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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) reported its fiscal Q1 2021 results, revealing a 12% decrease in total revenue to $173.2 million year-over-year. Despite this, avocado volume sold rose 7%, though the average selling price fell 18%. Gross profit increased 17% to $22.7 million, with a gross margin rise to 13%. Net income was $2.2 million, or $0.03 per share, up from $1.4 million a year earlier. Adjusted net income was $7.9 million, while adjusted EBITDA improved to $12.5 million. The company remains optimistic about improving prices in the second half of the year as avocado consumption trends upward.
Mission Produce (NASDAQ:AVO) announces the launch of its year-round mango program, marking its entry into the mango market. The company, known for its leadership in avocado distribution, aims to leverage its global network for mango ripening and distribution. Mission currently manages 300 hectares of mangos in Peru and is set to expand sourcing from other regions. The initiative is positioned to enhance profitability and customer offerings, complemented by the hiring of mango expert Patrick Dueire as Director of Mangos.
Mission Produce, Inc. (Nasdaq: AVO) announced participation in two virtual investor conferences in March 2021. The first is the D.A. Davidson 4th Annual Consumer Growth Conference on March 11, where a fireside chat will occur at 4:15 pm ET. The second is the 33rd Annual Roth Conference on March 16, involving management meetings with investors. Mission Produce operates globally, owning 11,000 acres and four packing facilities across key locations like California and Mexico. The company is recognized as a leader in the avocado business, servicing customers in over 25 countries.
Mission Produce, Inc. (Nasdaq: AVO) announced it will release financial results for the fiscal first quarter ended January 31, 2021, after market close on March 10, 2021. A conference call and webcast will follow at 5:00 PM ET on the same day to discuss the results. Mission Produce is recognized as a leader in sourcing, producing, and distributing avocados, operating globally with a vertical integration model across 11,000 acres and multiple facilities in key growing locations.
Mission Produce, a leading avocado supplier, reported its fiscal fourth quarter and full year results for 2020. The company experienced a 11% decline in revenue to $206.8 million, despite a 16% increase in avocado volume sold. Average selling prices dropped 24%, impacting overall profitability, with net income at $18.8 million, down from $23.9 million a year prior. Adjusted EBITDA for the quarter fell to $32.1 million. The company anticipates 2021 revenue between $165-$175 million with an EBITDA in the range of $11.0-$12.5 million.
Mission Produce, Inc. (Nasdaq: AVO) will release its financial results for the fiscal fourth quarter and full year ended October 31, 2020, on January 19, 2021. The company, a leader in the avocado industry, will host a conference call at 5 PM ET to discuss these results. Investors can access the call via phone or through a live webcast on their Investor Relations website. A replay will be available until February 2, 2021. The company has a strong global presence with operations in key avocado-growing regions.
Mission Produce, Inc. (AVO) reveals that U.S. avocado consumption is at an all-time high, with projections of 6.25 billion avocados consumed in 2020, up from 3.81 billion in 2014. The average American will eat approximately 8.5 pounds of avocados this year, with 71% of households making a purchase. Mission distributed 559 million pounds of avocados in fiscal 2019, significantly outpacing competitors. The increase is attributed to factors like growing health consciousness among millennials, enhanced supply, and versatile marketing efforts.
Mission Produce, Inc. (AVO) has launched Mission Jumbos, larger avocados aimed at meeting consumer demand for shareable servings amid changing shopping habits. This new product expands their existing lineup and reflects increased consumer preferences for larger sizes as people buy for larger households. Mission's products outperform competitors, driving profits for retailers. Additionally, the Mission Jumbos packaging features a 12% reduction in plastic as part of the company's sustainability initiatives. This effort underscores Mission's commitment to environmentally conscious practices while enhancing product appeal.
Mission Produce, a leader in the avocado industry, announced that CEO Steve Barnard and CFO Bryan Giles will present at the Stephens Annual Investment Conference on November 18, 2020, at 12:00 PM ET. The presentation will be available via a live audio webcast on the Company's Investor Relations website. Mission Produce operates in over 25 countries, owning 11,000 acres and four advanced packing facilities. The company is known for its extensive avocado supply chain, servicing retail and foodservice customers globally.
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