Business
Mission Produce Announces Fiscal 2021 Second Quarter Financial Results
OXNARD, Calif., June 10, 2021 (GLOBE NEWSWIRE) -- Mission Produce, Inc. (Nasdaq: AVO) (“Mission” or the “Company”), the world leader in sourcing, producing,
About this update from Mission Produce, Inc.
[{"type":"text","content":"OXNARD, Calif., June 10, 2021 (GLOBE NEWSWIRE) -- Mission Produce, Inc. (Nasdaq: AVO) (“Mission” or the “Company”), the world leader in sourcing, producing, and distributing fresh avocados, today reported its financial results for the fiscal second quarter ended April 30, 2021. Fiscal Second Quarter 2021 Highlights: Total revenue of $234.7 million, a 6% increase compared to the same period last yearAvocado volume sold increased 22%, average selling price decreased 14% compared to the same period last yearGross profit increased 26% to $27.1 million, and gross profit percentage increased 180 basis points, to 11.5% of revenueNet income of $7.4 million, or $0.10 per diluted share compared to net loss of $14.8 million, or $(0.23) per diluted share, for the same period last yearAdjusted net income of $8.7 million, or $0.12 per diluted share, compared to $6.2 million, or $0.10 per diluted share, for the same period last yearAdjusted EBITDA of $16.3 million, an increase of 13% compared to $14.4 million for the same period last year CEO Message Steve Barnard, Chief Executive Officer of Mission Produce, commented, “We posted strong fiscal second quarter adjusted EBITDA of $16.3 million, which was a 13% increase versus prior year. Our blue-chip customer base and the flexibility our network provides allowed us to distribute 22% greater volume than prior year. With our vertical integration and key intelligence, we are in excellent position to grow our leadership position.” Mr. Barnard continued, “Looking ahead to the second half of fiscal 2021, we transition into the southern hemisphere season where our Peruvian harvest comes online. The growing season was very productive, and we are expecting solid yields from our crop and with prices firming up, we are in a great position to deliver a strong second half operating performance, led by our International Farming segment. For the third quarter-to-date period, retail pricing is steady, along with consumption patterns versus the prior year, which is common going into the summer months.” Fiscal Second Quarter 2021 Consolidated Financial Review Total revenue for the second quarter of fiscal 2021 was $234.7 million compared to $221.6 million for the same period last year, representing a 6% increase, primarily due to a 22% increase in avocado volume sold, partially offset by a 14% decrease in average...