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Mission Produce™ Announces Fiscal 2024 Fourth Quarter Financial Results
AVOMission(AVO) GlobeNewswire·2024-12-19 21:05

Core Viewpoint - Mission Produce, Inc. reported strong financial results for the fiscal fourth quarter and full year 2024, driven by the strength of its Marketing & Distribution segment and higher average per-unit avocado sales prices, despite a decrease in owned avocado production volume due to weather-related events [1][3][4]. Fiscal Fourth Quarter 2024 Financial Overview - Total revenue increased by 37% to 354.4millioncomparedtothesameperiodlastyear[2][5].−Netincomewas354.4 million compared to the same period last year [2][5]. - Net income was 17.3 million, or 0.24perdilutedshare,comparedto0.24 per diluted share, compared to 4.0 million, or 0.06perdilutedshare,forthesameperiodlastyear[2][8].−Adjustednetincomeroseto0.06 per diluted share, for the same period last year [2][8]. - Adjusted net income rose to 19.6 million, or 0.28perdilutedshare,comparedto0.28 per diluted share, compared to 7.5 million, or 0.11perdilutedshare,forthesameperiodlastyear[2][8].−AdjustedEBITDAincreasedby1130.11 per diluted share, for the same period last year [2][8]. - Adjusted EBITDA increased by 113% to 36.9 million, compared to 17.3millioninthesameperiodlastyear[2][9].FullYear2024FinancialOverview−Totalrevenuefortheyearincreasedby2917.3 million in the same period last year [2][9]. Full Year 2024 Financial Overview - Total revenue for the year increased by 29% to 1.23 billion, primarily driven by higher average per-unit avocado sales prices [3]. - Net income for the year was 36.7million,or36.7 million, or 0.52 per diluted share, compared to a net loss of (2.8)million,or(2.8) million, or (0.04) per diluted share, in the prior year [3]. - Adjusted net income for the year was 52.8million,or52.8 million, or 0.74 per diluted share, compared to 13.3million,or13.3 million, or 0.19 per diluted share last year [3]. - Adjusted EBITDA for the year increased by 123% to 107.8 million, driven by stronger per-unit gross profit performance from the Marketing & Distribution and Blueberries segments [3][4]. Segment Performance - In the Marketing & Distribution segment, net sales increased by 35% to 319.6 million for the fourth quarter, driven by avocado pricing increases [10]. - The International Farming segment reported total sales of 30.3millionforthefourthquarter,downfrom30.3 million for the fourth quarter, down from 40.3 million due to lower volumes of owned avocados sold [10]. - The Blueberries segment saw net sales increase by 62% to 31.6millionforthefourthquarter,drivenbyvolumefromnewplantingsandyieldimprovements[13][14].CashFlowandCapitalExpenditures−Cashflowfromoperationsimprovedby31.6 million for the fourth quarter, driven by volume from new plantings and yield improvements [13][14]. Cash Flow and Capital Expenditures - Cash flow from operations improved by 64.2 million to 93.4millionfortheyearendedOctober31,2024,comparedto93.4 million for the year ended October 31, 2024, compared to 29.2 million in the prior year [3][16]. - Capital expenditures for the year were 32.2million,downfrom32.2 million, down from 49.8 million the previous year, primarily focused on avocado orchard development and blueberry land development [17][21]. Outlook for Fiscal Year 2025 - The company anticipates industry volumes in the first quarter of fiscal 2025 to be consistent with the prior year period, with expected pricing to be approximately 20% higher compared to the first quarter of fiscal 2024 [18][19]. - The blueberries harvest season in Peru is expected to peak during the first quarter, with meaningful volume increases anticipated, although average sales prices may be approximately 30% lower compared to the first quarter of fiscal 2024 [20].