Business
Mission Produce™ Announces Fiscal 2023 Third Quarter Financial Results
23% growth in avocado volume sold compared to same period last year Sequential improvement in Marketing & Distribution segment per-unit margins from fiscal
About this update from Mission Produce, Inc.
[{"type":"text","content":"23% growth in avocado volume sold compared to same period last year Sequential improvement in Marketing & Distribution segment per-unit margins from fiscal second quarter 2023 Updates expectations for Peruvian exportable volume Board approves stock repurchase program up to $20 million OXNARD, Calif., Sept. 11, 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 third quarter ended July 31, 2023. Fiscal Third Quarter 2023 Financial Overview: Total revenue decreased 17% to $261.4 million compared to the same period last year driven by a continuation of a normalizing environment where higher industry volumes are being more than offset by lower pricing from elevated levels in the prior year.Net income of $6.6 million, or $0.09 per diluted share, compared to $18.4 million, or $0.26 per diluted share, for the same period last yearAdjusted net income of $10.3 million, or $0.15 per diluted share, compared to $18.9 million, or $0.27 per diluted share, for the same period last yearAdjusted EBITDA of $21.2 million, a 33% decrease compared to the same period last year, reflecting lower per unit margins within the International Farming segment as a result of lower pricing CEO Message Steve Barnard, CEO of Mission, commented, “Our top-line performance was generally consistent with expectations, driven by a return to equilibrium where higher industry volumes were offset by lower average selling prices following last year’s elevated market conditions. While we achieved continued sequential improvement in per-unit margins relative to the fiscal second quarter, the industry experienced an abrupt change in growing conditions midway through the quarter that negatively impacted anticipated volumes across the Peruvian growing region. The lower volumes combined with the fixed cost nature of our farming operations pressured segment margins and were the primary source of our lower than expected adjusted EBITDA performance during the fiscal third quarter. Industry pricing has since responded to these events and moved higher, which we expect to help lessen the impact on our fiscal fourth quarter margins.” Mr. Barnard continued, “Mission wa...