Welcome to our dedicated page for Calavo Growers news (Ticker: CVGW), a resource for investors and traders seeking the latest updates and insights on Calavo Growers stock.
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, Inc. (Nasdaq: CVGW) announced that it will hold its 2023 annual shareholder meeting virtually on April 26, 2023, at 1:00 p.m. Pacific Time. Shareholders of record as of February 27, 2023, can participate, submit questions, and vote via a virtual platform using a control number from proxy materials. While non-shareholders can attend as guests, they will not have voting rights. Notably, cumulative voting for directors will not be facilitated through the webcast; instead, shareholders must submit proxy instructions in advance. The company is urging all shareholders to vote and read the proxy statement carefully, maintaining that all information remains unchanged except for specific details disclosed in this announcement.
Calavo Growers, Inc. (Nasdaq: CVGW) has announced a quarterly cash dividend of $0.10 per share, which will be distributed on April 6, 2023, to shareholders of record as of March 24, 2023. As a leader in the avocado industry and provider of fresh food products, Calavo offers a range of produce including avocados, tomatoes, and papayas while emphasizing sustainability and innovation. The company has been operating since 1924 and sells its products under its trusted brand as well as private labels.
Calavo Growers, a leader in the avocado industry, announced the return of Lee E. Cole as President and CEO, effective immediately. Cole, who previously led the company from 1999 to 2020, aims to enhance growth and create shareholder value during his three-year tenure. He succeeds Brian W. Kocher, who has stepped down. Cole's extensive experience in the avocado sector positions him as a strong asset for Calavo, which specializes in avocados and other fresh produce. The announcement reflects confidence in Cole's ability to guide the company forward.
Calavo Growers, Inc. (CVGW) reported a significant 18% decline in total revenue, totaling $226.2 million for the fiscal first quarter ended January 31, 2023. The Grown segment revenue fell 27% to $117.7 million, while the Prepared segment decreased by 3% to $108.5 million. Despite a net loss of $(3.1) million (or $(0.17) per diluted share), this was an improvement from a net loss of $(4.0) million last year. Management has adjusted its fiscal year EBITDA guidance to between $40 million and $45 million due to ongoing market conditions. The company plans to reset its dividend to $0.10 per share for Q2 2023.
Calavo Growers, Inc. (Nasdaq: CVGW) will announce its fiscal first-quarter financial results for the period ending January 31, 2023, after market close on March 6, 2023. A conference call for analysts and investors will follow at 5:00 p.m. ET, where the company will discuss the results. Interested parties can participate via a live call or by accessing the archived version on Calavo’s investor relations website. Calavo, headquartered in Santa Paula, California, is a leader in fresh produce, known for avocados and prepared foods, with a history rooted in innovation and sustainable practices since 1924.
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