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Mission Produce™ Provides Business Update for the Fiscal 2024 Fourth Quarter

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Mission Produce (Nasdaq: AVO) provided a business update for fiscal Q4 2024, anticipating strong financial performance. Total revenue is expected to exceed $320 million, up from $257.9 million in the same period last year. Adjusted EBITDA is projected to exceed $28 million, compared to $17.3 million year-over-year. The growth is primarily attributed to strong performance in the Marketing & Distribution segment, benefiting from a sustained higher pricing environment and effective global sourcing network management.

Mission Produce (Nasdaq: AVO) ha fornito un aggiornamento aziendale per il quarto trimestre fiscale 2024, prevedendo un forte rendimento finanziario. Si prevede che il fatturato totale supererà 320 milioni di dollari, rispetto ai 257,9 milioni di dollari dello stesso periodo dello scorso anno. Si stima che l'EBITDA rettificato supererà 28 milioni di dollari, rispetto ai 17,3 milioni dell'anno precedente. La crescita è principalmente attribuibile a una solida performance nel segmento Marketing & Distribuzione, che beneficia di un ambiente di prezzi più elevati e di una gestione efficace della rete di approvvigionamento globale.

Mission Produce (Nasdaq: AVO) proporcionó una actualización sobre el negocio para el cuarto trimestre fiscal de 2024, anticipando un fuerte rendimiento financiero. Se espera que los ingresos totales superen 320 millones de dólares, en comparación con los 257,9 millones de dólares en el mismo período del año pasado. Se proyecta que el EBITDA ajustado supere 28 millones de dólares, en comparación con los 17,3 millones del año anterior. El crecimiento se atribuye principalmente a un sólido rendimiento en el segmento de Marketing y Distribución, beneficiándose de un entorno de precios sostenidos más altos y una gestión efectiva de la red de aprovisionamiento global.

미션 프로듀스 (Nasdaq: AVO)는 2024 회계 연도 4분기에 대한 사업 업데이트를 제공하며 강력한 재무 성과를 예상하고 있습니다. 총 수익은 3억 2천만 달러를 초과할 것으로 예상되며, 이는 지난해 같은 기간의 2억 5790만 달러에서 증가한 수치입니다. 조정된 EBITDA2800만 달러를 초과할 것으로 예상되며, 이는 작년의 1730만 달러와 비교됩니다. 성장은 주로 마케팅 및 유통 부문에서의 강력한 실적 덕분이며, 지속적인 고가격 환경과 효과적인 글로벌 조달 네트워크 관리로부터 혜택을 보고 있습니다.

Mission Produce (Nasdaq: AVO) a fourni une mise à jour commerciale pour le quatrième trimestre fiscal 2024, anticipant une forte performance financière. Le chiffre d'affaires total devrait dépasser 320 millions de dollars, contre 257,9 millions de dollars au cours de la même période l'année dernière. L'EBITDA ajusté devrait dépasser 28 millions de dollars, par rapport à 17,3 millions de dollars l'année précédente. La croissance est principalement attribuée à une forte performance dans le segment Commercialisation & Distribution, bénéficiant d'un environnement de prix plus élevés et d'une gestion efficace du réseau d'approvisionnement mondial.

Mission Produce (Nasdaq: AVO) hat ein Geschäfts-Update für das vierte Quartal 2024 veröffentlicht und erwartet eine starke finanzielle Leistung. Der Gesamterlös wird voraussichtlich 320 Millionen US-Dollar übersteigen, im Vergleich zu 257,9 Millionen US-Dollar im gleichen Zeitraum des letzten Jahres. Das bereinigte EBITDA wird voraussichtlich 28 Millionen US-Dollar übersteigen, verglichen mit 17,3 Millionen US-Dollar im Vorjahr. Das Wachstum wird hauptsächlich einer starken Leistung im Bereich Marketing & Distribution zugeschrieben, das von einem nachhaltig höheren Preisumfeld und einer effektiven Verwaltung des globalen Beschaffungsnetzwerks profitiert.

