Calavo Growers Inc. (CVGW) shares remained unchanged in after-hours on Monday, December 20, 2021, and closed the daily trading at $39.73. However, in the regular trading session, CVGW’s stock lost 4.59%. CVGW shares have fallen 44.88% over the last 12 months, and they have moved down 1.97% in the past week. Over the past three months, the stock has lost 3.07%, while over the past six months, it has declined 37.88%.
Let’s have a brief discussion about its recent news and developments.
CVGW latest development
On December 20, 2021, Calavo Growers, Inc. (CVGW), reported its financial results for the fourth quarter and fiscal year ended October 31, 2021.
Q4 2021 financial highlights
- CVGW reported total revenue of $273.4 million in Q4 2021 compared to $234.4 million for the fourth quarter of 2020.
- In Q4 2021, gross profit was $9.1 million compared to $21.2 million in Q4 2020.
- It suffered a net loss of $13.0 million or $0.73 loss per share in Q4 2021 compared to net income of 2 million, or $0.35 per diluted share in Q4 2020.
- Adjusted EBITDA was $1.4 million compared to $13.4 million in Q4 2020.
- The company ended the fourth quarter with cash and cash equivalents totaling $2.9 million.
FY 2021 financial highlights
- Total revenue was $1.1 billion in FY 2021, consistent with the fiscal year 2020.
- The cost of sales was $998.4 million in FY 21 compared to $969.5 million in FY 2020.
- In FY 2021, gross profit was 57.4 million compared to $89.9 million for the fiscal year 2020.
- It suffered a net loss of $11.8 million or $0.67 per share in FY 2021 compared to a net loss of $13.6 million or $0.78 per share in FY 2020.
- Adjusted EBITDA was$26.8 million, compared to $54.4 million for the fiscal year 2020.
CVGW new appointments
On November 17, 2021, Calavo Growers, Inc. (CVGW) appointed Adriana G. Mendizabal to its Board of Directors, effective December 1, 2021.
Mendizabal has more than 30 years of experience, leading successful business turnarounds and transformations and igniting new businesses to achieve sustainable growth.
CVGW dividend declaration
On October 29, 2021, the board of directors of Calavo Growers, Inc. (CVGW), declared an annual cash dividend on its common stock of $1.15 per share. The dividend was paid on December 3, 2021, to Calavo Growers’ shareholders of record as of the close of business on November 12, 2021.
Well, its financial results announced yesterday were not promising so we can expect it to further decline in the coming trading sessions.