Mission(AVO)2025-06-05 20:27Financial Performance - Total revenue for the second quarter of fiscal 2025 increased by $82.7 million or 28% to $380.3 million compared to the same period last year[4]. - Net income for the second quarter was $3.1 million, or $0.04 per diluted share, down from $7.0 million, or $0.10 per diluted share, for the same period last year[9]. - Adjusted EBITDA for the second quarter was $19.1 million, a decrease of $1.1 million or 5% compared to $20.2 million in the prior year period[10]. - Net income attributable to Mission Produce for the three months ended April 30, 2025, was $3.1 million, down from $7.0 million in the same period of 2024[34]. - Adjusted net income for Q2 2025 was $8.7 million, a decrease of 11.2% from $9.8 million in Q2 2024[42]. - The company reported a net income of $3.0 million for Q2 2025, down from $7.0 million in Q2 2024, representing a decline of 57.1%[48]. Sales and Revenue Breakdown - The Marketing & Distribution segment net sales increased by $75.4 million or 26% to $362.5 million, driven by higher avocado pricing[11]. - International Farming segment sales increased by $6.7 million or 479% to $8.1 million, with adjusted EBITDA rising to $1.5 million from negative $2.2 million[13]. - Blueberries segment net sales increased by 57% to $15.7 million, primarily due to higher volume driven by increased acreage and yields[14]. - Avocado sales for Q2 2025 amounted to $332.6 million, a 24.3% increase compared to $267.5 million in Q2 2024[57]. - Total net sales for the six months ended April 30, 2025, were $714.5 million, compared to $556.3 million for the same period in 2024, marking a 28.4% increase[55]. - Total segment sales for the six months ended April 30, 2025, reached $727.7 million, up 29.6% from $561.4 million in the same period of 2024[55]. Cash and Assets - Cash and cash equivalents were $36.7 million as of April 30, 2025, down from $58.0 million as of October 31, 2024[16]. - Total assets increased to $1,010.5 million as of April 30, 2025, compared to $971.5 million as of October 31, 2024[32]. - Total liabilities rose to $426.2 million as of April 30, 2025, up from $394.4 million as of October 31, 2024[32]. - The company reported a net cash used in operating activities of $13.0 million for the six months ended April 30, 2025, compared to net cash provided of $12.9 million in the same period of 2024[36]. - The company invested $28.0 million in property, plant, and equipment during the six months ended April 30, 2025[36]. Operational Metrics - Operating income for the six months ended April 30, 2025, was $16.2 million, down from $20.3 million in the same period of 2024[34]. - The company sold 166.4 million pounds of avocados in Q2 2025, a slight decrease from 168.6 million pounds in Q2 2024[56]. - The average sales price per pound of avocados increased to $2.00 in Q2 2025 from $1.59 in Q2 2024, reflecting a 25.8% rise[56]. Future Outlook - For the third quarter of fiscal 2025, industry volumes are expected to be approximately 10-15% higher, with exportable avocado production from owned farms in Peru expected to range between 100 million to 110 million pounds[27]. - Total capital expenditures for fiscal 2025 are expected to remain in the range of $50 to $55 million[27]. Other Notable Information - The company executed $5.2 million in share repurchases during the quarter, reflecting a belief that the share price was undervalued[3]. - The company incurred $1.1 million in tariff charges during a three-day period in March 2025, which impacted pricing strategies[44]. - Gross profit for the six months ended April 30, 2025, was $59.9 million, slightly up from $59.7 million in the same period of 2024[34]. - Adjusted EBITDA for Q2 2025 was $19.1 million, a decrease of 5.4% from $20.2 million in Q2 2024[48]. - The weighted average shares of common stock outstanding for diluted earnings per share were 71,105,463 for the three months ended April 30, 2025[34].