Welcome to our dedicated page for Calavo Growers news (Ticker: CVGW), a resource for investors and traders seeking the latest updates and insights on Calavo Growers stock.
Calavo Growers, Inc. (CVGW) maintains leadership in fresh produce and value-added foods through strategic operations across global markets. This news hub provides investors and industry stakeholders with essential updates on corporate developments, financial performance, and market initiatives.
Access official press releases and third-party analysis covering earnings reports, supply chain updates, product innovations, and executive leadership changes. Our curated collection helps track CVGW's position in the avocado industry and prepared foods sector while monitoring competitive dynamics.
Key coverage areas include quarterly financial results, sustainability initiatives, distribution network expansions, and responses to agricultural market trends. Bookmark this page for real-time updates on operational milestones affecting Calavo's Grown and Prepared business segments.
Calavo Growers (Nasdaq-GS: CVGW), a global leader in the avocado industry, has announced that it will release its fiscal third quarter financial results on Monday, September 9, 2024, after the market closes. The results will cover the period ended July 31, 2024. This announcement sets the stage for investors and analysts to gain insights into the company's performance during a important period in the agricultural calendar. As a major player in the avocado market, Calavo's financial report is likely to provide valuable information about market trends, supply chain dynamics, and the overall health of the produce sector.
Calavo Growers, Inc. (Nasdaq-GS: CVGW) has completed the sale of its Fresh Cut business and related real estate to F&S Fresh Foods for $83 million, subject to closing adjustments. The transaction, finalized on August 15, 2024, allows Calavo to focus on its core avocado and guacamole businesses. Lee Cole, President and CEO of Calavo, expressed gratitude to the Fresh Cut team and confidence in F&S Fresh Foods as the new owner. The company plans to share its third quarter results on September 9, 2024. This strategic move marks a significant shift in Calavo's business operations, potentially impacting its financial structure and future growth strategies.
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.
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.
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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