Calavo Growers Q4 2020 Earnings Report
Key Takeaways
Calavo Growers, Inc. reported a 20% decrease in total revenue for Q4 2020, amounting to $234.4 million, compared to $292.2 million in Q4 2019. This decline was primarily due to a 22% decrease in avocado prices and lower revenue in the RFG and Foods segments. However, the gross profit margin improved to 9.0% from 8.4% in the same period last year.
Total revenue decreased by 20% year-over-year to $234.4 million, influenced by lower avocado prices and reduced sales in RFG and Foods segments.
Gross profit increased to $21.2 million, with a margin of 9.0%, compared to $24.6 million and 8.4% margin in the prior year, driven by improvements in RFG and Foods segments.
Net income rose to $6.2 million, or $0.35 per diluted share, from $5.2 million, or $0.30 per diluted share, in the comparable period.
Adjusted EBITDA was $13.4 million, a decrease from $14.8 million in the same period last year, primarily due to $2.5 million in non-recurring charges related to legacy items.
Calavo Growers
Calavo Growers
Calavo Growers Revenue by Segment
Forward Guidance
Calavo provided expectations solely for the first fiscal quarter of 2021, with revenue in the range of $215 million to $225 million and adjusted EBITDA in the range of $7 million to $10 million.