Calavo Growers, Inc., a global avocado industry leader and value-added fresh food provider, today announced its financial results for the fiscal second quarter ended April 30, 2022.

Second quarter financial overview:

• Sequential improvement from Q1 to Q2 2022:
• Gross profit improved by $8.5 million;
• Net loss improved by $3.9 million, or $0.22 per diluted share;
  Adjusted EBITDA improved by $7.9 million.
• Total revenue of $331.4 million, an increase of 20% over the prior year quarter.
• Fresh segment revenue increased 30% year-over-year to $211.0 million, Renaissance Food Group (RFG) increased 6% year-over-year and Food segment was down 4% year-on-year.
• Gross profit of $21.7 million, or 6.6% of revenue, compared to $22.6 million, or 8.2% of revenue, for the prior year quarter.
• Net loss of ($0.2) million, or ($0.01) per diluted share, compared to net earnings of $8.8 million, or $0.50 per diluted share, for the same period l last year.
• Adjusted net earnings of $5.8 million, or $0.33 per diluted share, compared to $7.7 million, or $0.43 per diluted share for the prior year quarter.
• Adjusted EBITDA of $12.7 million, or $0.71 per diluted share, compared to $15.0 million, or $0.85 per diluted share for the same period last year.
• Adjusted net earnings (loss) and Adjusted EBITDA are non-GAAP financial measures. See “Non-GAAP Financial Measures” below.

Second Quarter Highlights
Progressing pricing initiatives, SKU rationalization, unified sourcing, labor efficiency, freight consolidation and administrative synergies across all business units as part of Project Uno .

Launched a brand refresh, updating the company’s logo, slogan, brand personality and website to support Calavo’s One Company vision.

We announced plans to reorganize our business into two reporting segments, Grown and Prepared, to better serve customers, realize cost savings and improve efficiency.

The cultivated segment will include fresh avocados, tomatoes and papayas. The prepared meals segment will include all other products: fresh cut fruits and vegetables, ready-to-eat sandwiches, wraps, salads and snacks, guacamole and salsa sold at retail and in restaurants as well as avocado pulp sold at the restoration.

New segment information should appear in the third quarter earnings report.

Read the full financial statement here.

For more information:
Julie Kegley,
Calavo Growers, Inc.
Tel: 310-622-8246
Email: calavo@finprofiles.com
www.calavo.com