Core Viewpoint - Calavo Growers, Inc. has declared a quarterly cash dividend of $0.20 per share, reflecting the company's commitment to returning value to shareholders [1]. Company Overview - Calavo Growers, Inc. is a global leader in the processing and distribution of avocados, tomatoes, papayas, and guacamole, with a strong market presence [2]. - The company was founded in 1924 and has a culture of innovation, sustainable practices, and market growth [2]. - Calavo's products are marketed under the Calavo brand, proprietary sub-brands, and various private label and store brands [2]. - The company serves a diverse range of customers, including retail grocery, foodservice, club stores, mass merchandisers, food distributors, and wholesalers worldwide [2]. - Calavo is headquartered in Santa Paula, California, with facilities throughout the U.S. and Mexico [2].

SANTA PAULA, Calif., Dec. 16, 2024 (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 fourth quarter and fiscal year ended October 31, 2024 and file its Form 10-K for the 2024 fiscal year after the market closes on Tuesday, January 14, 2025. As an “accelerated filer,” the Company is allowed up to 75 days following its fiscal year ...

SANTA PAULA, Calif., Nov. 15, 2024 (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 James Snyder will become the Company’s new Chief Financial Officer effective December 2. Shawn Munsell, Calavo’s current CFO will be departing the Company on November 29 to pursue a new opportunity. He will serve as a consultant to the Company in the month of December to ensure a smooth transition ...

Calavo Growers (CVGW) came out with quarterly earnings of $0.57 per share, beating the Zacks Consensus Estimate of $0.36 per share. This compares to earnings of $0.41 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of 58.33%. A quarter ago, it was expected that this avocado grower would post earnings of $0.31 per share when it actually produced earnings of $0.50, delivering a surprise of 61.29%. Over the last four quarters, the ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended July 31, 2024 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | --- | --- | --- | |-------------------------------------------------------------------------|---------------------------------------------------------------------------------------- ...

Exhibit 99.1 Calavo Growers, Inc. Announces Third Quarter 2024 Financial Results, Dividend Increase SANTA PAULA, Calif., Sep. 9, 2024—Calavo Growers, Inc. (Nasdaq-GS: CVGW), A global leader in the processing and distribution of avocados, tomatoes, papayas and guacamole today reported its financial results for the fiscal third quarter ended July 31, 2024. Third Quarter Financial Overview Introductory Note: In the first quarter of 2024, we concluded that the Fresh Cut (formerly RFG) business meets the require ...

SANTA PAULA, Calif., Sept. 09, 2024 (GLOBE NEWSWIRE) -- Calavo Growers, Inc. (Nasdaq-GS: CVGW), a global leader in the processing and distribution of avocados, tomatoes, papayas, and guacamole, today reported its financial results for the fiscal third quarter ended July 31, 2024. Third Quarter Financial Overview Introductory Note: In the first quarter of 2024, we concluded that the Fresh Cut (formerly RFG) business meets the requirements to be classified as held for sale and discontinued operations. As a re ...

SANTA PAULA, Calif., Aug. 26, 2024 (GLOBE NEWSWIRE) -- Calavo Growers, Inc. (Nasdaq-GS: CVGW), a global leader in the avocado industry, today announced that it will release financial results for the fiscal third quarter ended July 31, 2024, after the market closes on Monday, September 9. About Calavo Growers, Inc. Calavo Growers, Inc. (Nasdaq-GS: CVGW) is a global leader in high quality produce, including avocados, tomatoes and papayas. Calavo products are sold under the trusted Calavo brand name, proprieta ...

Calavo Growers (CVGW) has been beaten down lately with too much selling pressure. While the stock has lost 20% over the past four weeks, there is light at the end of the tunnel as it is now in oversold territory and Wall Street analysts expect the company to report better earnings than they predicted earlier. We use Relative Strength Index (RSI), one of the most commonly used technical indicators, for spotting whether a stock is oversold. This is a momentum oscillator that measures the speed and change of p ...

