Calavo Growers Inc. (CVGW) reports earnings

The filing reports net sales of $661.5 million, an increase of 11% compared to the previous year. This growth was primarily driven by a 13% increase in the Grown segment, which includes avocados, tomatoes, and papayas.

The Prepared segment, which focuses on guacamole products, saw a 4% decrease in net sales, attributed to a change in product mix.

Gross profit for the year was $67.8 million, up 8% from the prior year, with the Grown segment contributing $55.3 million and the Prepared segment contributing $12.5 million.

Selling, general, and administrative expenses increased by 6% to $50.0 million, primarily due to professional fees related to an internal investigation and employee incentive accruals.

Calavo reported a net income from continuing operations of $6.8 million, compared to $5.1 million in the previous year. However, the company recorded a net loss of $1.0 million after accounting for discontinued operations.

The company completed the sale of its Fresh Cut business on August 15, 2024, for $83.0 million. This business was classified as discontinued operations, resulting in a net loss from discontinued operations of $7.9 million.

Calavo's balance sheet shows total assets of $301.1 million and total liabilities of $99.3 million as of October 31, 2024.

The company declared and paid dividends totaling $0.50 per share during the fiscal year.

Calavo continues to face challenges related to Mexican tax audits and has recorded a provision of $11.0 million related to a 2013 tax assessment.

The company also disclosed an ongoing internal investigation related to potential issues under the Foreign Corrupt Practices Act, which has been voluntarily disclosed to the SEC and DOJ.

This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Calavo Growers Inc. annual 10-K report dated January 14, 2025. To report an error, please email [email protected].