Business
Mission Produce Announces Fiscal 2021 Third Quarter Financial Results
International Farming segment revenue increased 22% versus prior year OXNARD, Calif., Sept. 13, 2021 (GLOBE NEWSWIRE) -- Mission Produce, Inc. (Nasdaq: AVO)
About this update from Mission Produce, Inc.
[{"type":"text","content":"International Farming segment revenue increased 22% versus prior year\nOXNARD, Calif., Sept. 13, 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 third quarter ended July 31, 2021. Fiscal Third Quarter 2021 Highlights: Total revenue of $246.8 million, a 4% increase compared to the same period last yearAvocado volume sold increased 2%, average selling price increased 2% compared to the same period last yearGross profit was $40.9 million, and gross profit percentage decreased 210 basis points, to 16.6% of revenueNet income of $18.4 million, or $0.26 per diluted share compared to $23.4 million, or $0.37 per diluted share, for the same period last yearAdjusted net income of $19.1 million, or $0.27 per diluted share, compared to $24.4 million, or $0.39 per diluted share, for the same period last yearAdjusted EBITDA of $30.1 million, a decrease of 18% compared to $36.6 million for the same period last year CEO Message Steve Barnard, Chief Executive Officer and Founder of Mission Produce, commented, “We were pleased with our fiscal third quarter performance amid heightened industry volatility that was brought about by Mexico’s delayed transitional harvest timing. Our team did an excellent job navigating this complex period and produced per-unit margins within the range of our expectations, though toward the lower end as a result of pricing volatility. Mission’s global sourcing and distribution network, along with owned production in Peru proved to be a significant advantage for us during the quarter, with nearly 45% of our third quarter U.S. distributed volume being sourced outside Mexico, which we believe is significantly greater than that of the industry. Our vertical integration was the key in our ability to significantly mitigate the influences of Mexico’s unpredictability, while also positioning us to drive an 18% increase in our distributed volume to our export markets versus prior year. As we look to the future, the infrastructure investments that we have made in distribution and fruit supply leave us well positioned to capitalize on opportunities as market conditions improve.” Fiscal Third Quarter 2021 Consolidated Financial Review Total revenue for the third qua...