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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 (Nasdaq: AVO) reported strong fiscal 2024 third quarter results, with total revenue increasing 24% to $324.0 million compared to the same period last year. Net income rose to $12.4 million, or $0.17 per diluted share, up from $6.6 million, or $0.09 per diluted share, in the prior year. Adjusted EBITDA increased 49% to $31.5 million.
The company's performance was driven by robust growth in the Marketing & Distribution segment, where average per-unit avocado sales prices increased 36%, offsetting a 10% decrease in volume. Cash flow from operations for the first nine months of fiscal 2024 improved significantly, reaching $55.4 million compared to cash used of $(7.3) million in the prior year period.
Mission Produce (Nasdaq: AVO), a global leader in fresh Hass avocados, mangos, and blueberries, has announced the release date for its fiscal third quarter 2024 financial results. The company will unveil its performance on Monday, September 9, 2024, after market close. A conference call and webcast are scheduled for 5:30 PM Eastern Time on the same day to discuss the results.
Investors can access the conference call by dialing (877) 407-9039 (US) or (201) 689-8470 (international). A replay will be available until September 23, 2024. The live audio webcast can be accessed in the News & Events section of Mission Produce's Investor Relations website.
Mission Produce (Nasdaq: AVO) reported fiscal second quarter 2024 results with a 35% revenue increase to $297.6 million, driven by a 22% rise in per-unit avocado prices and 8% increase in avocado volume sold. Net income was $7.0 million, or $0.10 per diluted share, compared to a net loss of $(4.6) million last year. Adjusted net income was $9.8 million, or $0.14 per diluted share. Adjusted EBITDA rose to $20.2 million from $7.6 million. Cash flow from operations improved to $12.9 million. Revenue growth in the Marketing & Distribution segment was significant, with a 33% rise to $287.1 million. However, the Peruvian avocado crop faced challenges due to El Niño, impacting production volumes negatively.
Mission Produce (Nasdaq: AVO) will release its fiscal second quarter 2024 financial results on June 6, 2024, after market close. The results will cover the period ending April 30, 2024. A conference call and webcast to discuss the financial performance will take place at 5:30 PM ET the same day. The call can be accessed by dialing provided phone numbers, with a replay available until June 20, 2024. The live audio webcast and an archived replay will be available on the company's Investor Relations website.
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