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. reports developments tied to its fresh produce and avocado-products business, including sourcing, packing and distribution of avocados, tomatoes and papayas and processing guacamole and other avocado products. Company updates commonly cover operating and financial results, Form 10-K and Form 10-Q reporting schedules, dividend actions on common stock, and governance or shareholder-voting matters.
News about CVGW also reflects material agreements and capital-structure disclosures for the California-incorporated issuer and its Nasdaq-listed common stock, while recurring business context centers on the Fresh and Prepared segments.
Calavo Growers, Inc. (CVGW) announced the appointment of Adriana G. Mendizabal as an independent director effective December 1, 2021. Mendizabal brings over 30 years of experience in business turnarounds, currently serving as Group President at Stanley Black & Decker Latin America. She has also held senior roles at Nature's Sunshine Products and Visa USA. Meanwhile, long-time director Scott Van Der Kar will retire from the board effective January 3, 2022, after 27 years of service. Following these changes, the board will consist of 11 directors, seven of whom are independent.
Calavo Growers, Inc. (CVGW) announced an annual cash dividend of $1.15 per share, to be paid on December 3, 2021. Shareholders on record as of November 12, 2021 will receive this dividend. This marks the continuation of a tradition since Calavo went public in 2002. Interim CEO Steven Hollister expressed confidence in the company's future execution capabilities, highlighting the board's approval of this dividend as a sign of strength.
Calavo Growers (Nasdaq-GS: CVGW) announced the appointment of Graciela Montgomery as Chief Human Resources Officer, effective October 11, 2021. Montgomery, with over 30 years of HR experience, will oversee talent development, recruitment, and training for nearly 4,000 employees across the U.S. and Mexico. She previously enhanced HR strategies at Deckers Brands, contributing to substantial revenue growth. Her leadership aims to support Calavo's growth and further develop its HR capabilities.
Calavo Growers has appointed Mariela Matute as Chief Financial Officer, effective October 11, 2021. She brings extensive financial expertise from roles, including her previous position as CFO of Amazon's B2B division and CFO for Driscoll’s Americas. Ms. Matute's background in food production and agriculture is expected to help Calavo accelerate its growth and enhance shareholder value. Interim CFO Farha Aslam will return to her role as an independent director following a smooth transition.
Calavo Growers (CVGW) reported Q3 2021 revenues of $285 million, a 5% year-over-year increase. However, gross profit plunged to $7.9 million, or 2.8% of revenue, down from $30.8 million, or 11.4%, in Q3 2020. The company faced a net loss of $13 million, improving from a $15.6 million loss last year. Adjusted EBITDA fell to $1 million compared to $22.8 million last year. Contributing factors included inflationary pressures and delayed avocado supplies affecting margins. The outlook remains positive, although management refrained from providing specific revenue guidance due to ongoing market challenges.
Calavo Growers, Inc. (CVGW) announced the retirement of CEO James Gibson, effective September 9, 2021. Steven Hollister, a board member since 2008, will step in as Interim CEO and also serve as interim Chief Financial Officer. Gibson will remain with the company until September 30, 2021, to assist in the transition. Hollister brings extensive experience in finance and agriculture, positioning him well to guide the company during this period. The Board has initiated a search for a permanent CEO to ensure continuity in leadership.
Calavo Growers, Inc. (CVGW) announced an updated revenue forecast for Q3 2021, expecting between $275 million and $285 million, lower than earlier projections. Adjusted EBITDA is now anticipated to be in the range of $0 to $2 million, significantly below the previous range of $11 million to $15 million. These changes stem from inflationary pressures, labor shortages, and delays in avocado crops. The company expects challenges to persist into Q4 but aims to address them through pricing initiatives and operational efficiencies.
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Calavo Growers, Inc. (Nasdaq-GS: CVGW) announced the departure of CFO Kevin Manion, effective July 16, 2021. Farha Aslam, a board member with extensive financial expertise, will serve as interim CFO while a successor is sought. Manion will assist in the transition until his full departure. CEO James E. Gibson praised Manion's contributions and expressed confidence in Aslam's ability to lead the finance team during the transition. Calavo specializes in avocados and fresh food products, distributing through various retail and food service channels.
Calavo Growers, Inc. (CVGW) reported Q2 2021 financial results, achieving total revenue of $276.8 million, aligning with guidance and reflecting a recovery to pre-pandemic levels. Despite a 5% decline in Fresh segment revenue, avocado volume increased by 9%. Gross profit rose to $22.6 million (8.2% of revenue), with net income of $8.8 million or $0.50 per diluted share, a significant improvement from the loss of $3.3 million last year. The company anticipates Q3 2021 revenue between $280 million and $300 million, while addressing inflationary pressures.