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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 (CVGW), a leader in the avocado and fresh food industries, will release its financial results for the first quarter ended January 31, 2021, on March 10, 2021. The announcement follows a trend of transparency with investors. A conference call to discuss the results will be held at 5:00 PM ET, with a live audio webcast available on the company's investor relations website. Calavo specializes in fresh produce, including avocados, tomatoes, and prepared foods, showcasing a strong portfolio under various brand names.
Calavo Growers, Inc. (CVGW) announced that Lecil E. Cole will step down from its Board of Directors effective March 1, 2021. Cole has been with the company since 1982 and served as Chairman and CEO, leading significant growth and establishing Calavo as a $1 billion enterprise. His leadership was pivotal in navigating the evolving avocado market. The Board will now consist of 11 directors, with a majority qualifying as independent under Nasdaq standards. The company continues to focus on its fresh food segments, including avocados and other fresh produce.
Calavo Growers, Inc. (CVGW), a leader in the avocado and fresh food industries, will participate in the virtual 2021 ICR Conference. CEO Jim Gibson and CFO Kevin Manion are set for a fireside chat on January 12 at 1:30 PM ET, with additional meetings for institutional investors on January 11 and 12. A live broadcast and an archived replay will be available on the Investor Relations section of the company’s website. Established in 1924, Calavo markets fresh avocados and produces guacamole, salsa, and other healthy foods.
Calavo Growers reported Q4 2020 revenue of $234.4 million, a 20% decrease year-over-year, attributed to a 22% drop in avocado prices despite a 3% increase in avocado volume. Gross profit for the quarter was $21.2 million, representing 9.0% of revenue. Net income rose to $6.2 million or $0.35 per diluted share, compared to $5.2 million last year. For fiscal year 2020, total revenue fell by 11% to $1.1 billion with a net loss of $13.6 million. The company declared a dividend increase of 4.5%, reflecting ongoing financial challenges amid the pandemic.
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.
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