Loading...
•
Jul 31, 2022
Mission Produce Q3 2022 Earnings Report
Announced fiscal year 2022 third quarter financial results.
Key Takeaways
Mission Produce reported a 27% increase in total revenue to $313.2 million, driven by a 42% increase in average selling prices, despite an 11% decrease in avocado volume sold. Net income remained flat at $18.4 million, while adjusted EBITDA increased to $31.6 million.
Total revenue increased by 27% to $313.2 million, driven by a 42% increase in average selling prices.
Net income was $18.4 million, or $0.26 per diluted share, consistent with the same period last year.
Adjusted EBITDA increased to $31.6 million, driven by higher per-unit gross margins.
Tim Bulow was appointed as President and Chief Operating Officer.
Revenue by Segment
Forward Guidance
The industry expects fourth quarter volumes to increase sequentially and remain consistent with the prior year period. Pricing peaked early in the third quarter and is expected to soften further during fiscal fourth quarter.
Positive Outlook
- Industry expects fourth quarter volumes to increase sequentially.
- Industry expects fourth quarter volumes to remain consistent with the prior year period.
- Ample Peruvian product in the supply chain.
- Transition to the new Mexican crop, which is expected to be larger than the prior year.
- Expectations for avocado production from owned farms in the range of 110 million to 120 million pounds for the full harvest season (versus 101 million pounds in fiscal 2021).
Challenges Ahead
- Pricing peaked early in third quarter.
- Pricing environment should continue to soften further during fiscal fourth quarter.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
Loading earnings performance data...
Loading earnings reaction data...