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    Benjamin Bienvenu

    Managing Director and Senior Research Analyst at Stephens Inc.

    Benjamin Bienvenu is a Managing Director and Senior Research Analyst at Stephens Inc., specializing in the consumer staples, food and agribusiness, and grocery/c-store sectors. He covers companies such as Archer Daniels Midland, BellRing Brands, and Walmart, and has achieved a stock rating success rate of approximately 70% with an average return of nearly 14%, ranking him among the top quartile of industry analysts. Bienvenu began his career at Regions Financial Corporation in large corporate lending before moving to Stephens in 2012 as a research associate, rising to Managing Director and earning recognition as an Institutional Investor All-American Research Team Rising Star in 2017. He holds a BA in business administration from Furman University and is FINRA-registered with relevant securities licenses.

    Benjamin Bienvenu's questions to CALAVO GROWERS (CVGW) leadership

    Benjamin Bienvenu's questions to CALAVO GROWERS (CVGW) leadership • Q1 2023

    Question

    Benjamin Bienvenu from Stephens Inc. inquired about the consumer demand elasticities observed in the Prepared business and the critical path for volume recovery. He also asked if the current restructuring plans were final and how to think about the trajectory of capital expenditures going forward.

    Answer

    President and CEO Brian Kocher acknowledged that Prepared segment volume softness exceeded typical seasonality, attributing it to a broader decline in retail food unit volumes as consumers reacted to inflation. He noted that while the company is streamlining operations, it will never be finished making efficiency improvements. Kocher also clarified that the reduced CapEx for 2023 is a matter of fiscal discipline and does not involve cutting high-return growth projects.

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