Business
Mission Produce™ Announces Fiscal 2022 Third Quarter Financial Results
OXNARD, Calif., Sept. 08, 2022 (GLOBE NEWSWIRE) -- Mission Produce, Inc. (Nasdaq: AVO) (“Mission” or the “Company”), a world leader in sourcing, producing,
About this update from Mission Produce, Inc.
[{"type":"text","content":"OXNARD, Calif., Sept. 08, 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, today reported its financial results for the fiscal third quarter ended July 31, 2022. Fiscal Third Quarter 2022 Highlights: Total revenue of $313.2 million, a 27% increase driven by average selling price increases of 42%, partially offset by a 11% decrease in avocado volume sold, compared to the same period last yearNet income of $18.4 million, or $0.26 per diluted share, compared to $18.4 million, or $0.26 per diluted share, for the same period last yearAdjusted net income of $18.9 million, or $0.27 per diluted share, compared to $19.1 million, or $0.27 per diluted share, for the same period last yearAdjusted EBITDA of $31.6 million compared to $30.1 million for the same period last yearAppointed Tim Bulow as President and Chief Operating Officer, further strengthening the Company’s executive leadership team CEO Message “We produced strong revenue growth in the third quarter due to sustained strength in pricing amid lower industry supply. We achieved robust per-unit margins in the third quarter, demonstrating the flexibility of our diversified global sourcing platform which helps offset volatility from Mexican source markets,” commented Steve Barnard, Founder and CEO of Mission Produce. “Our Peruvian farming operations are performing well this season, and we expect to produce approximately 15% more volume than what we achieved in fiscal 2021. Reliable access to our owned fruit during the transitional Mexican season allows us to make long-term commitments to our retail partners, bringing confidence and stability to the program, which is a capability that Mission is uniquely able to deliver for customers. We are well positioned heading into our fourth quarter and expect that industry supply constraints will ease, causing some softening of the pricing environment which has historically led to improving consumption trends across the global markets that we serve.” Fiscal Third Quarter 2022 Consolidated Financial Review Total revenue for the third quarter of fiscal 2022 increased 27% to $313.2 million, as compared to $246.8 million for the same period last year. Growth was driven by a 42% increase in averag...