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Calavo Growers Inc. (Nasdaq: CVGW) is a global leader in the procurement and marketing of fresh avocados and other produce, as well as the manufacturing and distribution of prepared avocado products and salsas. Founded in 1924, this California-based company has grown into a significant player in the fresh foods market. Calavo's operations are divided into two primary segments: Grown and Prepared. The Grown segment includes fresh avocados, tomatoes, and papayas, while the Prepared segment features fresh-cut fruits and vegetables, ready-to-eat sandwiches, salads, snacks, guacamole, and salsa, sold through retail and food service channels domestically and internationally.
In recent years, Calavo has expanded its reach with the acquisition of Renaissance Food Group, enhancing its presence in the refrigerated fresh segment. This addition has allowed the company to diversify its product offerings to include fresh-cut produce and ready-to-cook meal enhancements. Calavo is dedicated to providing healthy, fresh, and convenient food options, which aligns with their evolution into “A Family of Fresh Foods™.”
The company is renowned not just for its quality products but also for its innovative approach and sustainable practices. Calavo's commitment to sustainability is evident in their operations across the U.S. and Mexico, where they maintain numerous processing plants and packing facilities. These sustainable practices and market growth have helped them serve a wide range of clients, including retail grocery chains, foodservice providers, club stores, mass merchandisers, food distributors, and wholesalers.
Calavo Growers recently announced that under SEC rules, the company will be an “accelerated filer” for its fiscal 2023 Form 10-K, expected on January 16, 2024. They also disclosed an internal investigation into their operations in Mexico, identifying matters that required enhanced evaluation. The company's proactive stance in addressing these issues demonstrates its commitment to transparency and regulatory compliance.
Financially, Calavo faced a challenging year in 2023, with a reported net sales decrease of approximately 18% to $972 million. However, the company remains focused on improving its operational efficiencies and exploring opportunities to maximize shareholder value. They continue to make strides in enhancing avocado margins and expanding their prepared foods segment despite external pressures and market volatility.
Calavo Growers is poised to celebrate its 100th anniversary in 2024, marking a century of innovation and commitment to providing high-quality fresh foods. As the company looks to the future, it remains steadfast in its mission to deliver nutritious, fresh, and convenient food products to its diverse customer base.
Calavo Growers (CVGW), a global leader in processing and distributing avocados, tomatoes, papayas, and guacamole, has scheduled the release of its fourth quarter and fiscal year 2024 financial results. The announcement will take place after market close on January 14, 2025. The company will also file its Form 10-K for fiscal year 2024 at that time, utilizing its status as an 'accelerated filer' which allows up to 75 days post fiscal year-end for filing.
Calavo Growers (Nasdaq-GS: CVGW) announced leadership changes in its financial department. James Snyder will become the new Chief Financial Officer effective December 2, replacing Shawn Munsell who is departing on November 29 for a new opportunity. Munsell will serve as a consultant through December to ensure a smooth transition. Snyder, who previously served as Corporate Controller and Chief Accounting Officer at Calavo for 18 years, returns to the company after roles at Gem-Pack Berries and Nano Banc. He began his career with Deloitte, spending seven years in audit functions.
Calavo Growers, Inc. (CVGW) reported its Q3 2024 financial results, showing a 11.7% increase in total net sales to $179.6 million. The Grown segment saw a 13.3% rise in net sales to $163.2 million, while the Prepared segment experienced a 2.4% decrease to $16.4 million. Despite this growth, total gross profit decreased by 8.7% to $20.1 million. The company reported net income of $5.4 million, or $0.30 per diluted share, compared to $8.7 million, or $0.48 per diluted share, in the prior year quarter. Adjusted net income was $10.2 million, or $0.57 per diluted share. Notably, Calavo increased its quarterly dividend by $0.10 to $0.20 per share.
Calavo Growers (Nasdaq-GS: CVGW), a global leader in the avocado industry, has announced that it will release its fiscal third quarter financial results on Monday, September 9, 2024, after the market closes. The results will cover the period ended July 31, 2024. This announcement sets the stage for investors and analysts to gain insights into the company's performance during a important period in the agricultural calendar. As a major player in the avocado market, Calavo's financial report is likely to provide valuable information about market trends, supply chain dynamics, and the overall health of the produce sector.
Calavo Growers, Inc. (Nasdaq-GS: CVGW) has completed the sale of its Fresh Cut business and related real estate to F&S Fresh Foods for $83 million, subject to closing adjustments. The transaction, finalized on August 15, 2024, allows Calavo to focus on its core avocado and guacamole businesses. Lee Cole, President and CEO of Calavo, expressed gratitude to the Fresh Cut team and confidence in F&S Fresh Foods as the new owner. The company plans to share its third quarter results on September 9, 2024. This strategic move marks a significant shift in Calavo's business operations, potentially impacting its financial structure and future growth strategies.
Calavo Growers (Nasdaq-GS: CVGW) announced its financial results for the second quarter of fiscal year 2024, ending April 30. The company reported total net sales of $184.4 million, up 16.5% year-over-year. The Grown segment saw an 18.9% increase in net sales to $166.8 million, while the Prepared segment experienced a 1.9% decline to $17.6 million. Gross profit rose to $20.4 million, a significant improvement from $15.7 million in the same period last year. Net income from continuing operations was $6.5 million, translating to $0.36 per diluted share, compared to $1.4 million or $0.08 per diluted share in the previous year. Adjusted net income reached $8.9 million or $0.50 per diluted share, up from $5.1 million or $0.29 per diluted share a year ago. The company's adjusted EBITDA was $13.4 million, compared to $9.9 million in the prior year. The company is in the process of divesting its fresh cut business, which is expected to be completed in the fiscal third quarter. The investigation under the Foreign Corrupt Practices Act (FCPA) is ongoing, with anticipated costs expected to decline from the third quarter onward.
Calavo Growers has appointed John Lindeman to its Board of Directors and Audit Committee, effective June 3, 2024. Lindeman, who previously served as Calavo's CFO from 2015 to 2020, brings extensive experience in corporate finance and the avocado industry. He currently holds the position of EVP and CFO at Hydrofarm Holdings Group. His past roles include leadership positions at Sageworth Trust Company, Janney Montgomery Scott, Stifel Nicolaus, and PricewaterhouseCoopers. Lindeman also serves as a director at Utz Brands. Following this appointment, Calavo’s Board will have nine directors, eight being independent.
Calavo Growers (Nasdaq: CVGW) will release its financial results for the fiscal second quarter ended April 30, 2024, after the market closes on June 10, 2024.
Calavo is a global leader in the avocado and value-added fresh food industries, based in Santa Paula, California.
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