OXNARD, CA - We may have seen the highest temperatures of the season during the second week of September in California, but summer is still nearing its end in the Northern Hemisphere. Another sure sign that the year is progressing is the release of quarterly reports, and Mission Produce recently released its own. In the report, the supplier outlined its financial results for the fiscal third quarter ended July 31, 2022.
“We produced strong revenue growth in the third quarter due to sustained strength in pricing amid lower industry supply. We achieved robust per-unit margins in the third quarter, demonstrating the flexibility of our diversified global sourcing platform which helps offset volatility from Mexican source markets,” commented Steve Barnard, Founder and Chief Executive Officer.
In the report, Mission outlined total revenue of $313.2 million, a 27 percent increase of $66.4 million from the $246.8 million reported for the same period last year. This was driven by average selling price increases of 42 percent, partially offset by an 11 percent decrease in avocado volume sold, compared to the same period last year, a press release noted.
Other highlights from the quarter include:
- Net income of $18.4 million, or $0.26 per diluted share, compared to $18.4 million, or $0.26 per diluted share, for the same period last year
- Adjusted EBITDA of $31.6 million compared to $30.1 million for the same period last year
- Appointed Tim Bulow as President and Chief Operating Officer, further strengthening the company’s executive leadership team
“Our Peruvian farming operations are performing well this season, and we expect to produce approximately 15 percent more volume than what we achieved in fiscal 2021. Reliable access to our owned fruit during the transitional Mexican season allows us to make long-term commitments to our retail partners, bringing confidence and stability to the program, which is a capability that Mission is uniquely able to deliver for customers,” Barnard continued. “We are well-positioned heading into our fourth quarter and expect that industry supply constraints will ease, causing some softening of the pricing environment which has historically led to improving consumption trends across the global markets that we serve.”
For more quarterly reports in the fresh produce industry, keep coming back to ANUK.