PART I. FINANCIAL INFORMATION [Item 1. Financial Statements](index=5&type=section&id=Item%201.%20Financial%20Statements) Q2 2024 financial statements show improved net income and positive operating cash flow for continuing operations, following the Fresh Cut business reclassification Consolidated Balance Sheet Highlights (in thousands) | Account | April 30, 2024 | October 31, 2023 | | :--- | :--- | :--- | | Cash and cash equivalents | $4,273 | $2,091 | | Total current assets | $262,344 | $133,370 | | Current assets held for sale | $138,927 | $37,533 | | Total assets | $411,369 | $386,854 | | Total current liabilities | $133,182 | $81,746 | | Current liabilities held for sale | $53,261 | $29,911 | | Total shareholders' equity | $207,331 | $210,229 | Consolidated Statement of Operations Highlights (in thousands, except per share amounts) | Metric | Q2 2024 | Q2 2023 | Six Months 2024 | Six Months 2023 | | :--- | :--- | :--- | :--- | :--- | | Net sales | $184,383 | $158,279 | $311,989 | $291,042 | | Gross profit | $20,357 | $15,671 | $32,825 | $28,756 | | Operating income | $7,135 | $1,924 | $5,757 | $1,319 | | Net income from continuing operations | $6,507 | $1,447 | $3,933 | $1,002 | | Net loss from discontinued operations | $(408) | $(5,407) | $(4,091) | $(7,757) | | Net income (loss) attributable to Calavo | $6,062 | $(3,995) | $(205) | $(7,063) | | Diluted EPS (Continuing Operations) | $0.36 | $0.08 | $0.22 | $0.04 | Consolidated Statement of Cash Flows Highlights (Six months ended April 30, in thousands) | Cash Flow Category | 2024 | 2023 | | :--- | :--- | :--- | | Net cash provided by (used in) operating activities | $2,150 | $(3,778) | | Net cash used in investing activities | $(2,377) | $(8,461) | | Net cash provided by financing activities | $1,648 | $13,303 | [Notes to Consolidated Financial Statements](index=10&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) Notes detail the Fresh Cut business reclassification, an FCPA investigation, a major Mexican tax assessment, and ongoing related party transactions - The company is in non-binding negotiations to sell its Fresh Cut business, now classified as held for sale and discontinued operations, with transaction completion targeted for **Q3 fiscal 2024**[20](index=20&type=chunk)[21](index=21&type=chunk)[78](index=78&type=chunk) - An internal investigation identified potential issues under the Foreign Corrupt Practices Act (FCPA) related to Mexico operations, voluntarily disclosed to the SEC and DOJ, with no estimable financial impact currently[53](index=53&type=chunk)[55](index=55&type=chunk) - The company is contesting a 2013 tax assessment from Mexico's SAT, totaling approximately **$181.1 million USD** as of **April 30, 2024**, with an **$11 million** provision recorded in fiscal 2021 deemed appropriate by management[58](index=58&type=chunk)[65](index=65&type=chunk) Results of Discontinued Operations (Fresh Cut Business, in thousands) | Metric | Q2 2024 | Q2 2023 | Six Months 2024 | Six Months 2023 | | :--- | :--- | :--- | :--- | :--- | | Net sales | $83,959 | $86,410 | $170,372 | $179,851 | | Gross profit (loss) | $3,810 | $(634) | $4,641 | $713 | | Net loss from discontinued operations | $(408) | $(5,407) | $(4,091) | $(7,757) | [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=32&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management's discussion highlights strong Q2 2024 performance in continuing operations, driven by the Grown segment, while addressing the Fresh Cut business sale and FCPA investigation expenses [Results of Operations](index=40&type=section&id=Results%20of%20Operations) Q2 2024 net sales from continuing operations increased 16%, with gross profit up 30%, primarily driven by the Grown segment, while SG&A rose due to FCPA investigation fees Net Sales by Segment (in thousands) | Segment | Q2 2024 | Q2 2023 | % Change | | :--- | :--- | :--- | :--- | | Grown | $166,755 | $140,301 | 19% | | Prepared | $17,628 | $17,978 | (2)% | | **Total** | **$184,383** | **$158,279** | **16%** | - Grown segment sales growth in Q2 was driven by a **12% increase** in avocado sales (**28% price increase**, **13% volume decrease**) and a **73% increase** in tomato sales (**28% volume increase**, **35% price increase**)[115](index=115&type=chunk)[116](index=116&type=chunk)[117](index=117&type=chunk) Gross Profit by Segment (in thousands) | Segment | Q2 2024 | Q2 2023 | % Change | Q2 2024 Margin | Q2 2023 Margin | | :--- | :--- | :--- | :--- | :--- | :--- | | Grown | $16,049 | $12,599 | 27% | 9.6% | 9.0% | | Prepared | $4,308 | $3,072 | 40% | 24.4% | 