Calavo Growers, Inc. announces Second Quarter 2021 Financial Results
Calavo
Growers, Inc., a global avocado-industry leader and provider of value-added fresh food, today reported its financial results for the second quarter ended April 30, 2021.
Second Quarter Highlights
Total revenue of $276.8 million, at the high end of guidance and indicating a return to pre-pandemic results. Fresh segment revenue decreased 5%, due primarily to 9% growth in avocado volume, offset by a 10% decrease in avocado prices and 31% lower tomato revenue. Renaissance Food Group (“RFG”) and Foods segments revenues increased 3% and 16% year-over-year, respectively.
Gross profit of $22.6 million, or 8.2% of revenue, compared to $22.1 million, or 7.9% of revenue, for the comparable period last year. The increase in gross profit margin percentage was attributable to volume growth in the Fresh segment.