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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, Inc. (Nasdaq: CVGW) announced a shift from annual to quarterly dividend payments, enhancing financial flexibility while maintaining the annualized dividend amount of $1.15. The first quarterly dividend of $0.2875 is payable on December 14, 2022, to shareholders of record as of November 16, 2022. Calavo has consistently paid dividends since going public in 2002, reflecting its commitment to returning value to shareholders and aligning with common industry practices.
Calavo Growers (CVGW) reported a strong fiscal Q3 2022, with total revenue reaching $342.0 million, up 20% year-over-year. The Grown segment showed significant growth, with revenue rising 28% to $207.6 million, while the Prepared segment increased 9% to $134.9 million. Gross profit improved to $18.5 million or 5.4% of revenue, compared to $7.9 million a year ago. Net income stood at $1.3 million, a turnaround from a loss of $(13.0) million in Q3 2021. The company reduced debt by $16.3 million and implemented several strategic leadership changes.
Calavo Growers (Nasdaq: CVGW) has announced the official certification and opening of a new avocado packing facility in Jalisco, Mexico, aimed at enhancing supply for the American market. This facility will allow the company to expand its sourcing capabilities, providing high-quality avocados year-round, with a focus on holiday programs. The operation is part of Calavo's strategy to strengthen its relationships with growers and ensure sustainable practices. With nearly 100 years in the avocado industry, Calavo is positioned to meet increasing consumer demand.
Calavo Growers, Inc. (Nasdaq: CVGW) has appointed Helen Kurtz as Senior Vice President & General Manager of its Prepared segment, effective August 16, 2022. Kurtz brings over 25 years of experience, previously serving at General Mills and Foster Farms. This restructuring into Grown and Prepared segments aims to enhance product fulfillment and P&L management. Kurtz's expertise in operational and marketing strategies is expected to drive growth in Calavo's prepared foods segment, which includes fresh cut fruits, salads, and guacamole.
Calavo Growers, Inc. (Nasdaq: CVGW), a leader in the avocado and fresh food industries, will announce its fiscal third quarter financial results for the period ending July 31, 2022, on September 1, 2022, after market close. An accompanying conference call for analysts and investors is slated for 5:00 p.m. ET the same day, where results will be discussed and questions answered. Calavo specializes in a variety of produce and operates globally, emphasizing innovation and sustainable practices since its founding in 1924.
Calavo Growers (Nasdaq: CVGW) announces the retirement of Robert Wedin after 49 years, appointing Danny Dumas as Senior VP & General Manager of Calavo Grown. Dumas brings over 30 years of experience, previously leading roles at Del Monte Fresh Produce and Courchesne Larose USA. The company will reorganize into Grown and Prepared segments, with Dumas managing the fresh produce segment starting July 11. Wedin will remain as an adviser through the transition. This leadership change aims to strengthen operations and align product management with profitability.
Calavo Growers (Nasdaq: CVGW) has appointed Shawn Munsell as Chief Financial Officer, effective June 20, 2022. Munsell brings over 20 years of finance experience, having previously served as Senior VP of Finance for Tyson Foods' chicken segment, with revenues of $14 billion in 2021. His background includes roles at CF Industries, enhancing his credentials. Both Munsell and Calavo’s CEO express excitement about the opportunity for operational improvements and growth during a crucial phase for the company.
Calavo Growers, Inc. (CVGW) reported its Q2 2022 financial results, showing total revenue of $331.4 million, a 20% increase year-over-year. The gross profit was $21.7 million (6.6% of revenue), down from $22.6 million (8.2% of revenue) a year prior. Notably, fresh segment revenue surged 30% to $211 million, driven by a 70% rise in avocado prices despite a 13% decline in volume. The net loss was $(0.2) million or $(0.01 per share, compared to net income of $8.8 million a year ago. Management remains optimistic about ongoing improvements from its Project Uno initiatives.
Calavo Growers, Inc. (Nasdaq: CVGW) has announced it will report its financial results for the second quarter, ending April 30, 2022, on June 2 after market close. An earnings conference call will follow at 5:00 p.m. ET to discuss these results. Calavo is a leader in the avocado and fresh food sectors, offering diverse produce such as avocados, tomatoes, and papayas. Established in 1924, the company emphasizes innovation and sustainability, serving a broad range of customers worldwide.
Tupperware Brands Corporation (NYSE: TUP) has appointed Mariela Matute as its new Chief Financial Officer, effective May 24, 2022. Matute brings over 20 years of finance expertise, having previously served as CFO of Calavo Growers (NASDAQ: CVGW) and Amazon Business. Her experience includes leading financial restructuring and modernization initiatives. CEO Miguel Fernandez expressed confidence in Matute's ability to support Tupperware's turnaround strategy, aiming to enhance revenue and market share while executing omnichannel business strategies.
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