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Mission Produce, Inc. (symbol: AVO) is a market leader in the global avocado industry. Founded in 1983, Mission Produce has grown to become the largest packer, shipper, and exporter of fresh avocados worldwide. The company serves a diverse range of customers, including retail, wholesale, and food service sectors.
Mission Produce's core business revolves around the production and distribution of high-quality avocados. The company is renowned for its freshness, achieved through advanced hydro-cooling systems and innovative ripe rooms. With a comprehensive network of distribution centers across the nation, Mission Produce ensures that customers receive the freshest fruit possible.
Additionally, the company provides a suite of value-added services such as ripening, bagging, custom packing, and logistical management. These services are designed to meet the specific needs of their clients and enhance the overall customer experience.
Mission Produce operates through two main segments: Marketing and Distribution and International Farming and Blueberries. The Marketing and Distribution segment, which generates the majority of the company's revenue, sources fruit primarily from growers and distributes it through a well-established network. Meanwhile, the International Farming and Blueberries segment focuses on cultivating avocados and blueberries to support the company's supply chain.
The company's commitment to quality and safety is evident in its adherence to the latest safety guidelines and quality control regulations, including GAP certifications for growers. This dedication ensures that customers receive products that meet the highest standards of safety and excellence.
Recent achievements highlight Mission Produce's strong performance. The company has reported record results in the first and second quarters, driven by higher prices and increased volumes in the Marketing & Distribution segment. Mission Produce continues to innovate and improve its processes, reinforcing its position as a leader in the avocado industry.
Mission Produce, Inc. (NASDAQ: AVO) has appointed Shaunte Mears-Watkins to its board of directors, effective December 14, 2021. With over 20 years of experience in global sales and marketing, Mears-Watkins has held significant roles at Clif Bar and The Clorox Company. Her expertise is expected to enhance Mission's strategic direction, particularly in global growth and brand building. Both CEO Steve Barnard and Chairman Steve Bershad emphasize her marketing acumen and independence as valuable additions to the board, aimed at strengthening Mission's operational and strategic capabilities.
Mission Produce, Inc. (AVO) will release its financial results for the fiscal fourth quarter and full year ending October 31, 2021, on December 22, 2021, post-market. A conference call will be held for discussion at 5:00 PM ET the same day. Investors can access the call by phone or through a live audio webcast available on their Investor Relations website. Mission Produce is a leading provider of fresh avocados, with operations in multiple countries and a strong global distribution network.
Mission Produce Inc. (AVO) has inaugurated a new $50 million mega distribution center in Laredo, Texas, marking a significant milestone on the anniversary of its IPO. Spanning 262,000 square feet, the facility will streamline avocado imports from Mexico and enhance logistical capabilities, including cold storage and transportation services. This move is projected to create 110 jobs and stimulate $120 million in local investments, bolstering Laredo's economic growth. The facility aims to optimize operations and increase Mission's distribution efficiency across North America.
Mission Produce reported a total revenue of $246.8 million for Q3 2021, marking a 4% increase from the prior year, driven by a 2% increase in avocado volume and selling prices. However, gross profit decreased by 7% to $40.9 million, leading to a gross margin drop to 16.6%.
Net income fell to $18.4 million or $0.26 per diluted share, down from $23.4 million or $0.37. Adjusted EBITDA also decreased 18% to $30.1 million. The company revised its full-year guidance, expecting net sales between $890 million and $910 million.
Mission Produce, Inc. (Nasdaq: AVO) announced that Steve Barnard, CEO, and Bryan Giles, CFO, will participate in Cowen’s 2nd Annual Health, Wellness & Beauty Summit on September 14, 2021, at 12:40 pm ET. The event will be a virtual fireside chat, accessible to all via a live audio webcast on the Company's Investor Relations website. Mission Produce is a leader in the avocado business, distributing fresh Hass avocados and mangos globally, with operations in key locations like California, Mexico, and Peru. The company ensures premium quality through extensive sourcing and distribution capabilities.
Mission Produce, Inc. (Nasdaq: AVO) will release its financial results for the fiscal third quarter ending July 31, 2021, after market close on September 13, 2021. Following the results announcement, the company will host a conference call at 5:00 PM ET for investors to discuss performance. The call can be accessed via phone or through a live audio webcast on the company's Investor Relations website. Mission Produce is the leader in sourcing and distributing fresh avocados globally, operating packing facilities and distribution centers across multiple countries.
Mission Produce (NASDAQ:AVO) has launched its second annual Summer Fridays marketing campaign, aiming to boost avocado consumption this summer. According to the company's consumer intelligence data, 58% of shoppers intend to buy more avocados this season. The campaign will involve partnerships with influencers and special promotions at Avocaderia, the first avocado bar in NYC, every Friday until August. With 81% of consumers planning summer gatherings, Mission aims to provide engaging avocado recipes and enhance consumer experiences.
Mission Produce (Nasdaq: AVO) reported a 6% revenue growth in Q2 2021, totaling $234.7 million due to a 22% increase in avocado volume sold, despite a 14% drop in average selling prices. Gross profit rose 26% to $27.1 million, boosting the gross profit margin to 11.5% of revenue. The net income reached $7.4 million, compared to a net loss of $14.8 million in the prior year. Adjusted net income was $8.7 million. Looking ahead, the firm expects full-year sales between $900 million and $920 million and adjusted EBITDA of $100 million to $105 million, driven by upcoming production from Peru.
Mission Produce, Inc. (Nasdaq: AVO) announced it will release its fiscal second-quarter financial results for the period ending April 30, 2021, on June 10, 2021, after market close. The company will host a conference call at 5:00 PM ET the same day to discuss the results. The call can be accessed via phone or live webcast on the company's Investor Relations website. Mission Produce is a leader in the avocado industry, with operations in over 25 countries and four advanced packing facilities, ensuring a year-round supply of quality fruit.
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