Calavo Growers Q1 2021 Earnings Report
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.
Calavo Growers
Calavo Growers
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.