Calavo Growers Inc
NASDAQ:CVGW
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Calavo Growers Inc
Calavo Growers, Inc. engages in the marketing and distribution of avocados, prepared avocados, and other perishable foods. The company is headquartered in Santa Paula, California and currently employs 3,676 full-time employees. The firm is involved in marketing and distributing avocados, prepared avocados, and other perishable foods. The company allows a range of fresh and prepared food products to retail grocery, foodservice, club stores, mass merchandisers, food distributors and wholesalers on a worldwide basis. The firm procure avocados from California, Mexico, and other regions around the world. The firm operates in two segments, namely Grown and Prepared. The Grown segment consist of fresh avocados, tomatoes and papaya. The Prepared segment is comprised of all other products, including fresh cut fruits and vegetables, ready-to-eat sandwiches, wraps, salads and snacks, guacamole, and salsa sold at retail and food service as well as avocado pulp sold to food service. The firm's products are sold under the Calavo brand name, sub-brands, private label and store brands.
Calavo Growers, Inc. engages in the marketing and distribution of avocados, prepared avocados, and other perishable foods. The company is headquartered in Santa Paula, California and currently employs 3,676 full-time employees. The firm is involved in marketing and distributing avocados, prepared avocados, and other perishable foods. The company allows a range of fresh and prepared food products to retail grocery, foodservice, club stores, mass merchandisers, food distributors and wholesalers on a worldwide basis. The firm procure avocados from California, Mexico, and other regions around the world. The firm operates in two segments, namely Grown and Prepared. The Grown segment consist of fresh avocados, tomatoes and papaya. The Prepared segment is comprised of all other products, including fresh cut fruits and vegetables, ready-to-eat sandwiches, wraps, salads and snacks, guacamole, and salsa sold at retail and food service as well as avocado pulp sold to food service. The firm's products are sold under the Calavo brand name, sub-brands, private label and store brands.
Revenue Drop: Calavo reported Q1 revenue of $226 million, down $48 million from the prior year, reflecting industry challenges and lower avocado prices.
Margin Pressure: Both Grown and Prepared segments experienced weaker-than-expected margins due to falling avocado prices, mix issues, and soft consumer demand amid inflation.
Guidance Lowered: Management now expects fiscal 2023 adjusted EBITDA in the range of $40 million to $45 million, citing a slower recovery trajectory.
Dividend Cut: The company plans to reduce its quarterly dividend to $0.10 per share to better align payout ratios with market norms.
Cost Controls: Capital expenditures for 2023 were lowered to $13 million; restructuring and cost-saving initiatives are underway, including exiting the salsa business.
Volume Trends: Avocado sales volume grew over 3%, but Prepared segment volume declined by about 13%, due to softer demand and inflation's impact.
Outlook: Management expects improvement in the second half, especially from new deli customer wins, but warns that margin and volume volatility may persist near term.
