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Jan 31, 2024
Calavo Growers Q1 2024 Earnings Report
Calavo Growers reported a net loss for Q1 2024 due to temporary market dynamics within its avocado business and ongoing investigations, while making progress on the sale of its fresh cut business.
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.
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
Historical Earnings Impact
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Avg. Return Before/After Earnings
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