- Calavo Growers press release ( NASDAQ: CVGW ): FQ3 Non-GAAP EPS of $0.16 misses by $0.18 .
- Revenue of $341.99M (+20.0% Y/Y) beats by $6.11M .
- Adjusted EBITDA of $8.1 million, or $0.46 per diluted share compared to $1.0 million, or $0.06 per diluted share for the same period last year
- Reduced debt balance by $16.3 million.
- Outlook: We saw the volatility that negatively affected our results in the third quarter subside in August, and we expect more normal conditions to persist over the balance of the quarter.
- In Grown, margins are recovering and tracking toward the historical $3-$4 per carton range. With the recently announced opening of our Jalisco avocado packing facility for exports to the U.S., we are making progress expanding our avocado volume for U.S. and international customers.
- In Prepared, we started buying fruit in August for our guacamole line at prices that will generate more normalized gross margins as it flows through inventory over the balance of the quarter. We will continue implementing operating improvements within our Prepared-RFG business as planned, although we typically experience some seasonal softness in the business in the fourth quarter as fruit availability and demand decline.
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Calavo Growers Non-GAAP EPS of $0.16 misses by $0.18, revenue of $341.99M beats by $6.11M