Calavo Growers Releases Third Quarter 2023 Financial Results; Lee E. Cole Comments
SANTA PAULA, CA - Calavo Growers recently reported its financial results for the fiscal third quarter ended July 31, 2023. In it, the global avocado provider reported gross profit of $25 million, a $6.5 million increase from the prior year’s $18.5 million.
“I am pleased with our performance in the third quarter. We achieved strong avocado margins as we concentrated our efforts on the fundamentals of our flagship avocado business,” said Lee E. Cole, President and Chief Executive Officer. “Our Prepared segment earnings improved sequentially versus the second quarter as we onboarded new customer volume in Fresh Cut, despite some start-up costs. Our Guacamole business continues to perform well, with lower fruit input costs and improved manufacturing efficiency. We expect earnings in Prepared to continue improving in the fourth quarter as we focus on adding volume and making our operations more efficient.”
As noted in the release, avocado margins meaningfully improved sequentially versus the prior year's quarter. Some key takeaways from the results include:
- Total net sales of $259.9 million
- Grown segment gross profit increased $9.6 million to $21.4 million
- Adjusted EBITDA of $13.8 million compared to $8.1 million
“I am happy to be back at Calavo, leading the company that I helped to build,” continued Cole. “Going forward, we will remain focused on execution across the portfolio, and we remain confident in the long-term earnings potential of the company.”
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