Calavo Growers, Inc. today reported its financial results for the fiscal first quarter ended January 31, 2024.
First Quarter Financial Overview
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 $127.6 million, a 3.9% decrease from the prior year quarter
- Grown segment net sales decreased 4.0% to $113.0 million
- Prepared segment net sales decreased 2.9% to $14.6 million
- Gross profit of $12.5 million, compared to $13.1 million for the prior year quarter
- Grown segment gross profit decreased $1.3 million to $8.1 million
- Prepared segment gross profit increased $0.7 million to $4.3 million
- Net loss from continuing operations of $2.6 million, or $0.15 per diluted share, compared to a net loss of $0.7 million, or $0.04 per diluted share, for the same period last year
- Adjusted net loss of $0.2 million, or $0.01 per diluted share, compared to adjusted net income of $0.8 million, or $0.05 per diluted share for the prior year quarter
- Adjusted EBITDA of $4.8 million compared to $4.6 million for the same period last year
First Quarter highlights for continuing operations
- Avocado margin per case improved versus prior year quarter while tomato gross profit declined
- Prepared gross profit improved versus prior year quarter primarily due to lower fruit cost
- We made progress toward completing the sale of the fresh cut business and anticipate closing the transaction within the fiscal second quarter
- The Company's investigation into certain matters and potential issues under the Foreign Corrupt Practices Act is ongoing and the Company continues to cooperate fully with the Securities and Exchange Commission and the Department of Justice
- The Board declared a quarterly cash dividend of $0.10 per share to be paid on April 29, 2024, to shareholders of record on April 1, 2024.
For more information: 
Julie Kegley
Calavo Growers, Inc.
Tel.: +1 310-622-8246
Email: [email protected]
ir.calavo.com