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Oct 31, 2021
Mission Produce Q4 2021 Earnings Report
Announced fiscal 2021 fourth quarter financial results.
Key Takeaways
Mission Produce reported a 15% increase in revenue to $237.0 million, driven by higher average selling prices, though avocado volume sold decreased by 5%. Net income was $16.9 million, compared to $18.8 million for the same period last year. The business faced significant headwinds including Mexico’s challenging supply dynamic, port delays and logistics issues, and the variability in consumer shopping patterns due to the ever-changing COVID conditions negatively impacted their profitability.
Total revenue increased by 15% to $237.0 million, driven by a 21% increase in average selling prices.
Gross profit decreased to $33.8 million, with gross profit percentage declining to 14.3% of revenue.
Net income decreased to $16.9 million, or $0.24 per diluted share, compared to $18.8 million, or $0.29 per diluted share, for the same period last year.
Adjusted EBITDA decreased to $26.4 million compared to $32.1 million for the same period last year.
Revenue by Segment
Forward Guidance
For the first quarter of fiscal year 2022, the Company is providing the following industry outlook that will drive performance as the business shifts back to its Marketing & Distribution segment
Positive Outlook
- Pricing is expected to be relatively steady on a sequential basis
- Pricing is expected to imply a year-over-year increase of approximately 40% compared to the $1.04 per pound average experienced in first quarter of fiscal 2021.
Challenges Ahead
- The industry is expecting volumes to be flat to slightly down in the fiscal 2022 first quarter versus the prior year period, primarily due to supply constraints associated with the Mexican harvest.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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