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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), a leader in the avocado industry, will release its financial results for the fourth quarter ended October 31, 2020, on December 21, 2020, after market close. The company will hold a conference call at 5:00 p.m. ET to discuss the results. Investors can access the live and archived webcast on the investor relations website. Calavo offers a range of fresh food products, including avocados and prepared foods, under its well-known brands. Founded in 1924, the company serves various sectors, including retail and foodservice.
Calavo Growers, a leader in the avocado industry, announced participation in two upcoming virtual conferences in November 2020. CEO Jim Gibson and CFO Kevin Manion will present at the Jefferies West Coast Consumer Conference on November 17 at 12:20 pm ET and the Stephens Annual Investment Conference on November 18 at 11:00 am ET. Both sessions will feature a fireside chat, followed by virtual one-on-one meetings. Live broadcasts will be available on the company's website for those unable to attend.
Calavo Growers, Inc. (CVGW) has declared an annual cash dividend of $1.15 per share, to be paid on December 4, 2020, to shareholders of record by November 13, 2020. This marks the ninth consecutive increase in dividends, reflecting a 4.5% rise, showcasing the board's confidence in the company's long-term growth despite challenges posed by COVID-19. Calavo has consistently paid annual dividends since going public in 2002, increasing the total by 475% over that period.
Calavo Growers, a leader in the avocado industry, announced the appointment of Farha Aslam to its Board of Directors, effective January 3, 2021. Aslam, who has extensive experience in capital markets and the food sector, will also serve on the Audit committee. The company acknowledged the contributions of outgoing directors Egidio Carbone and Dorcas Thille as they will not seek re-election at the 2021 annual meeting. Following these changes, Calavo’s Board will consist of 12 directors, with seven qualifying as independent.
Calavo Growers (CVGW) announced executive promotions on August 13, 2020, enhancing its leadership team with Robert Wedin as Executive Vice President of Fresh Sales and Mark Lodge as Chief Operations Officer. Wedin, a long-time company member, brings extensive experience in sales and marketing, while Lodge, who joined in 2019, has a rich background in food service operations. These promotions aim to strengthen Calavo's market position and drive business growth as the company continues to provide fresh food products globally.
Calavo Growers, Inc. (Nasdaq-GS: CVGW) announced its upcoming third quarter financial results for the period ending July 31, 2020, to be released on September 8, 2020. A conference call will be held at 5:00 p.m. ET to discuss these results. The company operates in the avocado industry and provides value-added fresh food, with segments focusing on fresh produce and prepared foods. Calavo has a history of delivering quality products under its brands, including its Fresh segment for fresh avocados and the Renaissance Food Group for healthy prepared foods.
Calavo Growers, Inc. (CVGW) reported flat revenue of $281.2 million for Q2 2020, impacted by COVID-19, with a net loss of $3.3 million or $(0.19) per diluted share. Gross profit dropped to $22.1 million from $36.8 million a year prior. Adjusted net income fell to $7.0 million, or $0.40 per diluted share, compared to $16.5 million the previous year. The company acquired Simply Fresh Fruit, enhancing its food service presence. Despite challenges, the Fresh segment saw a 13% sales increase, with expectations of improvement as the economy reopens.
Calavo Growers, Inc. (CVGW) will release its financial results for Q2 ending April 30, 2020, on June 8, 2020, after market close. A conference call will follow at 5:00 p.m. ET for discussion with analysts and investors. Interested parties can join via phone or listen to the archived webcast on Calavo's investor relations website. Calavo, a leader in the avocado industry, offers a variety of fresh food products including fresh-cut fruits and vegetables, guacamole, and salsa, serving several retail and wholesale markets globally.
Calavo Growers has appointed Kevin Manion as the new Chief Financial Officer, bringing extensive financial leadership experience from top food companies. Manion's expertise is expected to support Calavo's long-term growth strategy amidst rising consumer demand for fresh food. He holds a BBA in accounting and is a certified professional in several fields. Calavo, a leader in the avocado industry, caters to various retail and food service sectors, selling under several brand names. The company aims to leverage Manion’s financial acumen to boost shareholder value.
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