Calavo Q1 Sales Drop 21% to $122.2M, Adjusted Income Falls to $4.8M
Calavo Growers reported Q1 sales of $122.2M, down 21% from $154.4M a year earlier, with adjusted net income of $4.8M ($0.27 per share) versus $6.3M. The company saw a 17% increase in avocado volumes offset by a 35% price drop, and advanced its Mission Produce merger into regulatory review.
1. Q1 Financial Results
In the first fiscal quarter ended January 31, Calavo Growers recorded net sales of $122.2 million, down from $154.4 million a year earlier, with gross profit of $15.2 million and adjusted net income of $4.8 million ($0.27 per diluted share) versus $6.3 million.
2. Segment Performance
Fresh segment sales fell 25% to $104.7 million as avocado selling prices dropped 35% despite a 17% volume increase, while Prepared segment revenue rose 20% to $17.5 million on a 21% volume increase, driving a 36% jump in segment gross profit.
3. Liquidity and Merger Update
Calavo held $47.7 million in cash with $79.8 million available liquidity and negligible debt; it has filed U.S. and Mexican antitrust submissions and aims to close its merger with Mission Produce in Q3 fiscal 2026, pending approvals.