From GlobeNewswire: 2024-06-06 16:05:00

Mission Produce, Inc. reported a 35% increase in total revenue to $297.6 million for the fiscal second quarter of 2024, with net income reaching $7.0 million and adjusted EBITDA at $20.2 million. CEO Steve Barnard noted a 166% improvement in adjusted EBITDA performance, driven by strong per-unit margins in avocado sales and cost reduction efforts.

The revenue growth was fueled by robust consumer demand for avocados, leading to an 8% increase in avocado volumes sold and a 22% increase in per-unit sales prices. Mission’s Blueberries segment also saw growth in volumes due to the timing of the harvest season. The company is on track to deliver $10 million of annualized cost savings in Fiscal 2024.

Mission’s Marketing & Distribution segment saw a 33% increase in net sales to $287.1 million, with adjusted EBITDA reaching $21.7 million. The International Farming segment experienced lower sales due to a delayed avocado season in Peru, resulting in decreased third-party avocado packing service revenue. The Blueberries segment net sales increased to $10.0 million, with segment adjusted EBITDA at $0.7 million, driven by higher volumes sold.

Cash 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, reflecting improved operating performance and working capital management. Capital expenditures were $17.7 million for the same period, primarily focused on avocado orchard development in Guatemala, blueberry land development in Peru, and distribution facility construction in the UK.



Read more at GlobeNewswire:: Mission Produce™ Announces Fiscal 2024 Second Quarter