Calavo Growers Q1 2024 Earnings Report
Key Takeaways
Calavo Growers, Inc. reported a decrease in total net sales by 3.9% to $127.6 million for the first quarter of 2024. The company experienced a net loss of $2.6 million, or $0.15 per diluted share, compared to a net loss of $0.7 million, or $0.04 per diluted share, in the same period last year. Adjusted EBITDA increased slightly to $4.8 million from $4.6 million year-over-year. The company is progressing with the sale of its fresh cut business and anticipates closing the transaction in the second fiscal quarter.
Total net sales decreased by 3.9% to $127.6 million.
Net loss from continuing operations was $2.6 million, or $0.15 per diluted share.
Adjusted net loss was $0.2 million, or $0.01 per diluted share.
Adjusted EBITDA increased to $4.8 million compared to $4.6 million in the prior year quarter.
Calavo Growers
Calavo Growers
Calavo Growers Revenue by Segment
Forward Guidance
Calavo Growers expects a solid rebound in earnings in the second quarter and fiscal 2024 due to improved avocado margins, improved tomato performance, and the ramp-up of the California avocado season. The company anticipates completing the sale of its fresh cut business within the second fiscal quarter and targets SG&A savings of $20 million or more on an annualized basis.
Positive Outlook
- Expect a solid rebound in earnings in the second quarter and fiscal 2024
- Improved avocado margins expected.
- Improved tomato performance anticipated.
- Ramp up of the California avocado season expected.
- Targeting SG&A savings of $20 million or more on an annualized basis.
Revenue & Expenses
Visualization of income flow from segment revenue to net income