Positive
  • Revenue expected to exceed $320M, up 24% from $257.9M YoY
  • Adjusted EBITDA projected to exceed $28M, up 62% from $17.3M YoY
  • Per-unit margins exceeding targeted range in Marketing & Distribution segment
Negative
  • None.

Insights

The preliminary Q4 results show significant operational momentum with expected revenue exceeding $320 million, marking a 24% increase from the previous year's $257.9 million. The projected Adjusted EBITDA of over $28 million represents a substantial 62% improvement from last year's $17.3 million.

The strong performance is primarily attributed to the Marketing & Distribution segment, which benefited from higher pricing while maintaining stable volumes. The company's ability to exceed targeted per-unit margins during a high-price environment demonstrates effective supply chain management and pricing power. This operational efficiency, combined with global sourcing capabilities, positions Mission Produce favorably for sustainable growth in the avocado market.

Year-to-date momentum continues – Company providing an update on fourth quarter results, driven primarily by strong performance in the Marketing & Distribution segment

OXNARD, Calif., Nov. 05, 2024 (GLOBE NEWSWIRE) -- Mission Produce, Inc. (Nasdaq: AVO) (“Mission” or the “Company”), a world leader in sourcing, producing, and distributing fresh Hass avocados with additional offerings in mangos and blueberries, today provided a business and financial performance update for the fiscal fourth quarter ended October 31, 2024 ahead of its participation in upcoming investor events. The Company expects to release its fiscal fourth quarter and full year 2024 results, along with its forward assumptions related to the industry outlooks, in December.

CEO Message

“We expect to deliver strong fourth quarter top and bottom-line results that demonstrate continued momentum across our business and our team’s focus on driving improved results,” stated Steve Barnard, CEO of Mission. “We expect our Marketing & Distribution segment to deliver another strong performance, as our team effectively leveraged our global sourcing network amid a sustained higher pricing environment to achieve per-unit margins exceeding our targeted range. 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.”

Fiscal Fourth Quarter 2024 Financial Update

The Company is providing the following update on financial performance for the fiscal fourth quarter 2024:

  • Total revenue is expected to exceed $320 million compared to $257.9 million in the same period last year. This performance was driven primarily by the Marketing & Distribution segment, reflecting a continuation of the strong pricing environment on volumes consistent with prior expectations.
  • Adjusted EBITDA is expected to exceed $28 million compared to $17.3 million in the same period last year, primarily driven by a continuation of the stronger per unit margin performance in the Marketing and Distribution segment that the Company has demonstrated this fiscal year.

Non-GAAP Financial Measure

This press release contains the non-GAAP financial measure “adjusted EBITDA.” Management believes this measure provides useful information for analyzing the underlying business results. The measure is not in accordance with, nor is it a substitute for or superior to, the comparable financial measure by generally accepted accounting principles.

Adjusted EBITDA refers to net income (loss), before interest expense, income taxes, depreciation and amortization expense, stock-based compensation expense, other income (expense), and income (loss) from equity method investees, further adjusted by asset impairment and disposals, net of insurance recoveries, farming costs for nonproductive orchards (which represents land lease costs), recognition of deferred ERP costs, transaction costs, amortization of inventory adjustments recognized from business combinations, and any special, non-recurring, or one-time items such as remeasurements or impairments, and any portion of these items attributable to the noncontrolling interest, all of which are excluded from the results the CEO reviews uses to assess segment performance and results.

About Mission Produce, Inc.

Mission Produce is a global leader in the worldwide avocado business with additional offerings in mangos and blueberries. Since 1983, Mission Produce has been sourcing, producing and distributing fresh Hass avocados, and currently services retail, wholesale and foodservice customers in over 25 countries. The vertically integrated Company owns and operates four state-of-the-art packing facilities in key growing locations globally, including California, Mexico and Peru and has additional sourcing capabilities in Chile, Colombia, the Dominican Republic, Guatemala, Brazil, Ecuador, South Africa and more, which allow the company to provide a year-round supply of premium fruit. Mission’s global distribution network includes strategically positioned forward distribution centers across key markets throughout North America, China, Europe, and the UK, offering value-added services such as ripening, bagging, custom packing and logistical management. For more information, please visit www.missionproduce.com.

