Calavo Growers, Inc. reported its financial results for the fiscal fourth quarter and full year ended October 31, 2024, on January 14, 2025. The company concluded the divestiture of its Fresh Cut business on August 15, 2024, with its financial results now classified as discontinued operations.
For the full fiscal year 2024, net sales from continuing operations increased approximately 11%, net income from continuing operations rose by approximately 36%, and adjusted EBITDA grew by approximately 11%. Adjusted net income increased by $0.41 per diluted share compared to the prior year.
In the fourth quarter of 2024, total net sales from continuing operations were $170.0 million, an increase of 19.5% from $142.2 million in the prior-year quarter. The Grown segment's gross profit increased to $14.3 million, driven by a 10% increase in avocado volume and 16% higher average avocado prices, while the Prepared segment's gross profit declined to $2.0 million due to higher fruit input costs.
The company reported a net loss from continuing operations of $2.5 million, or $(0.14) per diluted share, for the fourth quarter, an improvement from a $4.7 million loss in the same period last year. Adjusted net income for the quarter was $0.8 million, or $0.05 per diluted share, compared to an adjusted net loss of $0.4 million, or $(0.02) per diluted share, in the prior year.
Calavo ended fiscal year 2024 with $57.0 million in cash and cash equivalents and $108.8 million in available liquidity, with total debt of $5.1 million. Management anticipates double-digit growth in avocado and guacamole sales volumes, as well as overall revenue, for fiscal year 2025.
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