Core Insights - Mission Produce achieved record fiscal first quarter revenue of 3.9 million, or 0.05 per diluted share, compared to breakeven in the same period last year, reflecting improved operational performance despite industry challenges [6][9] - The Marketing & Distribution segment saw a 32% increase in net sales to 295.8 million, primarily due to a 25% rise in average per-unit avocado selling prices [10][9] Financial Overview - Total revenue for the first quarter increased by 334.2 million compared to the same period last year [3][9] - Gross profit rose by 31.5 million, with a gross profit percentage of 9.4%, down 170 basis points from the previous year [4][9] - Selling, general and administrative expenses increased by 22.2 million, mainly due to higher employee-related costs [5][9] Segment Performance - The Marketing & Distribution segment's adjusted EBITDA decreased to 11.0 million due to lower per-unit gross margins on avocados sold [10][9] - The International Farming segment's total sales increased by 59% to 36.4 million, although adjusted EBITDA decreased by 29% to 40.1 million as of January 31, 2025, down from 1.2 million, a decline from cash provided by operating activities of 14.8 million, up from $9.9 million in the prior year, focused on avocado orchard development and blueberry plant cultivation [18][9] Outlook - For the second quarter of fiscal year 2025, industry volumes are expected to be consistent with the prior year, with pricing projected to be approximately 5% higher compared to the same period last year [19][9]
Mission Produce® Announces Fiscal 2025 First Quarter Financial Results