By Sabela Ojea
Calavo Growers saw a big jump in sales in the fiscal fourth quarter as it refocused operations toward core avocado and guacamole businesses.
The distributor of avocados, tomatoes, papayas and guacamoles on Tuesday said its loss for the three months ended Oct. 31 narrowed to $139,000, or 1 cent a share, from a loss of $7.91 million, or 45 cents a share, for the same period a year earlier.
Stripping out one-time items, earnings per share came in at 5 cents.
Sales jumped 20% to $170 million. Revenue across its grown segment rose 23% to $154.6 million, offsetting a 9.4% decline in prepared segment sales.
"We are entering fiscal 2025 with strong momentum," Chief Executive Lee Cole said. "Our strategic focus on operational optimization, disciplined execution, and leveraging organic growth opportunities positions us well for sustained success."
Calavo Growers expects revenue to rise in the double-digit range in fiscal 2025 due to its avocado and guacamole sales volumes, which are expected to increase at the same rate.
Supported by a focus on cost discipline and efficiencies in selling, general and administrative expenses, Calavo Growers expects the current year to be strong on revenue growth, profitability, and enhanced shareholder returns.
Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix
(END) Dow Jones Newswires
January 14, 2025 17:08 ET (22:08 GMT)
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