Business
Mission Produce™ Announces Fiscal 2023 First Quarter Financial Results
OXNARD, Calif., March 09, 2023 (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., March 09, 2023 (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 first quarter ended January 31, 2023. Fiscal First Quarter 2023 Highlights: Avocado volume sold increased 14% to 152.3 million pounds compared to the same period last yearTotal revenue of $213.5 million, a 1% decrease compared to the same period last yearNet loss of $(8.8) million, or $(0.12) per diluted share, compared to $(13.4) million, or $(0.19) per diluted share, for the same period last yearAdjusted net loss of $(5.0) million, or $(0.07) per diluted share, compared to $(12.2) million, or $(0.17) per diluted share, for the same period last yearAdjusted EBITDA of $2.3 million compared to $(10.4) million for the same period last year CEO Message “Our unmatched global network of distribution, ripening, and other value-added assets put us in position to achieve volume growth of 14% during the first quarter compared to the same period last year, which outpaced that of the industry as a whole, and we are ready to manage the increase in volumes that we anticipate this year,” commented Steve Barnard, Founder and CEO of Mission Produce. “While the market is still adjusting to the lower pricing environment and an uncertain macroeconomic backdrop, we are optimistic that lower fruit pricing will ultimately drive greater consumption in the coming year compared to the depressed consumption rates we saw last year. Furthermore, this shift to a more rational pricing environment facilitates our ability to penetrate new growth markets such as Europe and Asia and drive per capita consumption in these emerging markets with improved access to year-round, high-quality fruit that we are uniquely able to deliver via our owned- and third-party sourcing capabilities and global footprint. With respect to our blueberries business, although performance this quarter was impacted by an unfavorable pricing environment, we continue to be optimistic about the long-term performance of this segment given our access to new premium varietals which are expected to sell at a premium and provide an opportunity to extend the marketing window.” Mr. Barnard added, “Looking a...