Business
Mission Produce™ Announces Fiscal 2024 Third Quarter Financial Results
Year-to-date momentum continues with ongoing strength of the Marketing & Distribution segment Operating cash flow for the first nine months of fiscal 2024
About this update from Mission Produce, Inc.
[{"type":"text","content":"Year-to-date momentum continues with ongoing strength of the Marketing & Distribution segment Operating cash flow for the first nine months of fiscal 2024 increased by $62.7 million versus the prior year period OXNARD, Calif., Sept. 09, 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 third quarter ended July 31, 2024. Fiscal Third Quarter 2024 Financial Overview: Total revenue increased 24% to $324.0 million compared to the same period last yearNet income of $12.4 million, or $0.17 per diluted share, compared to $6.6 million, or $0.09 per diluted share, for the same period last yearAdjusted net income of $16.7 million, or $0.23 per diluted share, compared to $10.3 million, or $0.15 per diluted share, for the same period last yearAdjusted EBITDA increased 49% to $31.5 million, compared to $21.2 million in the same period last yearCash flow from operations for the nine months ended July 31, 2024 was $55.4 million, compared to cash used of $(7.3) million in the prior year period. CEO Message “We are pleased to report another quarter of strong financial performance, marked by robust third quarter revenues of $324.0 million, an increase of 24% year-over-year and a 49% increase in adjusted EBITDA to $31.5 million,” stated Steve Barnard, CEO of Mission. “Our team’s ability to leverage our global sourcing network to meet customer demand amid a more challenging production year for our farming operations in Peru was commendable. The result of this focus was an achievement of per-unit margins that exceeded our targeted range, which is a testament to our team's exceptional execution and ability to capitalize on favorable market conditions. These efforts are a continuation of our strong performance this year and combined with our solid working capital management, they have translated into a $62.7 million improvement in our year-to-date operating cash flow performance versus the prior year period. Looking ahead, we remain excited about our position and will continue to focus on operational excellence, strategic growth initiatives, and sound capital allocation to drive long-term shareholder value.” Fiscal Third Quarter 2024...