Mission Produce, Inc., a prominent global player 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, 2023.
Fiscal Fourth Quarter 2023 Financial Overview:
- Total revenue increased 8% to $257.9 million compared to the same period last year driven by a 8% increase in average per-unit avocado selling prices, partially offset by a 4% decrease in avocado volume sold
- Net income of $4.0 million, or $0.06 per diluted share, compared to net loss of $(42.0) million, or $(0.59) per diluted share, for the same period last year, which included a non-cash charge of $49.5 million related to goodwill impairment
- Adjusted net income of $7.5 million, or $0.11 per diluted share, compared to $9.2 million, or $0.13 per diluted share, for the same period last year
- Adjusted EBITDA of $17.3 million, compared to $17.2 million in the period year period
Full Year 2023 Financial Overview:
- Total avocado volume sold increased by 12% to 654.4 million pounds
- Total revenue was $953.9 million compared to $1.05 billion last year; despite volume growth as a result of lower average per-unit avocado sales prices; lower pricing and higher avocado volume sold in the current year were driven by higher industry supply out of Mexico in the current year after experiencing supply limitations in the previous fiscal year
- Net loss of $(2.8) million, or $(0.04) per diluted share, compared to $(34.6) million, or $(0.49) per diluted share last year
- Adjusted net income of $13.3 million, or $0.19 per diluted share, compared to $18.5 million, or $0.26 per diluted share last year
Adjusted EBITDA increased 2% to $48.4 million compared to $47.6 million last year - Owned exportable avocado production volume decreased 9% to 107 million pounds for the 2023 harvest season; volume was negatively impacted by weather-related events in the current year
Fiscal Fourth Quarter 2023 Consolidated Financial Review
Total revenue for the fourth quarter of fiscal 2023 increased $19.9 million or 8% compared to the same period last year driven primarily by higher average per-unit avocado sales prices, partially offset by lower avocado volume sold. Revenue growth was further supported by strong performance in the Company’s Blueberries segment, which increased by 88%.
Gross profit increased $0.9 million in the fourth quarter of fiscal 2023 compared to the same period last year, to $27.8 million and gross profit percentage decreased 50 basis points, to 10.8% of revenue. The Company’s Marketing & Distribution segment experienced 49% growth in gross profit versus the same period last year driven by strong per-unit margins on Mexican and Californian avocados. Gross profit also benefited from higher volumes and elevated pricing within the Blueberries segment.
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For more information: 
Jenna Aguilera
Mission Produce, Inc.
Email: [email protected]