Mission Produce, Inc. is a major manufacturer of and distributing fresh Hass avocados along with options in blueberries and mangos and has released its figures for its financials for the fourth quarter of fiscal 2019, which ended on Oct 31 2023.

Fourth Quarter of Fiscal 2023 Financial Review:

• The total revenue grew by 8percent to $257.9 million when compared with the same time frame prior to the year. This was due to an 8percent increase in the per-unit average selling prices for avocados which was partially due to a 4% lower volume of avocados produced.
• Net earnings of $4.0 million which is $0.06 per share of diluted shares in comparison to a net losses that was $(42.0) millions, equivalent to $(0.59) per share of diluted shares in the same time period in the previous year. This included a cash charge of $49.5 million for impairment of goodwill
• Adjusted net profit of $7.5 million, which is $0.11 per share of diluted shares, in comparison to $9.2 million in adjusted net income, or $0.13 per share of diluted shares, in the same time frame the previous year.
• The adjusted EBITDA at $17.3 million, as compared with $17.2 million for the of the year

The Full Year of 2023’s Financial Review:

• The total volume of avocados sold grew by 12 percent to 654.4 million pounds
• The total revenue of the year was $953.9 million, which was compared with $1.05 billion in the previous year however, the volume grew due to less average per-unit sales of avocado price, lower pricing as well as a greater volume of avocados that were sold was due to a greater industry production from Mexico this year, following the exhaustion of supplies during the fiscal year prior.
• The net loss was $(2.8) million equivalent to $(0.04) per share of diluted shares as compared with $(34.6) million which is $(0.49) per share of diluted shares in the previous year.
• Adjusted net profit of $13.3 million which is $0.19 per diluted share as compared with $18.5 million which is $0.26 per diluted share in the previous year. EBITDA was up 2% to $48.4 million, up from $47.6 million the year before.
• Produced by owned exportable avocados fell by 9%, to 107 million pounds during the harvest season of 2023 The volume of production was impacted due to weather-related issues this year.

The Fiscal Fourth Quarter of 2023 Consolidated Financial Review

The total revenue in the fourth quarter of fiscal 2023 grew by $19.9 million, which is 8% when compared with the same time in the previous year. This was primarily due to the higher average per unit avocado sales rates, offset in part by the lower volume of avocados that was sold. The growth in revenue was also aided by a strong performance from the company’s Blueberries segment which rose by 88 percent.

Gross profit grew $0.9 million during this quarter in fiscal 2023’s fourth quarter in comparison to the same time in the year before, reaching $27.8 million. The gross profit margins decreased by 50 basis points up to 10.8 percent of the revenue. The company’s marketing & Distribution segment experienced 49 percent growth in its gross profits against the same time last year due to the high per-unit profit margins on Mexican as well as Californian avocados. The gross profit was also helped by increased volumes and a higher price in the Blueberries segment.

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Jenna Aguilera

Mission Produce, Inc.

Email: press@missionproduce.com