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Jul 31, 2023
Calavo Growers Q3 2023 Earnings Report
Calavo Growers reported increased net income and improved avocado margins in the third quarter of 2023.
Key Takeaways
Calavo Growers, Inc. reported financial results for the fiscal third quarter ended July 31, 2023. The company saw a decrease in net sales but an increase in gross profit and net income compared to the prior year quarter. Avocado margins improved, and a new credit facility was established.
Total net sales decreased by 24% to $259.9 million compared to the prior year quarter.
Gross profit increased to $25.0 million, compared to $18.5 million for the prior year quarter.
Net income increased to $6.6 million, or $0.37 per diluted share, compared to $1.3 million, or $0.07 per diluted share, for the same period last year.
Adjusted EBITDA increased to $13.8 million compared to $8.1 million for the same period last year.
Revenue by Segment
Forward Guidance
The company expects fourth quarter gross profit in Grown to exceed prior year levels and anticipates sequential growth in Prepared gross profit led by improvements in Fresh Cut.
Positive Outlook
- Expect fourth quarter gross profit in Grown to exceed prior year levels
- Expect fourth quarter gross profit in Prepared to increase sequentially
- Improvements in Fresh Cut division are expected
- Focus on avocado margin management
- Focus on customer service
Historical Earnings Impact
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Avg. Return Before/After Earnings
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