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Calavo Growers, Inc. - CVGW STOCK NEWS

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Calavo Growers Inc. (Nasdaq: CVGW) is a global leader in the procurement and marketing of fresh avocados and other produce, as well as the manufacturing and distribution of prepared avocado products and salsas. Founded in 1924, this California-based company has grown into a significant player in the fresh foods market. Calavo's operations are divided into two primary segments: Grown and Prepared. The Grown segment includes fresh avocados, tomatoes, and papayas, while the Prepared segment features fresh-cut fruits and vegetables, ready-to-eat sandwiches, salads, snacks, guacamole, and salsa, sold through retail and food service channels domestically and internationally.

In recent years, Calavo has expanded its reach with the acquisition of Renaissance Food Group, enhancing its presence in the refrigerated fresh segment. This addition has allowed the company to diversify its product offerings to include fresh-cut produce and ready-to-cook meal enhancements. Calavo is dedicated to providing healthy, fresh, and convenient food options, which aligns with their evolution into “A Family of Fresh Foods™.”

The company is renowned not just for its quality products but also for its innovative approach and sustainable practices. Calavo's commitment to sustainability is evident in their operations across the U.S. and Mexico, where they maintain numerous processing plants and packing facilities. These sustainable practices and market growth have helped them serve a wide range of clients, including retail grocery chains, foodservice providers, club stores, mass merchandisers, food distributors, and wholesalers.

Calavo Growers recently announced that under SEC rules, the company will be an “accelerated filer” for its fiscal 2023 Form 10-K, expected on January 16, 2024. They also disclosed an internal investigation into their operations in Mexico, identifying matters that required enhanced evaluation. The company's proactive stance in addressing these issues demonstrates its commitment to transparency and regulatory compliance.

Financially, Calavo faced a challenging year in 2023, with a reported net sales decrease of approximately 18% to $972 million. However, the company remains focused on improving its operational efficiencies and exploring opportunities to maximize shareholder value. They continue to make strides in enhancing avocado margins and expanding their prepared foods segment despite external pressures and market volatility.

Calavo Growers is poised to celebrate its 100th anniversary in 2024, marking a century of innovation and commitment to providing high-quality fresh foods. As the company looks to the future, it remains steadfast in its mission to deliver nutritious, fresh, and convenient food products to its diverse customer base.

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Calavo Growers (Nasdaq-GS: CVGW) announced its financial results for the second quarter of fiscal year 2024, ending April 30. The company reported total net sales of $184.4 million, up 16.5% year-over-year. The Grown segment saw an 18.9% increase in net sales to $166.8 million, while the Prepared segment experienced a 1.9% decline to $17.6 million. Gross profit rose to $20.4 million, a significant improvement from $15.7 million in the same period last year. Net income from continuing operations was $6.5 million, translating to $0.36 per diluted share, compared to $1.4 million or $0.08 per diluted share in the previous year. Adjusted net income reached $8.9 million or $0.50 per diluted share, up from $5.1 million or $0.29 per diluted share a year ago. The company's adjusted EBITDA was $13.4 million, compared to $9.9 million in the prior year. The company is in the process of divesting its fresh cut business, which is expected to be completed in the fiscal third quarter. The investigation under the Foreign Corrupt Practices Act (FCPA) is ongoing, with anticipated costs expected to decline from the third quarter onward.

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Calavo Growers has appointed John Lindeman to its Board of Directors and Audit Committee, effective June 3, 2024. Lindeman, who previously served as Calavo's CFO from 2015 to 2020, brings extensive experience in corporate finance and the avocado industry. He currently holds the position of EVP and CFO at Hydrofarm Holdings Group. His past roles include leadership positions at Sageworth Trust Company, Janney Montgomery Scott, Stifel Nicolaus, and PricewaterhouseCoopers. Lindeman also serves as a director at Utz Brands. Following this appointment, Calavo’s Board will have nine directors, eight being independent.

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Calavo Growers (Nasdaq: CVGW) will release its financial results for the fiscal second quarter ended April 30, 2024, after the market closes on June 10, 2024.

Calavo is a global leader in the avocado and value-added fresh food industries, based in Santa Paula, California.

