Calavo Growers Inc. (NASDAQ:CVGW) Q2 2020 Earnings Conference Call - Final Transcript

Jun 08, 2020 • 05:00 pm ET


Calavo Growers Inc. (NASDAQ:CVGW) Q2 2020 Earnings Conference Call - Final Transcript


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Hello, and welcome to Calavo Growers' Second Quarter 2020 Earnings Conference Call.

[Operator Instructions]

I would now like to turn the conference over to Lisa Mueller, Investor Relations for Calavo Growers. Please go ahead.

Lisa Mueller

Thank you, operator, and thank you all for joining us today to discuss Calavo Growers' second quarter 2020 financial results.

This afternoon we issued our earnings release and this document is available in the Investor Relations section of our website at I am here today with Jim Gibson, Chief Executive Officer of Calavo, and Kevin Manion, Chief Financial Officer. On today's call, management will provide prepared remarks and then we will open the call up for your questions.

[Operator Instructions]

Before we begin, I would like to remind you that today's comments will include forward-looking statements under the 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 our outlook and adjusted EBITDA are also forward-looking statements. Our actual financial condition and results of operations may vary materially from those contemplated by such forward-looking statements. Discussion of the factors that could cause our results to differ materially from these forward-looking statements are contained in our SEC filings, including our reports on Form 10-K and 10-Q.

With that, I would now like to turn the call over to Jim Gibson. Jim, please go ahead.

Jim Gibson

Thank you, Lisa. Good afternoon and welcome to Calavo's first-ever earnings call.

I hope everyone is staying safe and healthy as we navigate through these challenging times in our nation. During times of uncertainty, we think it is especially important to keep the lines of communications open and increase transparency with our investors.

Before discussing results, I'd like to spend some time reviewing the unique aspects of the Calavo story. As you may know, we've been around for nearly 100 years, so that alone is a testament to our staying power. Earlier this year, I was honored to assume the CEO role of this outstanding company as Lee Cole stepped down as Chairman, President and CEO. I have had the good fortune of working alongside Lee for 10 years as President of Renaissance Food Group, a company that I co-founded and was acquired by Calavo. While Lee has left us a proud legacy, I'm even more excited about our future.

First, we are the leading US publicly-traded avocado company with global operations and long-standing blue chip customers. Founded by farmers and over the course of our long history, we have successfully evolved the business and perfected our craft to meet growing consumer demand for avocados and other healthy fresh food. Today, Calavo through its three complementary business segments, Fresh, Renaissance Food Group or RFG, and Calavo Foods, is a leading supplier of avocados as well as other prepared foods and refrigerated prepared fruits and vegetables. Furthermore, we have a long track record of delivering returns to our shareholders, including 18