Business
Mission Produce™ Announces Fiscal 2022 Fourth Quarter Financial Results
OXNARD, Calif., Dec. 22, 2022 (GLOBE NEWSWIRE) -- Mission Produce, Inc. (Nasdaq: AVO) (“Mission” or the “Company”), a world leader in sourcing, producing, and
About this update from Mission Produce, Inc.
[{"type":"text","content":"OXNARD, Calif., Dec. 22, 2022 (GLOBE NEWSWIRE) -- Mission Produce, Inc. (Nasdaq: AVO) (“Mission” or the “Company”), a world leader in sourcing, producing, and distributing fresh Hass avocados with additional offerings in mangos and blueberries, today reported its financial results for the fiscal fourth quarter ended October 31, 2022. Fiscal Fourth Quarter 2022 Highlights: Total revenue of $238.0 million was flat with the prior year period, including the Blueberries segment consolidation which was not comparable to the prior year period. Average avocado selling price decreased by 10%, partially offset by a 6% increase in avocado volume sold, compared to the same period last yearNet loss of $(42.0) million, or $(0.59) per diluted share, which includes a non-cash charge of $49.5 million related to goodwill impairment; compared to net income of $16.9 million, or $0.24 per diluted share, for the same period last yearAdjusted net income of $9.2 million, or $0.13 per diluted share, compared to $17.0 million, or $0.24 per diluted share, for the same period last yearAdjusted EBITDA of $17.2 million compared to $26.4 million for the same period last year Full Year 2022 Highlights: Total revenue of $1.0 billion, a 17% increase driven by average selling price increases of 28%, partially offset by an 11% decrease in avocado volume sold, compared to last yearNet loss of $(34.6) million, or $(0.49) per diluted share, compared to net income of $44.9 million, or $0.63 per diluted share last yearAdjusted net income of $18.5 million, or $0.26 per diluted share, compared to $52.7 million, or $0.74 per diluted share last yearAdjusted EBITDA of $47.6 million compared to $85.3 million last yearOwned exportable avocado production volume increased 15% to 117 million pounds for the 2022 harvest season CEO Message Steve Barnard, Founder and CEO of Mission Produce commented, “We advanced our position with retailers during fiscal fourth quarter through a successful activation of our Peruvian program. Mission’s ability to deliver consistent, high-quality fruit during the Mexican off-season is a clear advantage of our vertical integration. These capabilities, combined with our expanding network of ripening and distribution assets, provide us with the tools to penetrate new and growing markets in Europe and Asia.” Mr. Barnard continued, “While we are pleased w...