Business
Mission Produce™ Announces Fiscal 2023 Second Quarter Financial Results
19% growth in avocado volume sold compared to same period last year Year over year market share gains amongst core US retail customer base Sequential
About this update from Mission Produce, Inc.
[{"type":"text","content":"19% growth in avocado volume sold compared to same period last year Year over year market share gains amongst core US retail customer base Sequential improvement in per-unit margins from fiscal first quarter 2023 Commenced operations at new forward distribution center in the United Kingdom Owned production in Peru begins seasonal harvest; expect total exportable production from 125 million to 135 million pounds OXNARD, Calif., June 08, 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 second quarter ended April 30, 2023. Fiscal Second Quarter 2023 Financial Overview: Total revenue decreased 20% to $221.1 million compared to the same period last year driven by deflationary pressure on avocado sales prices as a result of robust Mexican harvest volumesNet loss of $(4.6) million, or $(0.07) per diluted share, compared to net income of $2.4 million, or $0.03 per diluted share, for the same period last yearAdjusted net income of $0.5 million, or $0.01 per diluted share, compared to $2.6 million, or $0.04 per diluted share, for the same period last yearAdjusted EBITDA of $7.6 million, a 17% decrease compared to the same period last year CEO Message “Our fiscal second quarter performance was driven by improved sales volumes resulting from a more normal pricing environment versus last year’s record high pricing,” commented Steve Barnard, CEO of Mission. “We delivered a 19% increase in sales volumes year over year, and we continued to see sequential improvement in both volumes and per-unit margins relative to fiscal first quarter. We are well positioned as we enter the Peruvian season and our owned production comes online in the second half of the fiscal year. We are optimistic that per unit margins will continue to improve on a sequential basis and support the normal seasonal step-up in adjusted EBITDA in the second half of the fiscal year. Despite the impact of lower prices on per unit margins in the short-term, a more rational pricing environment is advantageous for long-term consumption growth and allows Mission to leverage our global distribution footprint to penetrate new growth markets.” Mr. Barnard added, “As we ...