OXNARD, CA - Mission Produce™, a world leader in sourcing, producing, and distributing fresh Hass avocados with additional offerings in mangos and blueberries, has reported its financial results for the fiscal fourth quarter ended October 31, 2024.
“Mission delivered a strong fourth quarter that rounded out an exceptional full year fiscal 2024 performance where we realized $1.23 billion in revenue and generated $107.8 million in adjusted EBITDA, demonstrating the strength of our business model and industry leading positioning,” Steve Barnard, CEO of Mission, stated in a press release. “As previously announced, our Marketing & Distribution segment drove the strong fourth quarter performance, successfully leveraging our global sourcing network amid a sustained higher pricing environment to achieve per-unit margins exceeding our targeted range. The positive impact of our fourth quarter performance combined with our solid operational execution across the fiscal year drove a $64.2 million increase in operating cash flow versus fiscal 2023, further strengthening our capital structure and enhancing our flexibility.”
Fiscal Fourth Quarter 2024 Financial Overview:
- Total revenue increased 37 percent to $354.4 million compared to the same period last year
- Net income of $17.3 million, or $0.24 per diluted share, compared to $4.0 million, or $0.06 per diluted share, for the same period last year
- Adjusted net income of $19.6 million, or $0.28 per diluted share, compared to $7.5 million, or $0.11 per diluted share, for the same period last year
- Adjusted EBITDA increased 113 percent to $36.9 million, compared to $17.3 million in the same period last year
Mr. Barnard continued, “Looking ahead to fiscal 2025, we will continue to focus on operational excellence, strategic growth initiatives, and sound capital allocation to drive shareholder value. While we anticipate some pricing moderation as additional supply sources become available, this environment typically supports increased consumption, and we remain well-positioned to capitalize on this growth through our unique capability to provide consistent year-round avocado supply. Beyond avocados, we are also excited about growing our mango program and expanding our presence in blueberries this year, both of which leverage our existing assets and capabilities while providing additional long-term growth opportunities.”
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