Business
Mission Produce® Announces Fiscal 2025 First Quarter Financial Results
Achieved record fiscal first quarter revenue driven by higher price and volume in the Marketing & Distribution segment OXNARD, Calif., March 10, 2025 (GLOBE
About this update from Mission Produce, Inc.
[{"type":"text","content":"Achieved record fiscal first quarter revenue driven by higher price and volume in the Marketing & Distribution segment\nOXNARD, Calif., March 10, 2025 (GLOBE NEWSWIRE) -- Mission Produce, Inc. (NASDAQ: AVO) (“Mission” or “the Company”) a world leader in sourcing, producing, and distributing fresh Hass avocados, today reported its financial results for the fiscal first quarter ended January 31, 2025. Fiscal First Quarter 2025 Financial Overview: Total revenue increased 29% to $334.2 million compared to the same period last yearNet income of $3.9 million, or $0.05 per diluted share, compared to $0.0 million, or $0.00 per diluted share, for the same period last yearAdjusted net income of $7.1 million, or $0.10 per diluted share, compared to $6.7 million, or $0.09 per diluted share, for the same period last yearAdjusted EBITDA decreased 8% to $17.7 million, compared to $19.2 million in the same period last year CEO Message Steve Barnard, CEO of Mission, stated, “We were pleased to meet robust consumer demand in our fiscal first quarter and deliver volume growth despite industry supply challenges in Mexico. Our Marketing & Distribution segment drove volume growth despite higher pricing, demonstrating the underlying strength of the category. Additionally, our strategic investments in our Blueberries segment supported significant volume growth which led to solid segment EBITDA contribution. While the operating environment led to lower per unit avocado margins this year due to higher fruit costs, our diversification across categories and markets helped us deliver solid bottom-line results against a tough year-ago comparison. Looking ahead, while the impact of tariffs on Mexican supply dynamics continues to be uncertain and fluid, we will focus on leveraging our competitive strengths in the California and Peruvian sourcing markets to deliver for our customers. Combined with our strong balance sheet and disciplined approach to capital allocation, we believe we're well-positioned to continue creating value for our shareholders.” Fiscal First Quarter 2025 Consolidated Financial Review Total revenue for the first quarter of fiscal 2025 increased $75.5 million or 29% to $334.2 million compared to the same period last year. The increase was primarily driven by the Marketing & Distribution segment, where average per-unit avocado selling prices ...