SANTA PAULA, Calif., May 22, 2025 (GLOBE NEWSWIRE) -- Calavo Growers, Inc. (Nasdaq-GS: CVGW), a global leader in the processing and distribution of avocados, tomatoes, papayas, and guacamole, today announced that it plans to release financial results for the fiscal second quarter ended April 30, 2025, after the market closes on Monday, June 9, 2025. About Calavo Growers, Inc.Calavo Growers, Inc. (Nasdaq: CVGW) is a global leader in the processing and distribution of avocados, tomatoes, papayas and guacamole ...

SANTA PAULA, Calif., April 22, 2025 (GLOBE NEWSWIRE) -- Calavo Growers, Inc. (Nasdaq-GS: CVGW), a global leader in the avocado industry and provider of value-added fresh food (the "Company" or "Calavo"), today announced that following the formal business of the 2025 annual shareholder meeting (the "Annual Meeting"), the Company will provide a general business update. The Annual Meeting will be held at 1:00 p.m. Pacific Time on Wednesday, April 23, 2025. Holders of record at the close of business on February ...

Core Insights - The avocados market is experiencing significant growth, projected to increase from $19.37 billion in 2024 to $21.32 billion in 2025, with a compound annual growth rate (CAGR) of 10.1% [2] - By 2029, the market size is expected to reach $30.85 billion, reflecting a CAGR of 9.7% during the forecast period [3] Market Characteristics - The growth in the avocados market is driven by increased awareness of health benefits, rising demand for organic products, and changing dietary habits [2][5] - The market is characterized by a shift towards eCommerce for avocado-based products and a growing demand for convenience foods [3] Trends and Strategies - Major trends include a focus on healthier eating habits, technological advancements in food processing, and the expansion of avocado-based beauty products [4] - The rise of veganism and vegetarianism is also influencing market dynamics [4] Competitive Landscape - Key players in the avocado market include Fresh Del Monte Produce Inc., Calavo Growers Inc., and Mission Produce Inc., among others [8][20] - Companies are leveraging advanced technologies like high-pressure processing (HPP) to enhance product quality and shelf life [6] Recent Developments - Unifrutti Group's strategic acquisitions of Bomarea and AvoAmerica Peru aim to strengthen its presence in the avocado market and diversify its fruit offerings [7]

Strong Balance Sheet and Robust Liquidity Position Company for Buybacks to Enhance Shareholder ValueSANTA PAULA, Calif., March 18, 2025 (GLOBE NEWSWIRE) -- Calavo Growers, Inc. (Nasdaq-GS: CVGW), a global leader in the avocado industry and provider of value-added fresh food (the “Company” or “Calavo”), today announced that its Board of Directors has authorized a share repurchase program of up to $25 million of the Company's outstanding common stock. “This repurchase program underscores our confidence in our ...

