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

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].Netincomeroseto354.4 million compared to the same period last year [2]. - Net income rose to 17.3 million, or 0.24perdilutedshare,comparedto0.24 per diluted share, compared to 4.0 million, or 0.06perdilutedshare,forthesameperiodlastyear[2][8].Adjustednetincomewas0.06 per diluted share, for the same period last year [2][8]. - Adjusted net income was 19.6 million, or 0.28perdilutedshare,comparedto0.28 per diluted share, compared to 7.5 million, or 0.11perdilutedshare,forthesameperiodlastyear[2][9].AdjustedEBITDAincreasedby1130.11 per diluted share, for the same period last year [2][9]. - Adjusted EBITDA increased by 113% to 36.9 million, compared to 17.3millioninthesameperiodlastyear[2][9].FullYear2024FinancialOverviewTotalrevenuefortheyearincreasedby2917.3 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 [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,primarilyduetoimprovedperunitgrossmarginonavocadossold[10].InternationalFarmingTotalsalesintheInternationalFarmingsegmentforthefourthquarterwere25.6 million, primarily due to improved per-unit gross margin on avocados sold [10]. International Farming - Total sales in the International Farming segment for the fourth quarter were 30.3 million, down from 40.3millionforthesameperiodlastyear,primarilyduetolowervolumesofownedavocadossold[11].SegmentadjustedEBITDAwas40.3 million for the same period last year, primarily due to lower volumes of owned avocados sold [11]. - Segment adjusted EBITDA was 2.7 million, compared to 1.1millionforthesameperiodlastyear[12].BlueberriesNetsalesintheBlueberriessegmentincreasedby621.1 million for the same period last year [12]. Blueberries - Net sales in the Blueberries segment increased by 62% to 31.6 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].CashFlowandCapitalExpendituresCashflowfromoperationsimprovedby8.6 million for the fourth quarter, resulting from the growth in volumes [15]. 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 last year [17]. - Capital expenditures were 32.2millionfortheyearendedOctober31,2024,comparedto32.2 million for the year ended October 31, 2024, compared to 49.8 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].