Mission(AVO) - 2024 Q2 - Quarterly Results

Financial Performance - Total revenue increased 35% to $297.6 million compared to the same period last year, driven by a 22$7.0 million, or $0.10 per diluted share, compared to a net loss of$(4.6) million, or $(0.07) per diluted share, for the same period last year [5]. - Adjusted EBITDA was$20.2 million, an increase of $12.6 million or 166$7.6 million in the prior year period, primarily driven by stronger gross profit performance from the Marketing & Distribution segment [6]. - Net income for the six months ended April 30, 2024, was $9.0 million, a significant improvement from a net loss of$15.3 million in the same period of 2023 [29]. - Adjusted net income for the six months ended April 30, 2024, was $16.5 million, compared to a loss of$4.5 million in the same period of 2023 [33]. - The company reported a diluted earnings per share of $0.10 for the three months ended April 30, 2024, compared to a loss of$0.07 per share in the same period last year [24]. - The adjusted net income per diluted share for the six months ended April 30, 2024, was $0.23, compared to a loss of$0.06 per share in the same period of 2023 [33]. Sales and Revenue Growth - Marketing & Distribution segment net sales increased 33% to $287.1 million for the quarter, due to a 22$8.3 million to $10.0 million, driven by higher volumes attributed to the timing of the harvest season compared to the same period last year [8]. - Net sales for the three months ended April 30, 2024, were$297.6 million, an increase from $221.1 million for the same period in 2023, representing a growth of 34.6$556.3 million, up from $434.6 million in the same period of 2023, reflecting a growth of 28.0$267.5 million, compared to $202.9 million in the same period of 2023, indicating a 31.8$298.5 million, compared to $223.0 million in the same period of 2023, an increase of 33.8$12.9 million, compared to cash used of $(26.1) million in the prior year period [10]. - Cash and cash equivalents were$46.2 million as of April 30, 2024, compared to $42.9 million as of October 31, 2023 [9]. - Cash, cash equivalents, and restricted cash at the end of the period totaled$47.2 million, up from $22.2 million at the end of the same period in 2023 [31]. - Total cash, cash equivalents, and restricted cash decreased from$53.9 million at the beginning of the period to $47.2 million at the end [29]. - Net cash provided by operating activities was$12.9 million, a recovery from a net cash used of $26.1 million in the prior year [29]. Assets and Liabilities - Total current assets increased to$276.3 million as of April 30, 2024, up from $220.1 million as of October 31, 2023, marking a growth of 25.5$426.9 million as of April 30, 2024, compared to $386.5 million as of October 31, 2023, indicating an increase of 10.5$540.0 million as of April 30, 2024, up from $528.3 million as of October 31, 2023, showing a growth of 2.2$94.9 million as of April 30, 2024, compared to $70.8 million as of October 31, 2023, reflecting a 33.9$12.3 million, a significant recovery from an operating loss of $1.2 million in the same period last year [26]. - Marketing and Distribution adjusted EBITDA for the six months ended April 30, 2024, was$32.7 million, up from $13.2 million in the same period of 2023, representing a 147.0$39.4 million, compared to $9.9 million in the same period of 2023, reflecting a 297.0$20.2 million, compared to $7.6 million for the same period in 2023, representing a 165.8$(2.2) million, an improvement from $(1.1) million in the same period of 2023 [35]. Market Outlook - The company expects Peruvian avocado crop yields to be more than 50$40 to $45 million, reflecting an acceleration of planned investment in the company's blueberry joint venture [13].