OXNARD, CA - Facing adversity head on, Mission Produce has showcased the resiliency of the fresh produce industry after releasing its fourth quarter 2021 financial results. Despite a myriad of challenges hitting the supply chain, the ongoing impacts of the pandemic, and other hurdles, the produce purveyor managed to end the quarter with $237 million in revenue, a 15 percent increase from the same period last year.
“Our business faced significant headwinds in the fourth quarter. Mexico’s challenging supply dynamic, port delays and logistics issues, and the variability in consumer shopping patterns due to the ever-changing COVID conditions negatively impacted our profitability,” explained Steve Barnard, Founder and Chief Executive Officer. “Despite these challenges, our business remains resilient. We are well-positioned to navigate through short-term disruptions while we continue to leverage our competitive advantages to further expand our industry-leading position.”
In addition to increased fourth quarter revenue from the period ending October 31, 2021, Mission also saw a rise in revenue for the entire fiscal year. In the report, the company reported $891.7 million in revenue, a 3 percent increase from the year prior. Adding to its success, Mission reported a net income of $44.9 million, a $16.1 million bump from $28.8 million the previous year.
Looking toward the future, Mission is optimistic that its strategic investments and operations will fuel ongoing long-term growth for the company.
“…Our owned production in Peru performed in line with our expectations, producing record volumes in fiscal 2021 and creating a reduced reliance on the fluctuating Mexican supply. Our vertical integration and multiple sources of supply year-round give us an unparalleled competitive advantage within the industry. Further, the strategic investments we have made to increase our capabilities and capacities, such as our mega facility in Laredo, Texas, which significantly increases our capacity during peak times during the year, and the continued expansion of our footprint in key international markets, gives us confidence in our future long-term success,” continued Barnard. “As we look to 2022, we are confident in our ability to drive sustainable long-term growth with our forward-thinking strategies and global footprint.”
To read the report in its entirety, click here.
With its eyes on future expansion and a well-laid strategy locked in place, how will Mission evolve in the new year? Keep a tab open for AndNowUKnow to find the answers.
