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Jan 31, 2023
Mission Produce Q1 2023 Earnings Report
Mission Produce experienced a decrease in total revenue but an increase in avocado volume sold and gross profit.
Key Takeaways
Mission Produce reported a 1% decrease in total revenue, driven by lower sales in the Marketing and Distribution segment, which was largely offset by the consolidation of revenue from the Blueberries segment. Despite the revenue decrease, the company saw a 14% increase in avocado volume sold and an increase in gross profit, which was affected by challenges with the implementation of the new ERP system in the Marketing and Distribution segment in the prior year.
Avocado volume sold increased 14% to 152.3 million pounds compared to the same period last year.
Total revenue was $213.5 million, a 1% decrease compared to the same period last year.
Net loss was $(8.8) million, or $(0.12) per diluted share, compared to $(13.4) million, or $(0.19) per diluted share, for the same period last year.
Adjusted EBITDA was $2.3 million compared to $(10.4) million for the same period last year.
Revenue by Segment
Forward Guidance
For the second quarter of fiscal year 2023, the Company is providing the following industry outlook that will drive performance:
Positive Outlook
- The industry is expecting volumes to be higher in the fiscal 2023 second quarter versus the prior year period, primarily due to continued expectations for a larger Mexican harvest.
- The overall Mexican crop is expected to be approximately 20% higher compared to the prior harvest season, with year-over-year volume increases from Mexico ticking up during the quarter.
- The quarterly uptick is expected to be partially offset by lower California volumes due to a later start to the harvest season.
Challenges Ahead
- Pricing is expected to be higher on a sequential basis, but lower on a year-over-year basis by 30-35% compared to the $2.04 per pound average experienced in second quarter of fiscal 2022.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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