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Calavo Growers, Inc. (CVGW) provided an update to shareholders at its Annual Meeting, highlighting progress on the sale of the Fresh Cut business and related real property. The company aims to close the deal in May 2024, using the proceeds to reduce debt and return cash to shareholders. Additionally, Calavo's internal investigation into potential Foreign Corrupt Practices Act violations in Mexico is nearing completion, with further details to be shared with investors in the future.
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Calavo Growers, Inc. (Nasdaq: CVGW) will provide a general business update at the 2024 Annual Meeting of Shareholders on April 24, 2024. Shareholders as of February 26, 2024, can participate, submit questions, and vote. Non-shareholders can attend as guests but cannot vote or ask questions.
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Calavo Growers, Inc. (CVGW) announces the 2024 annual shareholder meeting to be held virtually on April 24, 2024, allowing shareholders to participate, submit questions, and vote online. The meeting will not permit cumulative voting for directors via live webcast, requiring proxy instructions before the meeting. Shareholders are encouraged to vote in advance.
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Calavo Growers, Inc. reports financial results for Q1 2024, with total net sales of $127.6 million, a 3.9% decrease from the prior year. The company's net loss from continuing operations was $2.6 million, with adjusted net loss of $0.2 million. The Board declared a quarterly cash dividend of $0.10 per share. The company anticipates completing the sale of its fresh cut business in the fiscal second quarter, targeting SG&A savings of $20 million annually.
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Calavo Growers, Inc. (CVGW) to release fiscal Q1 2024 financial results on March 11, 2024, after market close.
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Calavo Growers, Inc. reported a 1.0% decrease in total net sales for the fiscal fourth quarter and fiscal year ended October 31, 2023. The company experienced a 5.6% increase in Grown segment net sales, but a 7.9% decline in Prepared segment net sales. Gross profit decreased to $15.5 million for the fourth quarter, with a net loss of $7.9 million. Fiscal year 2023 saw an 18.4% decrease in total net sales, with a 24.5% decrease in Grown segment net sales and a 10.3% decrease in Prepared segment net sales. The company reported a net loss of $8.3 million for the fiscal year. Adjusted EBITDA for the fourth quarter was $7.0 million, compared to $9.6 million for the same period last year. The company ended the year with $46.3 million of total debt and $2.9 million in cash and cash equivalents.
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Calavo Growers, Inc. (Nasdaq: CVGW) announced the exploration of a sale of its Fresh Cut Business to F&S Fresh Foods, with a total transaction value of approximately $100 million. The company aims to focus on its core avocado and guacamole businesses to maximize profitability. The transaction is expected to result in a significant reduction to Calavo's post-transaction SG&A, with the closing anticipated in the second fiscal quarter of 2024. The expected use of proceeds includes debt reduction, growing the core business, and returning cash to shareholders. The Board of Directors also declared a quarterly cash dividend of $0.10 per share, to be paid on January 31, 2024.
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FAQ

What does Calavo Growers Inc. specialize in?

Calavo Growers Inc. specializes in the procurement and marketing of fresh avocados and other produce, as well as manufacturing and distributing prepared avocado products and salsas.

When was Calavo Growers Inc. founded?

Calavo Growers Inc. was founded in 1924.

What are the main segments of Calavo Growers' operations?

Calavo Growers operates in two main segments: Grown and Prepared. The Grown segment includes fresh avocados, tomatoes, and papayas, while the Prepared segment comprises fresh-cut fruits and vegetables, ready-to-eat sandwiches, salads, snacks, guacamole, and salsa.

Where is Calavo Growers Inc. headquartered?

Calavo Growers Inc. is headquartered in Santa Paula, California.

What recent acquisition has expanded Calavo Growers' product offerings?

The acquisition of Renaissance Food Group has expanded Calavo Growers' product offerings in the refrigerated fresh segment, including fresh-cut produce and ready-to-cook meal enhancements.

What are some of the products offered by Calavo Growers Inc.?

Calavo Growers Inc. offers fresh avocados, tomatoes, papayas, fresh-cut fruits and vegetables, ready-to-eat sandwiches, wraps, salads, snacks, guacamole, and salsa.

How is Calavo Growers addressing its internal investigation in Mexico?

Calavo Growers is conducting an internal investigation with the assistance of outside counsel to address identified matters related to their operations in Mexico, demonstrating their commitment to regulatory compliance and transparency.

What was Calavo Growers Inc.'s net sales in 2023?

Calavo Growers Inc. reported net sales of approximately $972 million for the fiscal year ending October 31, 2023.

What makes Calavo Growers Inc. significant in the fresh foods market?

Calavo Growers Inc. is significant due to its extensive experience since 1924, innovative approach, sustainable practices, and its ability to serve a diverse range of clients with high-quality and convenient fresh food products.

How does Calavo Growers Inc. ensure sustainability in its operations?

Calavo Growers Inc. ensures sustainability through its commitment to innovative and eco-friendly practices, maintaining numerous processing plants and packing facilities across the U.S. and Mexico.

Calavo Growers, Inc.

Nasdaq:CVGW

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CVGW Stock Data

429.87M
17.80M
5.98%
82.01%
4.61%
Fresh Fruit and Vegetable Merchant Wholesalers
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United States of America
SANTA PAULA