Business
Mission Produce Announces Fiscal 2021 Fourth Quarter Financial Results
Owned avocado production volume increased 38% in fiscal fourth quarter versus prior year Achieves goal of 101 million pounds of owned production for full year
About this update from Mission Produce, Inc.
[{"type":"text","content":"Owned avocado production volume increased 38% in fiscal fourth quarter versus prior year Achieves goal of 101 million pounds of owned production for full year fiscal 2021 OXNARD, Calif., Dec. 22, 2021 (GLOBE NEWSWIRE) -- Mission Produce, Inc. (Nasdaq: AVO) (“Mission” or the “Company”), the world leader in sourcing, producing, and distributing fresh Hass avocados with additional offerings in mangos, today reported its financial results for the fiscal fourth quarter ended October 31, 2021. Fiscal Fourth Quarter 2021 Highlights: Total revenue of $237.0 million, a 15% increase compared to the same period last year, impacted by average selling price increases of 21%, partially offset by a 5% decrease in avocado volume sold, compared to the same period last yearGross profit was $33.8 million, and gross profit percentage decreased to 14.3% of revenueNet income of $16.9 million, or $0.24 per diluted share, compared to $18.8 million, or $0.29 per diluted share, for the same period last yearAdjusted net income of $17.0 million, or $0.24 per diluted share, compared to $21.9 million, or $0.34 per diluted share, for the same period last yearAdjusted EBITDA of $26.4 million compared to $32.1 million for the same period last year Full Year 2021 Highlights: Total revenue of $891.7 million, a 3% increase compared to prior year, impacted by a 5% increase in avocado volume sold, partially offset by a 2% decrease in average per-unit avocado sales pricesNet income of $44.9 million, or $0.63 per diluted share, compared to $28.8 million, or $0.45 per diluted share last yearAdjusted EBITDA of $85.3 million compared to $91.5 million last year CEO Message Steve Barnard, Founder and Chief Executive Officer of Mission Produce, commented, “Our business faced significant headwinds in the fourth quarter. Mexico’s challenging supply dynamic, port delays and logistics issues, and the variability in consumer shopping patterns due to the ever-changing COVID conditions negatively impacted our profitability. Despite these challenges, our business remains resilient. We are well positioned to navigate through short-term disruptions while we continue to leverage our competitive advantages to further expand our industry leading position. Importantly, our owned production in Peru performed in line with our expectations, producing record volumes in fiscal 2021 and creati...