OXNARD, CA - With the reporting of its financial results for the fiscal third quarter ending July 31, 2023, Mission Produce™ is highlighting its growth in volume and commitment to providing the best customer service in any situation.
“Mission was uniquely able to generate 23 percent growth in volume during the quarter and support our Marketing & Distribution segment in a period when traditional seasonal source regions such as Mexico had completed their harvest. This demonstrates the value of our vertically integrated and diversified global sourcing and distribution network, which allows Mission to remain in a position to service new and existing customers regardless of the circumstances,” said Steve Barnard, Chief Executive Officer. “We remain focused on developing value-added services and capabilities in new growth markets to help drive demand and support long-term consumption growth. We were able to deliver volume growth across each of our key export markets and are pleased with the early success we are having in the United Kingdom following the opening of our new forward distribution center this spring.”
On top of upping its volume across its export markets, Mission also recorded an increase in net sales in the blueberry segment. For the quarter, the category saw a $1.1 million rise to $1.4 million, primarily due to an earlier start for the blueberry harvest. According to a release, the segment also has an adjusted EBITDA of $0.2 million, a $0.4 million increase from the previous year.
“Our top-line performance was generally consistent with expectations, driven by a return to equilibrium where higher industry volumes were offset by lower average selling prices following last year’s elevated market conditions,” added Barnard. “While we achieved continued sequential improvement in per-unit margins relative to the fiscal second quarter, the industry experienced an abrupt change in growing conditions midway through the quarter that negatively impacted anticipated volumes across the Peruvian growing region. The lower volumes, combined with the fixed cost nature of our farming operations, pressured segment margins and were the primary source of our lower-than-expected adjusted EBITDA performance during the fiscal third quarter. Industry pricing has since responded to these events and moved higher, which we expect to help lessen the impact on our fiscal fourth quarter margins.”
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