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Oct 31, 2022
Mission Produce Q4 2022 Earnings Report
Reported financial results for the fiscal fourth quarter ended October 31, 2022.
Key Takeaways
Mission Produce's fiscal fourth quarter saw flat total revenue compared to the prior year, with a decrease in average avocado selling price offset by an increase in avocado volume sold. The company experienced a net loss, including a non-cash charge related to goodwill impairment, but adjusted net income remained positive. The financial performance was impacted by declining pricing, cost inflation, and suboptimal fruit size, leading to temporary margin compression.
Total revenue was $238.0 million, flat compared to the prior year period.
Net loss was $(42.0) million, or $(0.59) per diluted share, including a $49.5 million non-cash goodwill impairment charge.
Adjusted net income was $9.2 million, or $0.13 per diluted share, compared to $17.0 million, or $0.24 per diluted share, for the same period last year.
Adjusted EBITDA was $17.2 million compared to $26.4 million for the same period last year.
Mission Produce
Mission Produce
Mission Produce Revenue by Segment
Revenue by Segment
International Farming Revenue
CapyFin.comBlueberries Revenue
CapyFin.com Forward Guidance
For the first quarter of fiscal year 2023, the Company is providing the following industry outlook that will drive performance as the business shifts back to its Marketing & Distribution segment
Positive Outlook
- The industry is expecting volumes to be higher in the fiscal 2023 first quarter versus the prior year period, primarily due to expectations for a larger Mexican harvest.
- The overall Mexican crop is expected to be approximately 20% higher compared to the prior harvest season
- Pricing is expected to be lower on a sequential basis, but consistent with pricing experienced in the latter part of the prior quarter
Challenges Ahead
- early season volumes have lagged that figure due to primarily to low pricing.
- Pricing is expected to be lower on a sequential basis
- year-over-year decrease of approximately 20-25% compared to the $1.56 per pound average experienced in first quarter of fiscal 2022.
Revenue & Expenses
Visualization of income flow from segment revenue to net income