OXNARD, CA - Mission Produce™ released its financial results for the fiscal third quarter which ended July 31, 2024. Some highlights include a continued year-to-date momentum with ongoing strength of the Marketing and Distribution segment and an increase in operating cash flow for the first nine months by $62.7 million versus the prior year period.
“We are pleased to report another quarter of strong financial performance, marked by robust third quarter revenues of $324.0 million, an increase of 24 percent year-over-year, and a 49 percent increase in adjusted EBITDA to $31.5 million,” shared Steve Barnard, Chief Executive Officer. “Our team’s ability to leverage our global sourcing network to meet customer demand amid a more challenging production year for our farming operations in Peru was commendable. The result of this focus was an achievement of per-unit margins that exceeded our targeted range, which is a testament to our team's exceptional execution and ability to capitalize on favorable market conditions.
Here are a few highlights from the release:
- Total revenue increased 24 percent to $324 million, compared to the same period last year
- Net income of $12.4 million, or $0.17 per diluted share, compared to $6.6 million, or $0.09 per diluted share, for the same period last year
- Adjusted net income of $16.7 million, or $0.23 per diluted share, compared to $10.3 million, or $0.15 per diluted share, for the same period last year
- Adjusted EBITDA increased 49 percent to $31.5 million, compared to $21.2 million in the same period last year
A press release also shared how net sales in the Marketing and Distribution segment increased 25 percent to $321.3 million for the quarter, driven by avocado pricing increases. Segment adjusted EBITDA increased $10.7 million or 66 percent to $26.8 million, primarily due to improved per-unit gross margin on avocados sold.
“These efforts are a continuation of our strong performance this year and combined with our solid working capital management, they have translated into a $62.7 million improvement in our year-to-date operating cash flow performance versus the prior year period,” continued Barnard. “Looking ahead, we remain excited about our position and will continue to focus on operational excellence, strategic growth initiatives, and sound capital allocation to drive long-term shareholder value.”
Industry volumes are expected to be flat to slightly lower in the fiscal 2024 fourth quarter, versus the prior year period. The California and Peru harvest seasons will conclude and Mission will transition to a Mexico-centric source model during the latter part of the quarter.
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