Mission Produce, a company in sourcing, producing, and distributing fresh Hass avocados with additional offerings in mangos and blueberries, today reported its financial results for the fiscal fourth quarter ended October 31, 2024.
Fiscal Fourth Quarter 2024 Financial Overview:
- Total revenue increased 37% 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% to $36.9 million, compared to $17.3 million in the same period last year
Full Year 2024 Financial Overview
- Total revenue increased 29% to $1.23 billion compared to the prior year, primarily driven by higher average per-unit avocado sales prices. Blueberries and mangos also contributed to growth as industry supply constraints supported a higher pricing environment
- Net income of $36.7 million, or $0.52 per diluted share, compared to a net loss of $(2.8) million or $(0.04) per diluted share in the prior year
- Adjusted net income of $52.8 million, or $0.74 per diluted share, compared to $13.3 million, or $0.19 per diluted share last year
- Adjusted EBITDA increased 123% to $107.8 million compared to $48.4 million in the prior year driven primarily by stronger per-unit gross profit performance from the Marketing & Distribution and Blueberries segments, the latter of which correlated directly to the higher pricing environment experienced during the fiscal year
- Owned exportable avocado production volume decreased by approximately 60% to 43 million pounds for the 2024 harvest season; volume was negatively impacted by weather-related events in the current year
- Cash flow from operations was $93.4 million compared to $29.2 million in the prior year
To view the full report, click here.
For more information:
Jenna Aguilera
Mission Produce
Tel: +1 805 981 3650
Email: [email protected]
www.missionproduce.com