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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 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.
Calavo Growers, Inc. (CVGW) reported Q2 2021 financial results, achieving total revenue of $276.8 million, aligning with guidance and reflecting a recovery to pre-pandemic levels. Despite a 5% decline in Fresh segment revenue, avocado volume increased by 9%. Gross profit rose to $22.6 million (8.2% of revenue), with net income of $8.8 million or $0.50 per diluted share, a significant improvement from the loss of $3.3 million last year. The company anticipates Q3 2021 revenue between $280 million and $300 million, while addressing inflationary pressures.
Calavo Growers, a leader in the avocado and fresh food industries, announced participation in two upcoming virtual conferences in June 2021. The events include the Baird 2021 Global Consumer, Technology & Services Conference on June 10 and the Jefferies 2021 Consumer Conference on June 22. Management will be available for one-on-one and small group meetings during these events. Founded in 1924, Calavo offers a variety of fresh food products under its brand and focuses on avocados and value-added items.
Calavo Growers (CVGW) will release its Q2 financial results for the period ending April 30, 2021, on June 8, 2021, after market close. A conference call for analysts and investors will take place the same day at 5:00 p.m. ET to discuss the results. Known for being a leader in the avocado and fresh food industries, Calavo serves various channels, including retail grocery and foodservice. The company offers a range of fresh produce and value-added food products under its brand and several private labels.
Calavo Growers, Inc. (CVGW) announced that its 2021 annual shareholder meeting will be held virtually on April 21, 2021, at 1:00 pm PT due to ongoing COVID-19 concerns. Shareholders eligible to participate must hold shares as of February 22, 2021. While non-shareholders can attend as guests, they cannot vote or ask questions. Cumulative voting for directors is not supported during the webcast; instructions must be submitted in advance. The company urges all shareholders to vote via proxy materials. The proxy statement remains unchanged.
Calavo Growers, Inc. (CVGW) reported Q1 2021 earnings with total revenue of $220.6 million, a 19% decline from the previous year. Despite a 2% increase in avocado volumes, lower average prices due to robust supply from Mexico negatively impacted revenue. Gross profit improved to $17.8 million (8.1% of revenue) from $15.8 million (5.8%). Net income rose to $5.3 million ($0.30/share), recovering from a net loss last year. The company also renewed its credit facility, securing $100 million in total liquidity.
Calavo Growers, a leader in the avocado and fresh food industries, announced participation in two virtual conferences this March 2021. CEO Jim Gibson and CFO Kevin Manion will represent the company at the D.A. Davidson 4th Annual Consumer Growth Conference on March 11 and the 33rd Annual Roth Conference on March 16. During these events, management will also offer one-on-one and small group meetings to discuss company initiatives and growth prospects. Founded in 1924, Calavo specializes in fresh avocados and value-added food products.
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