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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 the departure of CFO Mariela Matute, effective May 19, 2022, who will take on a new role at another company. Brian W. Kocher, the current President and CEO, will serve as interim CFO while the company searches for a successor. Kocher praised Matute's contributions and expressed optimism about Calavo's operational performance, including ongoing initiatives like Project Uno. Calavo remains committed to its growth strategy as it continues to innovate in the produce industry.
Calavo Growers (CVGW) announced its 2022 annual shareholder meeting will take place virtually on April 27, 2022, at 1:00 PM PT. This move allows shareholders to participate without attending in person. Record holders as of February 28, 2022, can vote and submit questions via a designated virtual platform. Notably, cumulative voting for directors will not be facilitated through the webcast, and shareholders must provide proxy instructions beforehand if they wish to vote cumulatively. The company encourages advance voting and highlights that all proxy statement information remains unchanged.
Calavo Growers (CVGW) announced a restructuring aimed at enhancing efficiency and customer service as part of its Project Uno initiative. The company will operate through two segments: Grown, featuring fresh avocados, tomatoes, and papayas; and Prepared, including fresh-cut fruits, salads, and guacamole. This reorganization is expected to yield over $2 million in annual savings by reducing Selling, General and Administrative expenses. The restructuring includes elimination of certain executive roles, and new leadership will focus on profitability and growth strategies.
Calavo Growers reported a 24% increase in total revenue to $274.1 million for Q1 2022, driven by a 41% rise in fresh segment revenue. However, the company faced a net loss of $(4.0) million, a significant decline from the $5.3 million profit in Q1 2021. Gross profit decreased to 4.8% of revenue, reflecting higher costs and supply constraints. Adjusted net loss was $(0.4) million, while adjusted EBITDA fell to $4.7 million. The company is implementing cost-saving measures through its Project Uno initiative, with optimism for profit improvement moving forward.
Calavo Growers, Inc. (CVGW), a leader in the avocado and fresh food industries, has announced that its Q1 2022 earnings release and conference call have been rescheduled. Financial results for the quarter ended January 31, 2022, will now be released after the market closes on March 14, 2022. A conference call will follow at 5:00 p.m. ET to discuss these results and address questions. This adjustment allows additional time to finalize the Quarterly Report on Form 10-Q.
Calavo Growers, Inc. (CVGW) has announced its plans to release financial results for the first quarter ending January 31, 2022, on March 9, after market close. A conference call is scheduled for the same afternoon at 5:00 p.m. ET to discuss the results. Calavo is a leader in the avocado and fresh food industries, providing products across various sectors, including retail and foodservice. The company's segments include Fresh, Renaissance Food Group, and Foods, which offer a variety of fresh and prepared products, under multiple brand names.
Calavo Growers, Inc. (CVGW) has appointed Steven Hollister as the new Chairman of the Board, effective immediately. Hollister, who served as interim CEO from Sept. 8 to Jan. 31, takes over from J. Link Leavens, who remains on the board. CEO Brian W. Kocher is now officially in charge of the company. Hollister emphasized his commitment to leveraging his finance and agricultural experience to support the company's growth trajectory, promising to focus on long-term benefits for stakeholders.
Calavo Growers, Inc. (CVGW) announced the retirement of Harold S. Edwards from its Board of Directors, effective Feb. 1, 2022. His departure, after 16 years of service, reduces the board size to 10 members, aligning it better with the company’s scale. Chairman J. Link Leavens acknowledged Edwards' significant contributions, while Interim CEO Steve Hollister reaffirmed the strong relationship with Limoneira, where Edwards serves as CEO. Established in 1924, Calavo is recognized as a leader in the avocado industry, providing fresh food products globally.
Calavo Growers has appointed Brian W. Kocher as its new President and CEO, effective February 1, 2022. The Board of Directors selected Kocher due to his extensive experience in the fresh produce industry, previously serving as CEO of Castellini Group and in various executive roles at Chiquita Brands. He succeeds Steve Hollister, who has been interim CEO since September 2021. Hollister will return to the Board of Directors post-transition. Kocher expressed his enthusiasm for leading Calavo into its next growth phase.
Calavo Growers, Inc. (CVGW) reported a net loss of $(13.0) million for Q4 2021, reversing from a net income of $6.2 million in Q4 2020. Total revenue for the quarter was $273.4 million, up 17% year-over-year, driven by a 26% increase in the Fresh segment. However, gross profit plummeted to $9.1 million (3.3% of revenue), down from $21.2 million (9.0% of revenue) a year earlier. Adjusted EBITDA also decreased to $1.4 million, compared to $13.4 million in Q4 2020. For the full fiscal year 2021, revenue was steady at $1.1 billion, with a net loss of $(11.8) million.
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