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Jan 31, 2021
Mission Produce Q1 2021 Earnings Report
Mission Produce reported a decrease in revenue due to pricing pressure, but increased gross profit and adjusted EBITDA.
Key Takeaways
Mission Produce reported a 12% decrease in revenue to $173.2 million due to lower average selling prices, but increased gross profit by 17% to $22.7 million and adjusted EBITDA to $12.5 million. Net income was $2.2 million, or $0.03 per diluted share, and adjusted net income was $7.9 million, or $0.11 per diluted share.
Total revenue decreased by 12% to $173.2 million compared to the same period last year.
Avocado volume sold increased 7%, while the average selling price decreased 18% compared to the same period last year.
Gross profit increased 17% to $22.7 million, with a gross profit margin of 13%.
Adjusted EBITDA increased to $12.5 million, compared to $8.4 million for the same period last year.
Mission Produce
Mission Produce
Mission Produce Revenue by Segment
Revenue by Segment
Marketing & Distribution Revenue
CapyFin.comInternational Farming Revenue
CapyFin.com Forward Guidance
For the second quarter of fiscal year 2021, the Company is providing an update to inform modeling assumptions, but is not providing formal guidance due to the fluidity of the market.
Positive Outlook
- Consolidated volume for the second quarter-to-date period through February 2021 is trending up approximately 14% versus prior year.
Challenges Ahead
- Sales prices for the second quarter-to-date period through February 2021 are trending down approximately 20% versus prior year.
Revenue & Expenses
Visualization of income flow from segment revenue to net income