Business
Mission Produce Announces Fiscal 2022 First Quarter Financial Results
OXNARD, Calif., March 10, 2022 (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., March 10, 2022 (GLOBE NEWSWIRE) -- Mission Produce, Inc. (Nasdaq: AVO) (“Mission” or the “Company”), the world leader in sourcing, producing, and distributing fresh Hass avocados and mangos, today reported its financial results for the fiscal first quarter ended January 31, 2022. Fiscal First Quarter 2022 Highlights: Total revenue of $216.6 million, a 25% increase compared to the same period last year, impacted by average selling price increases of 50%, partially offset by an 18% decrease in avocado volume sold, compared to the same period last yearNet loss of $(13.4) million, or $(0.19) per diluted share, compared to net income of $2.2 million, or $0.03 per diluted share, for the same period last yearAdjusted net loss of $(12.2) million, or $(0.17) per diluted share, compared to adjusted net income of $7.9 million, or $0.11 per diluted share, for the same period last yearAdjusted EBITDA of $(10.4) million compared to $12.5 million for the same period last year First quarter 2022 results were negatively impacted by several factors, including rapidly rising fruit costs and transportation rates and declining volumes across the industry. These challenges were amplified by enterprise resource planning (“ERP”) system implementation issues which prevented a quick response to these issues. CEO Message “We are disappointed in our fiscal first-quarter performance where we experienced greater than anticipated operational challenges associated with our ERP system conversion on November 1, 2021. The ERP implementation caused certain operational issues that temporarily limited our ability to manage our business and operations efficiently and eroded our ability to drive the per-unit margins that we have historically generated. We believe the most acute challenges we faced in the first quarter have been largely addressed,” said Steve Barnard, Founder and CEO, Mission Produce. “While this was a difficult transition, it was a necessary infrastructure upgrade to ensure that we have the systems and capabilities in place to manage our ever-growing global presence – in terms of new sources of supply and our expanding global customer base– for many years to come. Despite the ERP implementation challenges, we were able to maintain our market share and fulfill our customer commitments. In fact, not only did we retain all our customers d...