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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. (CVGW) announced it will release its financial results for the fourth quarter and fiscal year ended October 31, 2021, on December 20, 2021, after market close. A conference call for analysts and investors is scheduled for the same day at 5:00 PM ET to discuss the results and answer questions. Calavo, founded in 1924, is a leader in the avocado and fresh food industries, with a portfolio that includes fresh avocados, guacamole, and prepared foods, marketed under well-known brands.
Calavo Growers, Inc. (CVGW) announced the appointment of Adriana G. Mendizabal as an independent director effective December 1, 2021. Mendizabal brings over 30 years of experience in business turnarounds, currently serving as Group President at Stanley Black & Decker Latin America. She has also held senior roles at Nature's Sunshine Products and Visa USA. Meanwhile, long-time director Scott Van Der Kar will retire from the board effective January 3, 2022, after 27 years of service. Following these changes, the board will consist of 11 directors, seven of whom are independent.
Calavo Growers, Inc. (CVGW) announced an annual cash dividend of $1.15 per share, to be paid on December 3, 2021. Shareholders on record as of November 12, 2021 will receive this dividend. This marks the continuation of a tradition since Calavo went public in 2002. Interim CEO Steven Hollister expressed confidence in the company's future execution capabilities, highlighting the board's approval of this dividend as a sign of strength.
Calavo Growers (Nasdaq-GS: CVGW) announced the appointment of Graciela Montgomery as Chief Human Resources Officer, effective October 11, 2021. Montgomery, with over 30 years of HR experience, will oversee talent development, recruitment, and training for nearly 4,000 employees across the U.S. and Mexico. She previously enhanced HR strategies at Deckers Brands, contributing to substantial revenue growth. Her leadership aims to support Calavo's growth and further develop its HR capabilities.
Calavo Growers has appointed Mariela Matute as Chief Financial Officer, effective October 11, 2021. She brings extensive financial expertise from roles, including her previous position as CFO of Amazon's B2B division and CFO for Driscoll’s Americas. Ms. Matute's background in food production and agriculture is expected to help Calavo accelerate its growth and enhance shareholder value. Interim CFO Farha Aslam will return to her role as an independent director following a smooth transition.
Calavo Growers (CVGW) reported Q3 2021 revenues of $285 million, a 5% year-over-year increase. However, gross profit plunged to $7.9 million, or 2.8% of revenue, down from $30.8 million, or 11.4%, in Q3 2020. The company faced a net loss of $13 million, improving from a $15.6 million loss last year. Adjusted EBITDA fell to $1 million compared to $22.8 million last year. Contributing factors included inflationary pressures and delayed avocado supplies affecting margins. The outlook remains positive, although management refrained from providing specific revenue guidance due to ongoing market challenges.
Calavo Growers, Inc. (CVGW) announced the retirement of CEO James Gibson, effective September 9, 2021. Steven Hollister, a board member since 2008, will step in as Interim CEO and also serve as interim Chief Financial Officer. Gibson will remain with the company until September 30, 2021, to assist in the transition. Hollister brings extensive experience in finance and agriculture, positioning him well to guide the company during this period. The Board has initiated a search for a permanent CEO to ensure continuity in leadership.
Calavo Growers, Inc. (CVGW) announced an updated revenue forecast for Q3 2021, expecting between $275 million and $285 million, lower than earlier projections. Adjusted EBITDA is now anticipated to be in the range of $0 to $2 million, significantly below the previous range of $11 million to $15 million. These changes stem from inflationary pressures, labor shortages, and delays in avocado crops. The company expects challenges to persist into Q4 but aims to address them through pricing initiatives and operational efficiencies.
Calavo Growers, Inc. (Nasdaq-GS: CVGW) announced the departure of CFO Kevin Manion, effective July 16, 2021. Farha Aslam, a board member with extensive financial expertise, will serve as interim CFO while a successor is sought. Manion will assist in the transition until his full departure. CEO James E. Gibson praised Manion's contributions and expressed confidence in Aslam's ability to lead the finance team during the transition. Calavo specializes in avocados and fresh food products, distributing through various retail and food service channels.
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