Mission Produce™ Announces Fiscal 2024 Second Quarter Financial Results

About this update from Mission Produce, Inc.

[{"type":"text","content":"Achieves record second quarter results driven by higher price and volume in the Marketing & Distribution segment\nOXNARD, Calif., June 06, 2024 (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, 2024. Fiscal Second Quarter 2024 Financial Overview: Total revenue increased 35% to $297.6 million compared to the same period last year driven primarily by a 22% increase in average per-unit avocado selling prices and 8% increase in avocado volume soldNet income of $7.0 million, or $0.10 per diluted share, compared to a net loss of $(4.6) million, or $(0.07) per diluted share, for the same period last yearAdjusted net income of $9.8 million, or $0.14 per diluted share, compared to $0.5 million, or $0.01 per diluted share, for the same period last yearAdjusted EBITDA of $20.2 million, compared to $7.6 million in the same period last yearCash flow from operations for the six months ended April 30, 2024 was $12.9 million, compared to cash used of $(26.1) million in the prior year period. CEO Message “We are pleased to deliver a second consecutive quarter of record adjusted EBITDA results, demonstrating continued strong momentum in per-unit margins which resulted in a $12.6 million or 166% improvement in our adjusted EBITDA performance, versus prior year,” commented Steve Barnard, CEO of Mission. “Revenue growth was driven by robust consumer demand for avocados which translated into an 8% increase in avocado volumes sold in our Marketing & Distribution segment and a 22% increase in per-unit sales prices. Results were also supported by our emerging Blueberries segment, where volumes benefited from the harvest season timing that extended into the fiscal second quarter this year. Strong per-unit margins related to avocados in our Marketing & Distribution segment, combined with an overall reduction in corporate expenses and continued implementation of cost savings actions, contributed meaningfully to our improved adjusted EBITDA and cash flow generation.” Mr. Barnard continued, “Looking to the second half of the year, while El Niño weather conditions had appeared to have eased, we are still seeing its ...

More updates from Mission Produce, Inc.