Calavo Growers, Inc. reported its financial results for the fiscal first quarter ended January 31, 2025, on March 12, 2025, highlighting its strongest Q1 adjusted net income performance since 2019. Total net sales for the quarter increased by 21.0% to $154.4 million, up from $127.6 million in the first quarter of 2024.
The Fresh segment drove sales growth, increasing by 23.7% due to a 30.5% rise in average price per carton, despite a 4.6% decline in volume. Fresh segment gross profit surged by 88.8% to $12.1 million, benefiting from higher avocado pricing and improved margins. The Prepared segment's sales remained flat, and its gross profit declined by 17.1% to $3.6 million due to higher fruit costs.
The company achieved a net income of $4.4 million, or $0.25 per diluted share, a significant improvement from a net loss of $2.6 million, or $(0.15) per diluted share, in Q1 2024. Adjusted net income reached $5.9 million, or $0.33 per diluted share, compared to an adjusted net loss of $1.4 million, or $(0.08) per share, in the prior-year quarter. Adjusted EBITDA nearly tripled, increasing over 200% to $9.3 million.
Selling, general and administrative (SG&A) expenses were reduced by 23.6%, or $3.2 million, totaling $10.3 million, primarily due to lower compensation expenses and professional fees. Calavo ended the quarter with $48.5 million in cash and cash equivalents and $96.7 million in available liquidity, with total debt of $4.9 million.
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