Forward-Looking Statements

Statements in this press release that are not historical in nature are forward-looking statements that, within the meaning of the federal securities laws, including the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, involve known and unknown risks and uncertainties. Words such as "may", "will", "expect", "intend", "plan", "believe", "seek", "could", "estimate", "judgment", "targeting", "should", "anticipate", "goal" and variations of these words and similar expressions, are also intended to identify forward-looking statements. The forward-looking statements in this press release address a variety of subjects, including statements about our short-term and long-term assumptions, goals and targets. Many of these assumptions relate to matters that are beyond our control and changing rapidly. Although we believe the expectations reflected in such forward-looking statements are based upon reasonable assumptions, we can give no assurances that our expectations will be attained. Readers are cautioned that actual results could differ materially from those implied by such forward-looking statements due to a variety of factors, including: limitations regarding the supply of fruit, either through purchasing or growing; fluctuations in the market price of fruit; increasing competition; risks associated with doing business internationally, including Mexican and Peruvian economic, political and/or societal conditions; inflationary pressures; establishment of sales channels and geographic markets; loss of one or more of our largest customers; general economic conditions or downturns; supply chain failures or disruptions; disruption to the supply of reliable and cost-effective transportation; failure to recruit or retain employees, poor employee relations, and/or ineffective organizational structure; inherent farming risks, including climate change; seasonality in operating results; failures associated with information technology infrastructure, system security and cyber risks; new and changing privacy laws and our compliance with such laws; food safety events and recalls; failure to comply with laws and regulations; changes to trade policy and/or export/import laws and regulations; risks from business acquisitions, if any; lack of or failure of infrastructure; material litigation or governmental inquiries/actions; failure to maintain or protect our brand; changes in tax rates or international tax legislation; risks associated with global conflicts; inability to accurately forecast future performance; the viability of an active, liquid, and orderly market for our common stock; volatility in the trading price of our common stock; concentration of control in our executive officers, and directors over matters submitted to stockholders for approval; limited sources of capital appreciation; significant costs associated with being a public company and the allocation of significant management resources thereto; reliance on analyst reports; failure to maintain proper and effective internal control over financial reporting; restrictions on takeover attempts in our charter documents and under Delaware law; the selection of Delaware as the exclusive forum for substantially all disputes between us and our stockholders; risks related to restrictive covenants under our credit facility, which could affect our flexibility to fund ongoing operations, uses of capital and strategic initiatives, and, if we are unable to maintain compliance with such covenants, lead to significant challenges in meeting our liquidity requirements and acceleration of our debt; and other risks and factors discussed from time to time in our Annual and Quarterly Reports on Forms 10-K and 10-Q and in our other filings with the Securities and Exchange Commission.

You can obtain copies of our SEC filings on the SEC’s website at www.sec.gov. The forward-looking statements contained in this press release are made as of the date hereof and the Corporation does not intend to, nor does it assume any obligation to, update or supplement any forward-looking statements after the date hereof to reflect actual results or future events or circumstances.

Contacts:

Investor Relations
ICR
Jeff Sonnek
646-277-1263
jeff.sonnek@icrinc.com

Media
Jenna Aguilera
Marketing Communications Manager
Mission Produce, Inc.
press@missionproduce.com


FAQ

What is Mission Produce's (AVO) expected revenue for Q4 2024?

Mission Produce expects total revenue to exceed $320 million in Q4 2024, compared to $257.9 million in the same period last year.

How much Adjusted EBITDA does Mission Produce (AVO) expect in Q4 2024?

Mission Produce expects Adjusted EBITDA to exceed $28 million in Q4 2024, up from $17.3 million in the same period last year.

What drove Mission Produce's (AVO) strong Q4 2024 performance?

The strong performance was primarily driven by the Marketing & Distribution segment, benefiting from a sustained higher pricing environment and effective global sourcing network management.

Mission Produce, Inc.

NASDAQ:AVO

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AVO Stock Data

975.02M
70.91M
38%
27.87%
2.26%
Food Distribution
Consumer Defensive
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United States of America
OXNARD