Loading...
•
Jul 31, 2024
Calavo Growers Q3 2024 Earnings Report
Calavo Growers' financial performance reflects continued momentum in the avocado business and strategic divestiture of the Fresh Cut business, resulting in improved adjusted EBITDA and a doubled quarterly dividend.
Key Takeaways
Calavo Growers reported an 11.7% increase in total net sales, reaching $179.6 million. Net income was $5.4 million, or $0.30 per diluted share. The company's adjusted EBITDA increased to $13.5 million. The Board of Directors increased the cash dividend by $0.10 per share to $0.20 per share.
Total net sales increased 11.7% to $179.6 million.
Net income was $5.4 million, or $0.30 per diluted share.
Adjusted net income was $10.2 million, or $0.57 per diluted share.
The Board of Directors increased the cash dividend by $0.10 per share to $0.20 per share.
Revenue by Segment
Forward Guidance
Calavo Growers anticipates delivering solid financial results for the fourth quarter and fiscal year, planning to invest proceeds from the Fresh Cut business sale into core avocado and guacamole operations and return cash to shareholders.
Positive Outlook
- Momentum has carried into the fourth quarter.
- Intend to deploy the cash generated from the sale of our Fresh Cut business by investing in our core avocado and guacamole businesses.
- Intend to deploy the cash generated from the sale of our Fresh Cut business by returning cash to shareholders over time.
- Renewed focus on our core operations.
- Improvements in our financial performance.
Challenges Ahead
- Potential disruptions to our supply chain.
- Sensitivity of our business to changes in market prices of avocados and other agricultural products and other raw materials including fuel, packaging and paper.
- The impact of weather on market prices and operational costs.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
Loading earnings performance data...
Loading earnings reaction data...