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Apr 30, 2021
Mission Produce Q2 2021 Earnings Report
Reported a 6% increase in total revenue and a 26% increase in gross profit compared to the same period last year.
Key Takeaways
Mission Produce reported a strong fiscal second quarter with a 6% increase in total revenue to $234.7 million and a 26% increase in gross profit to $27.1 million. Net income was $7.4 million, or $0.10 per diluted share, compared to a net loss of $14.8 million, or $(0.23) per diluted share, for the same period last year. Adjusted EBITDA increased by 13% to $16.3 million.
Total revenue increased by 6% to $234.7 million compared to the same period last year.
Avocado volume sold increased 22%, while the average selling price decreased 14% compared to the same period last year.
Gross profit increased 26% to $27.1 million, with gross profit percentage increasing 180 basis points to 11.5% of revenue.
Net income was $7.4 million, or $0.10 per diluted share, compared to a net loss of $14.8 million, or $(0.23) per diluted share, for the same period last year.
Mission Produce
Mission Produce
Mission Produce Revenue by Segment
Revenue by Segment
International Farming Revenue
CapyFin.com Forward Guidance
The Company is providing full fiscal year modeling assumptions for sales, volume and adjusted EBITDA.
Positive Outlook
- Full year fiscal 2021 net sales in the range of $900 million to $920 million.
- Total annual volume in the range of 670 million to 680 million pounds.
- Expectations for avocado production from owned farms is in the range of 95 million to 105 million pounds.
- Full year fiscal 2021 adjusted EBITDA in the range of $100 million to $105 million.
- Greater visibility to volume and costs as the business transitions to owned production in Peru.
Challenges Ahead
- Future pricing dynamics may influence adjusted EBITDA.
- Pricing dynamics have a disproportionate impact on profitability of owned production.
- Limitations regarding the supply of avocados, either through purchasing or growing
- Fluctuations in market prices of avocados
- Inherent farming risks