SANTA PAULA, CA - Cheers to 100 years! As Calavo Growers prepares to celebrate an exciting milestone, complete a pivotal deal, and more, the avocado maven has shared an update revealing its performance for the fourth quarter and fiscal year 2023.

“I am pleased with our fourth quarter results as we continued to focus on the fundamentals of our operations,” said Lee E. Cole, President and Chief Executive Officer of Calavo Growers. “We continue to work toward completing the sale of our fresh cut business to F&S Fresh Foods and will share more details when we are able. We look forward to delivering shareholder value in fiscal 2024 as we also celebrate the company’s 100^th anniversary.”

In its report, the company reported net sales of $241.2 million for the fourth quarter, a 1 percent decrease from the prior year. The company also reported gross profit of $15.5 million.

Other highlights from the report include:

• Grown segment net sales increased 5.6 percent to $125.7 million
• Grown segment gross profit increased $0.2 million to $8.7 million
• Adjusted EBITDA of $7 million

“Turning to our financial performance, we generated approximately $7 million in adjusted EBITDA during the fourth quarter on $241 million of net sales. Avocado margins softened compared to the third quarter due to seasonality and an unfavorable foreign exchange impact of $3 million; however, margins improved versus the prior year quarter due to our margin management discipline," added Cole. "Gross profit improved sequentially in our prepared segment as we completed onboarding for a large national account customer in our fresh cut division, while our guacamole business continued to perform well operationally and benefitted from lower input costs.”

For the full fiscal year 2023, the grower reported total net sales of $972 million and gross profit of $70 million. To read the results in full, click here.

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