Mission Produce, Inc., a large player in sourcing, producing, and distributing fresh Hass avocados with additional offerings in mangos and blueberries, today reported its financial results for the fiscal second quarter ended April 30, 2024.
Fiscal Second Quarter 2024 Financial Overview:
- Total revenue increased 35% to $297.6 million compared to the same period last year driven primarily by a 22% increase in average per-unit avocado selling prices and 8% increase in avocado volume sold
- Net income of $7.0 million, or $0.10 per diluted share, compared to a net loss of $(4.6) million, or $(0.07) per diluted share, for the same period last year
- Adjusted net income of $9.8 million, or $0.14 per diluted share, compared to $0.5 million, or $0.01 per diluted share, for the same period last year
- Adjusted EBITDA of $20.2 million, compared to $7.6 million in the same period last year
- Cash flow from operations for the six months ended April 30, 2024 was $12.9 million, compared to cash used of $(26.1) million in the prior year period.
"We are pleased to deliver a second consecutive quarter of record adjusted EBITDA results, demonstrating continued strong momentum in per-unit margins which resulted in a $12.6 million or 166% improvement in our adjusted EBITDA performance, versus prior year," commented Steve Barnard, CEO of Mission. "Revenue growth was driven by robust consumer demand for avocados, which translated into an 8% increase in avocado volumes sold in our Marketing & Distribution segment and a 22% increase in per-unit sales prices. Results were also supported by our emerging Blueberries segment, where volumes benefited from the harvest season timing that extended into the fiscal second quarter this year. Strong per-unit margins related to avocados in our Marketing & Distribution segment, combined with an overall reduction in corporate expenses and continued implementation of cost savings actions, contributed meaningfully to our improved adjusted EBITDA and cash flow generation."
Fiscal Second Quarter 2024 Consolidated Financial Review
Total revenue for the second quarter of fiscal 2024 increased $76.5 million or 35% compared to the same period last year, primarily driven by our Marketing and Distribution segment, where average per-unit avocado sales prices increased 22% and avocado volume sold increased 8%. Blueberry revenue also increased $8.3 million compared to the same period last year, to $10.0 million, driven by higher volumes attributed to the timing of the harvest season compared to the same period last year.
For more information: 
Jenna Aguilera
Mission Produce, Inc.
Email: [email protected]
www.missionproduce.com