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Calavo Growers, Inc. announces 2018 fourth quarter and full-year results

FINANCIAL RELEASE – Calavo Growers, Inc. reported fiscal 2018 fourth quarter and full-year operating results. The company, a global avocado-industry leader and expanding provider of value-added fresh food, said that fiscal 2018 revenues and adjusted net income reached new record highs.

For the three months ended Oct. 31, 2018, Calavo reported a net loss of $1.3 million, equal to negative $0.08 per diluted share. Excluding certain items impacting comparability, adjusted net income(1) totaled $5.0 million, or $0.29 per diluted share, which compares with $10.3 million, or $0.59 per diluted share, in the year-earlier final quarter. Revenues in the final quarter rose to $280.0 million from $277.2 million, in the fiscal 2017 fourth period. Fourth-quarter gross profit equaled $22.3 million, or 8.0 percent of revenues, versus $31.5 million, or 11.4 percent of revenues, in the corresponding quarter last year. Operating income totaled $7.5 million in the most recent quarter versus $16.8 million one year ago.

Chairman, President and Chief Executive Officer Lee E. Cole stated: “In fiscal 2018, we realized very strong year-over-year growth in key areas of each of our three core business segments: in our Fresh segment, we posted 19 percent growth in avocado unit volumes; in our RFG segment, we increased our gross profit 15 percent; and, in our Foods segment, we increased guacamole sales 20 percent and nearly doubled (+97 percent) our gross profit. And yet, our full-year results were impacted by several unique, unforeseen events that affected each of our business units during the fourth quarter. I do not believe that any of these events impede the long-term growth trajectory of our businesses and I remain highly optimistic about our outlook for fiscal 2019,” Cole said.

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