Business
Mission Produce(TM) Announces Fiscal 2023 Fourth Quarter Financial Results
OXNARD, Calif., Dec. 21, 2023 (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. 21, 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 fourth quarter ended October 31, 2023. Fiscal Fourth Quarter 2023 Financial Overview: Total revenue increased 8% to $257.9 million compared to the same period last year driven by a 8% increase in average per-unit avocado selling prices, partially offset by a 4% decrease in avocado volume soldNet income of $4.0 million, or $0.06 per diluted share, compared to net loss of $(42.0) million, or $(0.59) per diluted share, for the same period last year, which included a non-cash charge of $49.5 million related to goodwill impairmentAdjusted net income of $7.5 million, or $0.11 per diluted share, compared to $9.2 million, or $0.13 per diluted share, for the same period last yearAdjusted EBITDA of $17.3 million, compared to $17.2 million in the period year period Full Year 2023 Financial Overview: Total avocado volume sold increased by 12% to 654.4 million poundsTotal revenue was $953.9 million compared to $1.05 billion last year; despite volume growth as a result of lower average per-unit avocado sales prices; lower pricing and higher avocado volume sold in the current year were driven by higher industry supply out of Mexico in the current year after experiencing supply limitations in the previous fiscal yearNet loss of $(2.8) million, or $(0.04) per diluted share, compared to $(34.6) million, or $(0.49) per diluted share last yearAdjusted net income of $13.3 million, or $0.19 per diluted share, compared to $18.5 million, or $0.26 per diluted share last yearAdjusted EBITDA increased 2% to $48.4 million compared to $47.6 million last yearOwned exportable avocado production volume decreased 9% to 107 million pounds for the 2023 harvest season; volume was negatively impacted by weather-related events in the current year CEO Message Steve Barnard, CEO of Mission, commented, “Our fourth quarter results saw improved top and bottom-line performance driven by strength in our Marketing and Distribution segment, further supported by substantial growth in our emerging Blueberries segment. However, continued weather-related challenges in Peru resulted in qu...