Mission Produce™ Announces Fiscal 2024 Second Quarter Financial Results

Core Viewpoint - Mission Produce, Inc. reported a strong financial performance for the fiscal second quarter of 2024, with significant revenue growth driven by increased avocado prices and volumes sold, alongside improvements in adjusted EBITDA and net income [2][3][4]. Financial Overview - Total revenue for the second quarter increased by 35% to $297.6 million, primarily due to a 22$7.0 million, or $0.10 per diluted share, compared to a net loss of$(4.6) million, or $(0.07) per diluted share, in the same period last year [5]. - Adjusted net income was$9.8 million, or $0.14 per diluted share, compared to$0.5 million, or $0.01 per diluted share, for the same period last year [5]. - Adjusted EBITDA rose to$20.2 million, an increase of $12.6 million from$7.6 million in the prior year period [5][7]. Segment Performance - In the Marketing & Distribution segment, net sales increased by 33% to $287.1 million, driven by a 22$1.4 million, down from $6.0 million in the prior year, due to lower third-party avocado packing service revenue [7]. - The Blueberries segment saw net sales increase by$8.3 million to $10.0 million, attributed to higher volumes from the harvest season [8]. Cash Flow and Balance Sheet - Cash flow from operations for the six months ended April 30, 2024, was$12.9 million, compared to cash used of $(26.1) million in the prior year period [10]. - As of April 30, 2024, cash and cash equivalents were$46.2 million, up from $42.9 million as of October 31, 2023 [9]. Outlook - The company anticipates challenges in the second half of the fiscal year due to El Niño weather conditions affecting the Peruvian avocado crop, with expected exportable volumes from owned farms to be more than 50% lower than recent seasons [12]. - Overall industry volumes are projected to decline by 10-15% in the fiscal 2024 third quarter compared to the prior year period [12].