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CVGW Nasdaq· Calavo Growers, Inc
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CVGW Nasdaq· Calavo Growers, Inc
Earnings report Q4 2023

Calavo Growers, Inc. Reports Decrease in Revenue in Latest Quarter

Segments of revenue

Calavo Growers, Inc. reported a decrease in revenue for the latest quarter. Net sales for the quarter ended October 31, 2023, were $971.9 million, compared to $1.19 billion in the same quarter of the previous year. This represents a decline of approximately 18% in revenue.

Strengths

Despite the decrease in revenue, Calavo Growers, Inc. highlighted some strengths in their financial performance. The company's gross profit for the quarter was $69.9 million, indicating a gross profit margin of approximately 7.2%. This suggests that the company was able to maintain a reasonable level of profitability despite the decline in sales. Additionally, the company's operating income for the quarter was $428,000, indicating that they were able to generate positive operating results.

Challenges

The decrease in revenue for the latest quarter poses a significant challenge for Calavo Growers, Inc. The company's net loss for the quarter was $7.97 million, compared to a net loss of $6.6 million in the same quarter of the previous year. This indicates that the company's profitability was negatively impacted by the decline in sales. The company also reported an increase in income tax expense for the quarter, which further contributed to the net loss.

Noteworthy

It is worth noting that Calavo Growers, Inc. experienced a decline in revenue for the latest quarter, which is in contrast to the revenue growth reported in the previous year. The company's net sales for the fiscal year 2023 were $971.9 million, compared to $1.19 billion in the previous year. This decline in revenue can be attributed to various factors, including market conditions, changes in consumer demand, and potential supply chain disruptions.

Summary

Calavo Growers, Inc. reported a decrease in revenue for the latest quarter, with net sales of $971.9 million. Despite the decline in sales, the company was able to maintain a reasonable level of profitability, as indicated by their gross profit and operating income. However, the decrease in revenue posed a challenge for the company, resulting in a net loss for the quarter. It is important for Calavo Growers, Inc. to closely monitor market conditions and adapt their strategies to mitigate the impact of the decline in revenue.

Source documents

Form 10-K  filed on Jan 31, 2024
97 pages scanned

Reference data

Company financials Q4 revenue 241M
Analyst estimates Q4 EPS missed by -327.59%
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