Business
Calavo Growers, Inc. Announces Third Quarter 2024 Financial Results, Dividend Increase
SANTA PAULA, Calif., Sept. 09, 2024 (GLOBE NEWSWIRE) -- Calavo Growers, Inc. (Nasdaq-GS: CVGW), a global leader in the processing and distribution of
About this update from Calavo Growers, Inc.
[{"type":"text","content":"SANTA PAULA, Calif., Sept. 09, 2024 (GLOBE NEWSWIRE) -- Calavo Growers, Inc. (Nasdaq-GS: CVGW), a global leader in the processing and distribution of avocados, tomatoes, papayas, and guacamole, today reported its financial results for the fiscal third quarter ended July 31, 2024. Third 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. 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, amounts and commentary included in this press release relate to our continuing operations. Total net sales increased 11.7% to $179.6 million from the prior year quarter Grown segment net sales increased 13.3% to $163.2 millionPrepared segment net sales decreased 2.4% to $16.4 million Total gross profit decreased 8.7% to $20.1 million from the prior year quarter Grown segment gross profit decreased $1.2 million to $18.2 millionPrepared segment gross profit decreased $0.8 million to $1.9 million Net income of $5.4 million, or $0.30 per diluted share, compared to net income of $8.7 million, or $0.48 per diluted share for the prior year quarterAdjusted net income of $10.2 million, or $0.57 per diluted share, compared to adjusted net income of $7.7 million, or $0.43 per diluted share for the prior year quarterAdjusted EBITDA of $13.5 million compared to $13.0 million for the prior year quarter 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. Third Quarter Highlights Third consecutive quarter of year-over-year improvement in adjusted EBITDAGrown gross profit performanc...