Calavo Growers Inc., a global processor and distributor of avocados, tomatoes, papayas, and guacamoles, released its financial results for the 2024 fiscal third quarter.

Despite the company's total gross profit decrease, The Board of Directors increased the cash dividend share by $0.10 to $0.20 per share and total net sales increased to $179.6 million, a $19 million uptick compared to $160.9 million for the same period last year. 

Total gross profit decreased 8.7% to $20.1 million in this third quarter. Gross profit for the third quarter was $20.1 million, or 11.2% of net sales, compared to $22.0 million and 13.7%, respectively, for the same period last year. 

Adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) increased slightly to $13.5 million compared to $13.0 million for the same period last year.

Lee Cole, President and Chief Executive Officer of Calavo Growers, Inc. said that the third quarter results reflect continued momentum in the company's flagship avocado business.

“Despite temporary industry supply disruptions from Mexico during the quarter, we generated strong financial results due to our operational flexibility and our resilient team," he said. "Although our guacamole business experienced headwinds from higher fruit input costs compared to the third quarter last year, our volume increased 7% due to our focus on growing the business. I am also pleased to share that we will be launching some exciting, innovative guacamole products during the fourth quarter.”

Selling, general and administrative (SG&A) expenses for the third quarter totaled $10.5 million, or 5.9% of net sales, compared to $13.0 million and 8.1% of net sales for the same period last year, attributed mainly to lower compensation expenses.