Mission(AVO) - 2024 Q1 - Quarterly Results

Financial Performance - Total revenue for Q1 2024 increased 21% to $258.7 million, driven by a 23$6.7 million, or $0.09 per diluted share, compared to an adjusted net loss of$(5.0) million, or $(0.07) per diluted share, in the prior year[7] - Adjusted EBITDA for Q1 2024 was$19.2 million, an increase of $16.9 million compared to$2.3 million in the prior year period[7] - Net sales for the three months ended January 31, 2024, increased to $258.7 million, up 21.1$213.5 million in the same period of 2023[27] - Gross profit for the same period was $28.7 million, compared to$9.0 million in the prior year, representing a significant improvement[27] - Operating income turned positive at $8.0 million, compared to an operating loss of$10.1 million in the previous year[27] - The company reported net income of $2.0 million for the three months ended January 31, 2024, compared to a net loss of$10.6 million in the same period last year[27] - The company experienced a net loss attributable to Mission Produce of $8.8 million for the quarter, compared to a loss of$10.6 million in the previous year[32] Sales and Pricing - Marketing & Distribution segment net sales increased 24% to $224.6 million, primarily due to a 23$32.5 million, driven by a 90% increase in average per-unit sales price, despite a 43% decrease in volume sold[9] - Avocado sales accounted for $212.3 million, compared to$174.0 million in the prior year, reflecting a year-over-year increase of about 22%[36] - The average sales price per pound of avocados rose to $1.40, up from$1.14 in the same quarter last year[35] - For Q2 2024, avocado pricing is expected to be approximately 10-15% higher than the $1.30 per pound average experienced in Q2 2023[14] Cash Flow and Assets - Cash and cash equivalents were$39.9 million as of January 31, 2024, down from $42.9 million as of October 31, 2023[11] - Net cash provided by operating activities was$9.5 million for Q1 2024, compared to cash used in operating activities of $(1.3) million in the prior year[12] - Total current assets increased to$244.5 million as of January 31, 2024, up from $220.1 million at October 31, 2023[24] - Total assets increased to$937.5 million as of January 31, 2024, compared to $914.8 million at October 31, 2023[24] - Total liabilities rose to$405.7 million, compared to $386.5 million at the end of the previous quarter[25] - Inventory levels increased to$85.9 million, up from $70.8 million at the end of the previous quarter[24] Capital Expenditures - Capital expenditures for Q1 2024 were$9.9 million, compared to $17.6 million in the prior year[13] Segment Performance - Marketing and Distribution adjusted EBITDA was reported at$11.0 million, a significant increase from $4.6 million year-over-year[33] - International Farming adjusted EBITDA showed improvement, with a loss of$0.5 million compared to a loss of $1.8 million in the previous year[33] - The company sold 151.6 million pounds of avocados, slightly down from 152.3 million pounds in the same quarter last year[35] Future Outlook - The company plans to continue focusing on market expansion and new product development to drive future growth[32]