Financial Performance - Net sales for the three months ended January 31, 2025, increased to $154,385,000, up from $127,606,000 in the same period last year, representing a growth of 20.9%[11] - Gross profit for the same period rose to $15,728,000, compared to $10,760,000, marking an increase of 46.2%[11] - Operating income improved significantly to $5,046,000 from a loss of $3,086,000 year-over-year[11] - Net income attributable to Calavo Growers, Inc. was $4,415,000, compared to a net loss of $6,267,000 in the prior year[11] - Basic earnings per share for continuing operations was $0.25, a recovery from a loss of $0.15 in the same quarter last year[11] - For the three months ended January 31, 2025, total gross sales reached $156.051 million, a 20.3% increase from $129.657 million in the same period of 2024[23] - Net sales for the Fresh segment were $139.795 million, up from $113.026 million, reflecting a 23.6% growth year-over-year[23] - The net income attributable to Calavo Growers, Inc. for the three months ended January 31, 2025, was $4.415 million, compared to a net loss of $6.267 million in the same period of 2024[24] - Net income from continuing operations for the three months ended January 31, 2025, was $4.4 million, compared to a loss of $2.6 million for the same period in 2024[56] - Basic net income per share attributable to Calavo Growers, Inc. was $0.25 for the three months ended January 31, 2025, compared to a loss of $0.35 for the same period in 2024[56] Assets and Liabilities - Total current assets as of January 31, 2025, were $158,176,000, slightly down from $158,579,000 at the end of October 2024[10] - Cash and cash equivalents decreased to $48,490,000 from $57,031,000, reflecting a decrease of 15.4%[10] - Total liabilities decreased to $96,058,000 from $99,343,000, indicating a reduction of 3.0%[10] - As of January 31, 2025, total inventories increased to $39.873 million from $34.157 million as of October 31, 2024, representing a 16.5% rise[26] - The net carrying value of long-lived assets as of January 31, 2025, was $52.519 million, down from $54.200 million as of October 31, 2024[25] - As of January 31, 2025, total other assets were $49.791 million, slightly down from $49.916 million as of October 31, 2024[34] Cash Flow and Dividends - The company reported a net cash used in operating activities of $4,427,000 for the three months ended January 31, 2025, compared to a net cash provided of $58,000 in the same period last year[12] - The company declared a dividend of $0.10 per share, totaling $3.567 million for the current quarter[26] - The company paid a dividend of $0.20 per share, totaling $3.6 million, on January 31, 2025[35] Risks and Challenges - The company continues to face risks related to supply chain disruptions and market price volatility of agricultural products, which may impact future performance[6] - No material changes in market risk have been reported since the last annual report[128] Investments and Transactions - The investment in Don Memo increased to $3.3 million as of January 31, 2025, from $2.4 million as of October 31, 2024[29] - The company incurred $2.7 million and $3.0 million in cost of sales to Belher for the three months ended January 31, 2025, and 2024, respectively[32] - Avocados de Jalisco, approximately 83% owned by the company, purchased $0.2 million and $2.5 million of avocados from partners for the three months ended January 31, 2025, and 2024, respectively[33] - The Fresh Cut business was sold for $83 million, with a purchase price of $52.0 million for business assets and $31.0 million for real estate[68][69] - A goodwill impairment charge of $9.3 million was recorded in connection with the sale of the Fresh Cut business[64] Tax Matters - The company recorded a provision of $11 million related to the 2013 tax assessment in the third quarter of fiscal 2021[48] - CDM is in the process of filing Administrative Appeals for denied IVA refunds, indicating a proactive approach to tax recovery[62] - The company believes it has strong legal grounds to prevail in collecting the corresponding IVA amounts, supported by internationally recognized tax advisors[62] - The SAT refunded 13.7 million Mexican pesos (approximately $0.7 million USD) in VAT for March 2019, marking a significant milestone in the tax strategy[63]

Financial Performance - Total net sales for Q1 2025 were $154.4 million, a 21.0% increase from $127.6 million in Q1 2024[12] - Gross profit for Q1 2025 was $15.7 million, a 46.2% increase from $10.8 million in the prior year quarter[6][13] - Adjusted net income was $5.9 million, or $0.33 per diluted share, compared to an adjusted net loss of $1.4 million, or $(0.08) per share, in Q1 2024[16] - Adjusted EBITDA increased over 200% to $9.3 million, compared to $3.1 million in Q1 2024, driven by higher margins in the Fresh segment[17] - Operating income for the three months ended January 31, 2025, was $5,046 thousand, a significant recovery from an operating loss of $3,086 thousand in the same period of 2024[32] - The company reported a net income attributable to Calavo Growers, Inc. of $4,415 thousand for the three months ended January 31, 2025, compared to a net loss of $6,267 thousand in the same period of 2024[32] - Net income from continuing operations for the three months ended January 31, 2025, was $4,435 million, compared to a loss of $2,574 million in the same period of 2024[39] - Adjusted EBITDA from continuing operations increased to $9,286 million, up from $3,154 million year-over-year[39] - The overall EBITDA from continuing operations for the period was $7,252 million, a substantial increase from $1,612 million in the same quarter of the previous year[39] Segment Performance - Fresh segment sales increased by $26.8 million, or 23.7%, driven by a 30.5% increase in average price per carton, despite a 4.6% decline in volume[6][12] - Fresh segment gross profit rose to $12.1 million, an 88.8% increase year-over-year, benefiting from higher avocado pricing[19] - The Fresh segment generated net sales of $139,795 thousand for the three months ended January 31, 2025, up from $113,026 thousand in the prior year, while the Prepared segment remained stable at $14,590 thousand[33] Expenses and Liabilities - SG&A expenses decreased by $3.2 million, or 23.6%, to $10.3 million, reflecting lower compensation expenses and professional fees[14] - Total current assets decreased slightly to $158,176 thousand as of January 31, 2025, from $158,579 thousand as of October 31, 2024[31] - Total current liabilities decreased to $70,794 thousand as of January 31, 2025, from $73,205 thousand as of October 31, 2024[31] - The company incurred $395 thousand in expenses related to Mexican tax matters during the three months ended January 31, 2025[35] - Professional fees related to internal investigations and legal settlements were $677 million, down from $2,380 million year-over-year[39] Cash and Dividends - The company ended Q1 2025 with cash and cash equivalents of $48.5 million and total debt of $4.9 million[18] - The Board of Directors declared a quarterly cash dividend of $0.20 per share, payable on April 29, 2025[15] Management Outlook - Management expressed confidence in sustaining momentum as the company enters the peak California avocado season[12] Other Financial Metrics - Interest income rose significantly to $845 million from $125 million, while interest expense decreased to $213 million from $824 million[39] - Provision for income taxes increased to $1,255 million, compared to $573 million in the prior year[39] - Depreciation and amortization expenses were $1,942 million, slightly down from $2,032 million year-over-year[39] - Stock-based compensation decreased to $272 million from $892 million in the previous year[39] - Foreign currency gains amounted to $962 million, a significant recovery from a loss of $1,708 million in the prior year[39] - The company incurred $395 million in expenses related to Mexican tax matters, compared to $383 million in the previous year[39]

