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Mission Produce® Announces Fiscal 2025 First Quarter Financial Results
AVOMission(AVO) GlobeNewswire·2025-03-10 20:05

Core Insights - Mission Produce achieved record fiscal first quarter revenue of 334.2million,a29334.2 million, a 29% increase year-over-year, driven by higher prices and volumes in the Marketing & Distribution segment [3][9] - The company reported net income 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 75.5million,or2975.5 million, or 29%, to 334.2 million compared to the same period last year [3][9] - Gross profit rose by 2.8millionto2.8 million to 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 1.5million,or71.5 million, or 7%, to 22.2 million, mainly due to higher employee-related costs [5][9] Segment Performance - The Marketing & Distribution segment's adjusted EBITDA decreased to 9.7millionfrom9.7 million from 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 9.2million,drivenbyhigherblueberrypackingservicerevenue[12][9]TheBlueberriessegmentreporteda129.2 million, driven by higher blueberry packing service revenue [12][9] - The Blueberries segment reported a 12% increase in net sales to 36.4 million, although adjusted EBITDA decreased by 29% to 6.2millionduetolowersellingprices[14][15]BalanceSheetandCashFlowCashandcashequivalentsdecreasedto6.2 million due to lower selling prices [14][15] Balance Sheet and Cash Flow - Cash and cash equivalents decreased to 40.1 million as of January 31, 2025, down from 58.0millionasofOctober31,2024[16][9]Netcashusedinoperatingactivitieswas58.0 million as of October 31, 2024 [16][9] - Net cash used in operating activities was 1.2 million, a decline from cash provided by operating activities of 9.5millioninthesameperiodlastyear,primarilyduetoincreasedworkingcapital[17][9]Capitalexpendituresforthequarterwere9.5 million in the same period last year, primarily due to increased working capital [17][9] - Capital expenditures for the quarter were 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]