Calavo Growers Q3 2021 Earnings Report

Calavo Growers experienced a challenging third quarter due to inflationary pressures and delayed avocado crops, resulting in a net loss.

Key Takeaways

Calavo Growers reported a 5% increase in revenue to $285.0 million for Q3 2021, but faced significant challenges with inflationary pressures on labor, raw materials, and freight, along with delayed avocado crops. This resulted in a decrease in gross profit and a net loss of $(13.0) million, or $(0.74) per diluted share, compared to a net loss of $(15.6) million, or ($0.89) per diluted share, for the same period last year.

Total revenue increased by 5% year-over-year to $285.0 million.

Fresh segment revenue was flat, while RFG and Foods segments revenues increased by 14% and 12%, respectively.

Gross profit decreased to $7.9 million, or 2.8% of revenue, compared to $30.8 million, or 11.4% of revenue, in the year-ago quarter.

Net loss was $(13.0) million, or $(0.74) per diluted share, compared to a net loss of $(15.6) million, or ($0.89) per diluted share, for the same period last year.

Previous year: $30.8M

-74.5%