17.1% | | **Total** | **$20,357** | **$15,671** | **30%** | **11.0%** | **9.9%** | - SG&A expenses for Q2 2024 decreased by **3% YoY**, but increased by **6% for the six-month period**, primarily driven by **$5.0 million** in professional fees for the FCPA investigation[136](index=136&type=chunk)[137](index=137&type=chunk) [Non-GAAP Financial Measures](index=34&type=section&id=Non-GAAP%20Financial%20Measures) Non-GAAP measures like Adjusted EBITDA are used to evaluate performance, with Q2 2024 Adjusted EBITDA from continuing operations at $13.4 million, adjusted for FCPA and restructuring costs Reconciliation of Adjusted EBITDA from Continuing Operations (in thousands) | Line Item | Q2 2024 | Q2 2023 | | :--- | :--- | :--- | | Net income from continuing operations attributable to Calavo | $6,470 | $1,412 | | EBITDA from continuing operations | $10,241 | $6,233 | | Professional fees related to FCPA Mexico investigation | $2,656 | $— | | Restructure costs | $550 | $2,327 | | Other adjustments | $202 | $1,177 | | **Adjusted EBITDA from continuing operations** | **$13,445** | **$9,937** | [Liquidity and Capital Resources](index=48&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintains solid liquidity with $4.3 million cash and $43.0 million credit facility availability, with operating cash flow improving to $2.2 million for the six-month period - Cash provided by operating activities improved to **$2.2 million** for the six months ended **April 30, 2024**, compared to cash used of **$3.8 million** in the prior-year period[141](index=141&type=chunk) - As of **April 30, 2024**, the company had **$4.3 million** in cash and cash equivalents and working capital of **$54.4 million**[146](index=146&type=chunk) - The company had **$43.0 million** available for borrowing under its credit facility as of **April 30, 2024**, with outstanding borrowings including **$42.0 million** on the revolving loan and **$3.8 million** on the term loan[153](index=153&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=51&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company's primary market risk is foreign currency exchange rate fluctuation between the U.S. dollar and Mexican peso, with a Q2 2024 remeasurement loss of $0.3 million - The company is exposed to market risk from fluctuations in the Mexican peso to U.S. dollar exchange rate, resulting in a net remeasurement loss of **$0.3 million** for Q2 2024, compared to a **$1.0 million** gain in Q2 2023[159](index=159&type=chunk) - The company does not use derivative instruments for speculative, trading, or hedging purposes[158](index=158&type=chunk) [Item 4. Controls and Procedures](index=51&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded disclosure controls and procedures were effective as of April 30, 2024, with no material changes to internal control over financial reporting during the quarter - Management, including the CEO and CFO, concluded that the company's disclosure controls and procedures were effective as of **April 30, 2024**[160](index=160&type=chunk) - No material changes were made to the company's internal control over financial reporting during the quarter[161](index=161&type=chunk) PART II. OTHER INFORMATION [Item 1. Legal Proceedings](index=53&type=section&id=Item%201.%20Legal%20Proceedings) This section refers to Note 7 for details on legal proceedings, including the ongoing FCPA investigation in Mexico and the long-standing Mexican tax audits - For information regarding legal proceedings, the report refers to Note 7 of the consolidated financial statements[163](index=163&type=chunk) [Item 1A. Risk Factors](index=53&type=section&id=Item%201A.%20Risk%20Factors) No material changes have occurred to the risk factors previously disclosed in the Annual Report on Form 10-K for the fiscal year ended October 31, 2023 - There have been no material changes to the risk factors disclosed in the company's Annual Report on Form 10-K for the year ended **October 31, 2023**[164](index=164&type=chunk) [Item 5. Other Information](index=53&type=section&id=Item%205.%20Other%20Information) No directors or Section 16 officers adopted or terminated any Rule 10b5-1 trading plans during the quarter ended April 30, 2024 - No directors or Section 16 officers adopted or terminated any **Rule 10b5-1 trading plans** during the quarter[165](index=165&type=chunk) [Item 6. Exhibits](index=53&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including CEO and CFO certifications and financial statements in Inline XBRL format - The exhibits filed with the report include **CEO/CFO certifications** and financial data in **Inline XBRL format**[166](index=166&type=chunk)