Mission(AVO)2024-09-09 20:22Financial Performance - Net sales increased by 184.3 million or 26%, primarily due to a 28% increase in average per-unit avocado sales prices[87]. - Gross profit for the three months ended July 31, 2024, increased by 37.0 million, with a gross profit percentage of 11.4%[93]. - Gross profit for the nine months ended July 31, 2024, increased by 96.7 million, with a gross profit percentage of 11.0%[94]. - Operating income for the three months ended July 31, 2024, was 11.0 million for the same period last year[84]. - Net income attributable to Mission Produce for the three months ended July 31, 2024, was 6.6 million for the same period last year[84]. - The company recorded a net income of 6.2 million for the same period last year[114]. Expenses and Costs - Selling, general and administrative (SG&A) expenses increased by 3.2 million for the three months ended July 31, 2024, compared to the same period last year, while it increased by 9.9 million for the nine months ended July 31, 2024, primarily due to rising interest rates[100][101]. - The provision for income tax increased by 4.5 million for the three months ended July 31, 2024, primarily due to higher income before taxes[108]. Segment Performance - The International Farming segment's exportable volume is expected to be 50% to 60% lower than the prior year due to warmer temperatures affecting harvest yields[92]. - Mango revenue increased by 11.2 million or 34%, due to a 66% increase in average per-unit sales price, despite a 19% decrease in volume sold[87]. - The company experienced a significant increase in net sales in the Marketing and Distribution segment, which rose by 10.8 million or 28% for the three months ended July 31, 2024, primarily due to lower volumes of owned avocados sold[117]. - Segment adjusted EBITDA for the International Farming segment decreased by 11.2 million or 34% for the nine months ended July 31, 2024, driven by a 66% increase in average per-unit sales price[119]. - Segment adjusted EBITDA for the Blueberries segment improved to (0.2) million in the same period last year[119]. Cash Flow and Capital Expenditures - Net cash provided by operating activities was 7.3 million in the same period last year[122]. - Capital expenditures for the nine months ended July 31, 2024 totaled 47.0 million in the same period last year[125]. - The company expects capital expenditures for fiscal 2024 to be between 45 million[134]. - Estimated remaining capital expenditures for the Moruga Blueberry Project were approximately 49.5 million, an increase from $42.9 million as of October 31, 2023[131]. - As of July 31, 2024, the consolidated leverage ratio was 1.25 to 1.00, in compliance with financial covenants[133].