Core Viewpoint - Calavo Growers, Inc. reported strong financial results for the first quarter of fiscal 2025, highlighting significant growth in net sales and profitability, driven primarily by the Fresh segment's performance and improved operational efficiencies [6][9][10]. Financial Overview - Total net sales reached $154.4 million, a 21.0% increase from $127.6 million in the prior year quarter [6][13]. - Fresh segment sales increased by $26.8 million, or 23.7%, while prepared segment sales remained flat [6][13]. - Gross profit was $15.7 million, reflecting a 46.2% increase from the previous year [6][14]. - Net income from continuing operations was $4.4 million, or $0.25 per diluted share, compared to a net loss of $2.6 million, or $(0.15) per diluted share, in the prior year [6][16]. Segment Performance - Fresh segment gross profit increased to $12.1 million, an 88.8% rise year-over-year, driven by higher avocado pricing and improved margins [6][20]. - Prepared segment gross profit declined by 17.1% to $3.6 million, primarily due to higher fruit costs [6][21]. Operational Efficiency - Selling, general, and administrative (SG&A) expenses decreased by 23.6% to $10.3 million, attributed to cost discipline and lower professional expenses [6][15]. - Adjusted EBITDA nearly tripled to $9.3 million, a 200% increase from $3.1 million in the prior year quarter, driven by higher margins in the Fresh segment [6][17]. Regulatory and Strategic Developments - The company is cooperating with ongoing investigations by the SEC and DOJ related to the Foreign Corrupt Practices Act, with no anticipated near-term material impact on financial outlook [7][11]. - A quarterly cash dividend of $0.20 per share was declared, to be paid on April 29, 2025 [7]. Tax Strategy - The Mexican tax authorities refunded 13.7 million Mexican pesos (approximately $0.7 million USD) in VAT, marking a significant milestone in the company's tax strategy [7].

Core Insights - Calavo Growers, Inc. plans to release its financial results for the fiscal first quarter ended January 31, 2025, after market close on March 12, 2025 [1] Company Overview - Calavo Growers, Inc. is a global leader in the processing and distribution of avocados, tomatoes, papayas, and guacamole [1] - The company markets its products under the Calavo brand, proprietary sub-brands, and various private label and store brands [1] - Founded in 1924, Calavo has a strong culture of innovation, sustainable practices, and market growth [1] - The company serves a diverse range of customers including retail grocery, foodservice, club stores, mass merchandisers, food distributors, and wholesalers worldwide [1] - Calavo is headquartered in Santa Paula, California, with facilities throughout the U.S. and Mexico [1]

Core Insights - Calavo Growers, Inc. has elected Farha Aslam as the new Chair of the Board of Directors, effective immediately, marking a significant leadership change in the company [1][2] - The company is well-positioned for growth due to strong relationships with growers and customers, a solid balance sheet, and a committed team [2][3] - Steven Hollister, the outgoing Chair, will continue to serve on the Board, bringing his extensive experience to support the new leadership [2][3] Company Overview - Calavo Growers, Inc. is a global leader in the processing and distribution of avocados, tomatoes, papayas, and guacamole, with a history dating back to 1924 [4] - The company operates under the Calavo brand and various proprietary and private label brands, serving a wide range of customers including retail grocery, foodservice, and wholesalers [4] - Headquartered in Santa Paula, California, Calavo has facilities throughout the U.S. and Mexico, emphasizing innovation and sustainable practices [4] Leadership Background - Farha Aslam, the new Chair, is the Managing Partner at Crescent House Capital and has extensive experience in the finance industry, including roles at Stephens Inc., Merrill Lynch, and UBS [3] - Aslam has a strong background in food and agribusiness equity research, having built a top-tier research franchise and successfully managed equity offerings and debt financings [3] - Her educational background includes a bachelor's degree in economics from the University of California and an MBA from Columbia University [3]

