Mission Produce Q4 2023 Earnings Report
Key Takeaways
Mission Produce reported an 8% increase in revenue to $257.9 million, driven by higher average avocado selling prices, and a net income of $4.0 million, compared to a net loss of $(42.0) million for the same period last year.
Total revenue increased 8% to $257.9 million compared to the same period last year.
Net income was $4.0 million, or $0.06 per diluted share, compared to a net loss of $(42.0) million for the same period last year.
Adjusted net income was $7.5 million, or $0.11 per diluted share, compared to $9.2 million, or $0.13 per diluted share, for the same period last year.
Adjusted EBITDA was $17.3 million, a 1% increase compared to $17.2 million in the same period last year.
Mission Produce
Mission Produce
Mission Produce Revenue by Segment
Forward Guidance
For the first quarter of fiscal year 2024, the company expects industry volumes to be slightly lower and pricing to be approximately 15% higher year-over-year.
Positive Outlook
- Industry pricing is expected to be higher on a year-over-year basis by approximately 15% compared to the $1.14 per pound average experienced in first quarter of fiscal 2023.
Challenges Ahead
- Industry volumes are expected to be slightly lower in the fiscal 2024 first quarter versus the prior year period due to expectations for a lighter Mexican harvest resulting at least in part to smaller fruit sizing.
- Pricing is expected to be slightly lower on a sequential basis