Core Viewpoint - Mission Produce, Inc. reported strong financial results for fiscal fourth quarter 2024, driven by the Marketing & Distribution segment, with significant increases in revenue and adjusted EBITDA compared to the previous year [1][4]. Fiscal Fourth Quarter 2024 Financial Overview - Total revenue increased by 37% to 354.4millioncomparedtothesameperiodlastyear[2].−Netincomeroseto17.3 million, or 0.24perdilutedshare,comparedto4.0 million, or 0.06perdilutedshare,forthesameperiodlastyear[2][8].−Adjustednetincomewas19.6 million, or 0.28perdilutedshare,comparedto7.5 million, or 0.11perdilutedshare,forthesameperiodlastyear[2][9].−AdjustedEBITDAincreasedby11336.9 million, compared to 17.3millioninthesameperiodlastyear[2][9].FullYear2024FinancialOverview−Totalrevenuefortheyearincreasedby291.23 billion, primarily driven by higher average per-unit avocado sales prices [3]. - Net income for the year was 36.7million,or0.52 per diluted share, compared to a net loss of (2.8)million,or(0.04) per diluted share, in the prior year [3]. - Adjusted net income for the year was 52.8million,or0.74 per diluted share, compared to 13.3million,or0.19 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 [3]. Segment Performance Marketing & Distribution - Net sales in the Marketing & Distribution segment increased by 35% to 319.6 million for the fourth quarter, driven by avocado pricing increases [10]. - Segment adjusted EBITDA increased by 137% to 25.6million,primarilyduetoimprovedper−unitgrossmarginonavocadossold[10].InternationalFarming−TotalsalesintheInternationalFarmingsegmentforthefourthquarterwere30.3 million, down from 40.3millionforthesameperiodlastyear,primarilyduetolowervolumesofownedavocadossold[11].−SegmentadjustedEBITDAwas2.7 million, compared to 1.1millionforthesameperiodlastyear[12].Blueberries−NetsalesintheBlueberriessegmentincreasedby6231.6 million for the fourth quarter, driven by volume from new plantings and yield improvements [14]. - Segment adjusted EBITDA increased by 59% to 8.6millionforthefourthquarter,resultingfromthegrowthinvolumes[15].CashFlowandCapitalExpenditures−Cashflowfromoperationsimprovedby64.2 million to 93.4millionfortheyearendedOctober31,2024,comparedto29.2 million last year [17]. - Capital expenditures were 32.2millionfortheyearendedOctober31,2024,comparedto49.8 million last year [18]. Outlook - For the first quarter of fiscal year 2025, industry volumes are expected to be consistent with the prior year period, with pricing expected to be approximately 20% higher compared to the first quarter of fiscal 2024 [20][21]. - The blueberries harvest season in Peru is expected to peak during the first quarter, with meaningful volume increases anticipated, although pricing is expected to be approximately 30% lower compared to the first quarter of fiscal 2024 [22].