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Jan 31, 2021
Calavo Growers Q1 2021 Earnings Report
Calavo Growers' Q1 2021 financial performance was reported with increased net income and improved gross profit margin in the Fresh segment, despite a decrease in overall revenue due to lower avocado prices and reduced sales in RFG and Foods segments.
Key Takeaways
Calavo Growers reported a decrease in revenue but an increase in net income for Q1 2021. Revenue was $220.6 million, a 19% decrease year-over-year, while net income was $5.3 million, compared to a net loss of $0.9 million in the same period last year. The gross profit margin increased due to improvements in the Fresh segment.
Total revenue decreased by 19% year-over-year to $220.6 million, influenced by lower avocado prices and reduced revenue in RFG and Foods segments.
Gross profit increased to $17.8 million, with the gross profit margin improving to 8.1% due to enhancements in the Fresh segment.
Net income was $5.3 million, or $0.30 per diluted share, a significant improvement compared to the net loss of $0.9 million, or ($0.05) per diluted share, in the prior year.
Adjusted EBITDA increased to $9.4 million, compared to $4.5 million in the same period last year.
Forward Guidance
The Company expects revenue between $255 million and $275 million and adjusted EBITDA between $14 million and $18 million for the second fiscal quarter of 2021.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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