Calavo Growers, Inc. today reported its financial results for the fiscal fourth quarter and fiscal year ended October 31, 2023.
Fourth Quarter Financial Overview
- Total net sales of $241.2 million, a 1.0% decrease from the prior year quarter
- Grown segment net sales increased 5.6% to $125.7 million
- Prepared segment net sales decreased 7.9% to $116.1 million
- Gross profit of $15.5 million, compared to $20.4 million for the prior year quarter
- Grown segment gross profit increased $0.2 million to $8.7 million
- Prepared segment gross profit decreased $5.1 million to $6.7 million
- Net loss of $7.9 million, or $0.45 per diluted share, compared to a net loss of $3.3 million, or $0.19 per diluted share, for the same period last year
- Adjusted net loss of $5.8 million, or $0.33 per diluted share, compared to adjusted net income of $0.6 million, or $0.03 per diluted share for the prior year quarter
- Adjusted EBITDA of $7.0 million compared to $9.6 million for the same period last year
Fiscal Year 2023 Financial Overview
- Total net sales of $972.0 million, an 18.4% decrease from the prior year
- Grown segment net sales decreased 24.5% to $529.0 million
- Prepared segment net sales decreased 10.3% to $445.8 million
- Gross profit of $70.0 million, compared to $73.8 million for the prior year
- Grown segment gross profit increased $2.0 million to $52.2 million
- Prepared segment gross profit decreased $5.9 million to $17.8 million
- Net loss of $8.3 million, or $0.47 per diluted share, compared to a net loss of $6.2 million, or $0.35 per diluted share, for the prior year
- Adjusted net loss of $0.2 million, or $0.01 per diluted share, compared to adjusted net income of $8.9 million, or $0.50 per diluted share for the prior year
- Adjusted EBITDA of $31.3 million compared to $35.1 million for the prior 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.
Management Commentary
“I am pleased with our fourth quarter results as we continued to focus on the fundamentals of our operations,” said Lee E. Cole, President and Chief Executive Officer of Calavo Growers, Inc. “We continue to work toward completing the sale of our fresh cut business to F&S Fresh Foods and will share more details when we are able. We look forward to delivering shareholder value in fiscal 2024 as we also celebrate the Company’s 100th anniversary.
“Turning to our financial performance, we generated approximately $7.0 million in adjusted EBITDA during the fourth quarter on $241 million of net sales. Avocado margins softened compared to the third quarter due to seasonality and an unfavorable foreign exchange impact of $3.0 million; however, margins improved versus the prior year quarter due to our margin management discipline.”
For more information: 
Julie Kegley
Calavo Growers, Inc.
Tel.: +1 310-622-8246
Email: calavo@finprofiles.com