Mission(AVO)2025-03-10 20:14Financial Performance - Total revenue for Q1 fiscal 2025 increased by $75.5 million or 29% to $334.2 million compared to the same period last year, driven by a 25% increase in average per-unit avocado selling prices and a 5% increase in avocado volumes sold [4]. - Net income for Q1 fiscal 2025 was $3.9 million, or $0.05 per diluted share, compared to breakeven for the same period last year, attributed to lower interest rates and increased equity income [7]. - Adjusted net income for Q1 fiscal 2025 was $7.1 million, or $0.10 per diluted share, compared to $6.7 million, or $0.09 per diluted share, for the same period last year [8]. - Adjusted EBITDA for Q1 fiscal 2025 decreased by 8% to $17.7 million, compared to $19.2 million in the prior year, primarily due to lower per-unit gross margins on fruit sold [8]. - The company reported a net income of $6.2 million for Q1 2025, significantly higher than $2.0 million in Q1 2024 [43]. - Adjusted EBITDA for the three months ended January 31, 2025, was $17.7 million, down from $19.2 million in the same period of 2024, a decrease of 7.8% [43]. Sales and Revenue Growth - Marketing & Distribution segment net sales increased by $71.2 million or 32% to $295.8 million for Q1, driven by avocado pricing and volume dynamics [9]. - International Farming segment sales increased by $3.4 million or 59% to $9.2 million, primarily due to higher blueberry packing service revenue [11]. - Blueberries segment net sales increased by 12% to $36.4 million for Q1, driven by volume growth despite lower selling prices [13]. - Total segment sales increased to $341.4 million in Q1 2025 from $262.9 million in Q1 2024, marking a 30% growth year-over-year [48]. - Avocado sales reached $279.2 million in Q1 2025, up from $212.3 million in Q1 2024, reflecting a 31.5% increase [50]. - The average sales price per pound of avocados rose to $1.75 in Q1 2025, compared to $1.40 in Q1 2024, indicating a 25% increase [49]. Assets and Liabilities - Total current assets increased to $297.2 million as of January 31, 2025, from $279.0 million as of October 31, 2024 [29]. - Total assets reached $997.8 million as of January 31, 2025, compared to $971.5 million as of October 31, 2024 [29]. - Total liabilities increased to $414.9 million as of January 31, 2025, from $394.4 million as of October 31, 2024 [29]. - Cash and cash equivalents were $40.1 million as of January 31, 2025, down from $58.0 million as of October 31, 2024 [15]. - Cash and cash equivalents decreased to $40.1 million as of January 31, 2025, from $58.0 million as of October 31, 2024 [29]. - The company experienced an increase in accounts payable to $47.6 million as of January 31, 2025, compared to $35.3 million as of October 31, 2024 [29]. Future Outlook - For Q2 fiscal 2025, pricing is expected to be higher by approximately 5% compared to the $1.59 per pound average in Q2 fiscal 2024, indicating continued strength in demand [24]. - Total capital expenditures for fiscal 2025 are expected to remain in the range of $50 to $55 million [24]. - The company plans to continue focusing on market expansion and new product development to drive future growth [30]. Operational Cash Flow - The company reported a net cash used in operating activities of $1.2 million for the three months ended January 31, 2025, compared to net cash provided of $9.5 million in the same period of 2024 [33]. - International Farming adjusted EBITDA improved to $1.8 million in Q1 2025 from a loss of $0.5 million in Q1 2024 [43]. - Marketing and Distribution adjusted EBITDA decreased to $9.7 million in Q1 2025 from $11.0 million in Q1 2024, a decline of 11.8% [43].