Calavo Growers, Inc. (NASDAQ:CVGW) Q3 2022 Earnings Conference Call September 1, 2022 5:00 PM ET

Company Participants

Julie Kegley - Investor Relations

Brian Kocher - President and CEO

Shawn Munsell - Chief Financial Officer

Conference Call Participants

Jim Salera - Stephens

Ben Klieve - Lake Street Capital Markets

Mitch Pinheiro - Sturdivant and Company

Operator

Good afternoon, and welcome to the Third Quarter 2022 Calavo Growers Earnings Conference Call and Webcast. All participants will be in a listen-only mode. [Operator Instructions]

I will now turn the conference over to your host, Julie Kegley, Investor Relations for Calavo. Julie, you may begin.

Julie Kegley

Good afternoon. And thank you for joining us today to discuss Calavo Grower’s Financial Results for the Third Quarter of 2022. This afternoon, we issued our earnings release and it is available in the Investor Relations section of our website at ir.calavo.com.

With me on today’s call are Brian Kocher, President and Chief Executive Officer; and Shawn Munsell, Chief Financial Officer. We will begin with prepared remarks and then open up the call for your questions.

Before we begin, I would like to remind you that today’s comments will include forward-looking statements under federal securities laws. Forward-looking statements are identified by words such as will, be, intend, believe, expect, anticipate or other comparable words and phrases.

Statements that are not historical facts, such as statements about expected improvement in revenue and operating profit are also forward-looking statements. Our actual results may vary materially from those contemplated by such forward-looking statements. A discussion of the factors that could cause a material difference in our results compared to these forward-looking statements is contained in our SEC filings, including reports on Form 10-K and 10-Q.

As you saw in our earnings press release, we have begun our new segment reporting structure. What was the Fresh segment is now known as the Grown segment. The Foods and RFG segments have been combined into the new Prepared segment. In our discussion today, we may refer to the prior segment names as we make the transition.

With that, I will now turn the call over to Brian Kocher.

Brian Kocher

Thank you, Julie, and good afternoon, everyone. We appreciate you joining us today. As we look back at Q3, we continued to make meaningful operational and structural progress. Compared to Q3 last year, gross profit more than doubled to $18.5 million, net income improved to $0.07 per share, compared to a loss of $0.74 a share last year and adjusted EBITDA improved by more than $7 million. Our liquidity and capital ratios all improved and we feel very key leadership roles with talent that allows us to fight above our weight class.