Financial Performance - Total net sales for fiscal year 2024 increased by 11.4% to $661.5 million, with the Grown segment net sales rising by 13.3% to $597.6 million[5]. - Net income from continuing operations for the fourth quarter was $6.8 million, or $0.38 per diluted share, compared to $5.1 million, or $0.26 per diluted share, for the prior year[5]. - Adjusted net income for the fourth quarter was $18.7 million, or $1.05 per diluted share, up from $11.5 million, or $0.64 per diluted share, in the prior year[5]. - Adjusted EBITDA for the fourth quarter was $37.0 million, compared to $33.2 million for the prior year[5]. - The company’s operating income for the year ended October 31, 2024, was $16,723 thousand, compared to $12,208 thousand for the previous year, showing a significant improvement[27]. - Adjusted net income for the year ended October 31, 2024, was $18,678 million, compared to $11,466 million for the year ended October 31, 2023, reflecting a year-over-year increase of approximately 63.5%[36]. - The diluted earnings per share (EPS) from continuing operations for the year ended October 31, 2024, was $0.38, up from $0.26 in 2023, indicating a 46.2% increase[32]. - EBITDA for the year ended October 31, 2024, was $21,234 million, a decrease from $25,697 million in 2023, representing a decline of approximately 17.5%[36]. - Adjusted EBITDA for the year ended October 31, 2024, increased to $37,006 million from $33,191 million in 2023, marking an increase of about 11.5%[36]. Segment Performance - The Grown segment's gross profit increased by 24.1% to $14.3 million, driven by a 10% increase in avocado volume and a 16% rise in average avocado prices[13]. - The Prepared segment's gross profit declined to $2.0 million from $2.7 million in the prior year quarter, with gross margin decreasing from 16.1% to 12.9%[14]. - The Prepared segment reported net sales of $15,334 thousand for the three months ended October 31, 2024, down from $16,927 thousand in the same period of 2023[29]. Cash and Debt Management - The company ended the fiscal year with cash and cash equivalents of $57.0 million and total debt of $5.1 million[15]. - The company’s cash and cash equivalents increased significantly to $57,031 thousand as of October 31, 2024, compared to $2,091 thousand in 2023[26]. - Total current liabilities decreased to $73,205 thousand as of October 31, 2024, from $81,746 thousand in 2023, indicating improved liquidity[26]. - The strategic divestiture of the Fresh Cut business was completed on August 15, 2024, enhancing core operations and reducing debt[6]. Operational Changes and Costs - Selling, general and administrative (SG&A) expenses for the fourth quarter totaled $13.0 million, or 7.7% of net sales, compared to $9.3 million, or 6.5% of net sales, for the same period last year[10]. - The company incurred $0.9 million in severance and other costs related to management departures during the year ended October 31, 2024[31]. - The company incurred $1.0 million in professional fees related to Mexican tax matters for the year ended October 31, 2024, down from $2.4 million in 2023[34]. - Restructuring costs related to consulting and management recruiting for the year ended October 31, 2024, totaled $967 million, down from $3,930 million in 2023[36]. Future Outlook - The company anticipates double-digit growth in avocado and guacamole sales volumes for fiscal year 2025 compared to fiscal year 2024[6]. - The company is focusing on developing new guacamole products to meet changing consumer preferences and enhance existing offerings[25]. Current Assets and Losses - Current assets increased to $158,579 thousand as of October 31, 2024, from $133,370 thousand in 2023, primarily driven by higher cash and accounts receivable[26]. - The company reported a net loss attributable to Calavo Growers, Inc. of $139 thousand for the three months ended October 31, 2024, compared to a net loss of $7,907 thousand for the same period in 2023[27]. - For the three months ended October 31, 2024, Calavo Growers, Inc. reported a net loss from continuing operations of $(2,450) million, an improvement from a net loss of $(4,686) million in the same period of 2023[32]. - The company recognized a non-cash loss of $0.1 million from unconsolidated entities for the three months ended October 31, 2024, compared to a loss of $0.5 million in the same period of 2023[36]. - Foreign currency remeasurement losses for the twelve months ended October 31, 2024, were $5.8 million, compared to a gain of $1.4 million in the previous year[34].