Second Quarter Financial Overview Total net sales of $184.4 million, a 16.5% increase from the prior year quarter Grown segment net sales increased 18.9% to $166.8 million Prepared segment net sales decreased 1.9% to $17.6 million Gross profit of $20.4 million, compared to $15.7 million for the prior year quarter Grown segment gross profit increased $3.5 million to $16.0 million Prepared segment gross profit increased $1.2 million to $4.3 million Net income from continuing operations of $6.5 million, or $0. ...

Financial Overview - Total net sales for the second quarter 2024 were $184.4 million, a 16.5% increase from $158.3 million in the prior year quarter [2][26] - Grown segment net sales increased by 18.9% to $166.8 million, while Prepared segment net sales decreased by 1.9% to $17.6 million [2][26] - Gross profit for the second quarter was $20.4 million, compared to $15.7 million for the same period last year, representing a gross margin of 11.0% [27][28] - Net income from continuing operations was $6.5 million, or $0.36 per diluted share, compared to $1.4 million, or $0.08 per diluted share, for the same period last year [28][39] - Adjusted net income was $8.9 million, or $0.50 per diluted share, compared to $5.1 million, or $0.29 per diluted share last year [8][56] - Adjusted EBITDA was $13.4 million, an increase from $9.9 million for the same period last year [29][56] Segment Performance - Grown segment gross profit increased by $3.5 million to $16.0 million, driven by higher avocado prices, which were approximately 28% higher than the prior year [30][24] - Prepared segment gross profit improved by $1.2 million to $4.3 million, with gross margin rising to 24% from 17% in the prior year quarter [10][30] - The average selling price of avocados in the Grown segment increased by 28% compared to the prior year [6] Management Commentary - The company is working on completing the sale of its fresh cut business, with negotiations ongoing regarding price and structure, targeting completion during the fiscal third quarter [5][24] - Management expressed satisfaction with the second quarter results, highlighting strong operational performance across the portfolio and improved prices and margins in the core avocado and tomato businesses [25]

SANTA PAULA, Calif., June 04, 2024 (GLOBE NEWSWIRE) -- Calavo Growers, Inc. (Nasdaq-GS: CVGW), a global leader in the avocado and value-added fresh food industries, today announced the appointment of John Lindeman to its Board of Directors and Audit Committee, effective June 3, 2024. Prior to joining Calavo, Mr. Lindeman held various leadership positions within the finance and investment banking industries, including serving as managing director at Sageworth Trust Company, a family office and private trust ...

Prior to joining Calavo, Mr. Lindeman held various leadership positions within the finance and investment banking industries, including serving as managing director at Sageworth Trust Company, a family office and private trust company, managing director and co-head of the consumer and retail group at Janney Montgomery Scott, managing director at Stifel Nicolaus and principal at Legg Mason. Prior to joining Legg Mason, he was a manager at PricewaterhouseCoopers LLP. Mr. Lindeman has also served as a director ...

Calavo Growers, Inc. (Nasdaq: CVGW) is a global leader in high quality produce, including avocados, tomatoes and papayas, and a pioneer of healthy fresh-cut fruit, vegetables and prepared foods. Calavo products are sold under the trusted Calavo brand name, proprietary sub-brands, private label and store brands. Founded in 1924, Calavo has a rich culture of innovation, sustainable practices and market growth. The Company serves retail grocery, foodservice, club stores, mass merchandisers, food distributors a ...

SANTA PAULA, Calif., April 25, 2024 (GLOBE NEWSWIRE) -- Calavo Growers, Inc. (NASDAQ:CVGW) ("Calavo" or the "Company"), a global avocado industry leader and provider of convenient, ready-to-eat fresh food, yesterday at its Annual Meeting of Shareholders said in a business update that: The Company has made significant progress toward completing the proposed sale of the Fresh Cut business (formerly "RFG") and related real property and expects to close in May 2024As previously shared, the expected uses of sale ...

SANTA PAULA, Calif., April 22, 2024 (GLOBE NEWSWIRE) -- Calavo Growers, Inc. (NASDAQ:CVGW) ("Calavo" or the "Company"), a global avocado industry leader and provider of convenient, ready-to-eat fresh food, announced today that following the formal business of the 2024 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 24, 2024. Holders of record at the close of business on Februa ...

pixhook/E+ via Getty Images Calavo Growers, Inc. (NASDAQ:CVGW) is one of the largest producers of avocados, tomatoes, as well as many other produce items and fresh foods like guacamole, salsas and more. This company is based in California and was founded in 1924. It sells to food distributors, grocery stores, club stores, and wholesalers all over the world, with multiple packing and processing centers in the United States and Mexico. This stock traded for over $100 per share in 2018 and 2019, but it has ...

SANTA PAULA, Calif., April 10, 2024 (GLOBE NEWSWIRE) -- Calavo Growers, Inc. (NASDAQ:CVGW) ("Calavo" or the "Company"), a global avocado-industry leader and provider of convenient, ready-to-eat fresh food, today reminded shareholders that the Company will provide its shareholders with the capability to attend its 2024 annual shareholder meeting (the "Annual Meeting") virtually. The Annual Meeting will consist of a formal business meeting only. The Company is offering the virtual alternative as a way for sha ...

SANTA PAULA, Calif., April 10, 2024 (GLOBE NEWSWIRE) -- Calavo Growers, Inc. (Nasdaq: CVGW) (“Calavo” or the “Company”), a global avocado-industry leader and provider of convenient, ready-to-eat fresh food, today reminded shareholders that the Company will provide its shareholders with the capability to attend its 2024 annual shareholder meeting (the “Annual Meeting”) virtually. The Annual Meeting will consist of a formal business meeting only. The Company is offering the virtual alternative as a way for sh ...