Mission Produce Q3 2021 Earnings Report
Key Takeaways
Mission Produce reported a 4% increase in revenue to $246.8 million for the third quarter of fiscal 2021. Net income was $18.4 million, or $0.26 per diluted share. The company navigated industry volatility with its global sourcing and distribution network and owned production in Peru.
Total revenue increased by 4% to $246.8 million compared to the same period last year.
Avocado volume sold increased 2%, and the average selling price increased 2% compared to the same period last year.
Gross profit was $40.9 million, with a gross profit percentage of 16.6%.
Net income was $18.4 million, or $0.26 per diluted share, compared to $23.4 million, or $0.37 per diluted share, for the same period last year.
Mission Produce
Mission Produce
Mission Produce Revenue by Segment
Forward Guidance
Mission Produce updated its full fiscal year modeling assumptions for sales, volume and adjusted EBITDA.
Positive Outlook
- Full year fiscal 2021 net sales are now expected in the range of $890 million to $910 million.
- Expectations for avocado production from owned farms remains unchanged in the range of 95 million to 105 million pounds.
Challenges Ahead
- Total annual volume in the range of 655 million to 665 million pounds, which is lower than prior guidance by approximately 15 million pounds, partially due to a smaller size curve on Mexican fruit.
- Full year fiscal 2021 adjusted EBITDA is now expected in the range of $88 million to $94 million, but may be influenced by future pricing and margin dynamics.
- The reduction in adjusted EBITDA from prior guidance is due primarily to the shortfalls experienced in fiscal third quarter, combined with continued pressure on per-unit gross margins that are extending into the early part of the fiscal fourth quarter, due to challenging supply conditions in Mexico.