from prior year to $6.7 million Net income of $1.3 million, or $0.07 per diluted share, compared to net loss of $(13.0) million, or $(0.74) per diluted share, for the same period last yearAdjusted net income of $2.9 million, or $0.16 per diluted share, compared to net loss of $(3.0) million, or $(0.17) per diluted share for the year-ago quarterAdjusted EBITDA of $8.1 million, or $0.46 per diluted share compared to $1.0 million, or $0.06 per diluted share for the same period last yearReduced debt balance by $16.3 million 1Prior year periods have been recast to conform to the new segment reporting Adjusted net income (loss) and adjusted EBITDA are non-GAAP financial measures. See “Non-GAAP Financial Measures” below. Third Quarter Highlights Announced the hiring of new Chief Financial Officer Shawn Munsell and SVP & General Manager of Calavo Grown Danny Dumas. Subsequent to quarter end, Helen Kurtz was named SVP & General Manager of Calavo PreparedSubsequent to quarter end, announced official certification and opening of Jalisco Avocado packing facility for the U.S. marketProject Uno remains on track as progress was made with pricing initiatives, SKU rationalization, unified procurement, labor efficiencies, freight consolidation and administrative synergies across all business units Management Commen...