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SANTA PAULA, Calif. – Calavo Growers , Inc. (NASDAQ:CVGW) reported fourth quarter earnings that fell wanting analyst expectations, sending shares down 7.7% in after-hours buying and selling Tuesday.
The avocado and recent meals firm posted adjusted earnings per share of $0.05 for the quarter ended October 31, lacking the consensus estimate of $0.30. Income got here in at $170 million, surpassing analyst projections of $162 million.
Web gross sales elevated 19.5% year-over-year to $170 million, pushed by a 23.4% rise within the Grown section to $154.6 million. Nevertheless, the Ready section noticed a 9.4% decline in gross sales to $15.3 million.
Gross revenue rose 14.2% to $16.3 million in comparison with the identical interval final yr. The Grown section’s gross revenue jumped 24.1% to $14.3 million, whereas the Ready section’s gross revenue fell 27.6% to $2 million.
The corporate reported a internet loss from persevering with operations of $2.5 million, or $0.14 per diluted share, an enchancment from a internet lack of $4.7 million, or $0.26 per share, within the prior yr quarter.
“We made good progress in 2024 enhancing our monetary efficiency and executing our technique,” stated Lee Cole, President and CEO of Calavo Growers. “Each our high and bottom-line outcomes grew in comparison with 2023, with internet gross sales growing roughly 11%, internet revenue from persevering with operations growing roughly 36%, and adjusted EBITDA growing roughly 11%.”
For fiscal yr 2025, Calavo anticipates double-digit development in avocado and guacamole gross sales volumes, in addition to general income. The corporate expects its initiatives to drive significant worth creation for shareholders in comparison with fiscal 2024.
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