Mission Produce® Announces Fiscal 2025 Third Quarter Financial Results
Mission Produce (NASDAQ: AVO) reported strong fiscal Q3 2025 results, with total revenue increasing 10% to $357.7 million. Net income reached $14.7 million ($0.21 per diluted share), up from $12.4 million in the same period last year. The company's performance was driven by effective management of Peruvian production and strategic global distribution.
Key financial highlights include a 22% increase in gross profit to $45.1 million, with gross profit percentage rising 120 basis points to 12.6%. Adjusted EBITDA grew 3% to $32.6 million. The Marketing & Distribution segment saw a 7% revenue increase to $344.1 million, while International Farming segment sales surged 79% to $49.0 million.
For Q4 2025, Mission expects avocado industry volumes to be approximately 15% higher than the previous year, with pricing projected to be 20-25% lower compared to Q4 2024's $1.90 per pound average.
Mission Produce (NASDAQ: AVO) ha registrato solide performance nel terzo trimestre fiscale 2025: i ricavi totali sono saliti del 10% a $357,7 milioni. L'utile netto è arrivato a $14,7 milioni (0,21$ per azione diluita), rispetto a $12,4 milioni nello stesso periodo dell'anno precedente. La buona performance è stata guidata da una gestione efficace della produzione in Perù e da una distribuzione globale strategica.
Tra i principali indicatori finanziari si segnala un aumento del 22% del margine lordo a $45,1 milioni, con la percentuale di margine lordo in crescita di 120 punti base al 12,6%. L'EBITDA rettificato è cresciuto del 3% a $32,6 milioni. Il segmento Marketing & Distribution ha registrato un incremento dei ricavi del 7% a $344,1 milioni, mentre le vendite del segmento International Farming sono esplose del 79% raggiungendo $49,0 milioni.
Per il quarto trimestre 2025, Mission prevede che i volumi dell'industria dell'avocado saranno circa il 15% superiori rispetto all'anno precedente, con prezzi stimati inferiori del 20-25% rispetto alla media di $1,90 per libbra del Q4 2024.
Mission Produce (NASDAQ: AVO) presentó sólidos resultados en el tercer trimestre fiscal de 2025, con ingresos totales que aumentaron un 10% hasta $357,7 millones. El beneficio neto alcanzó $14,7 millones (0,21$ por acción diluida), frente a $12,4 millones en el mismo periodo del año anterior. El desempeño se apoyó en una gestión eficaz de la producción en Perú y en una distribución global estratégica.
Entre los principales indicadores financieros destaca un incremento del 22% en el beneficio bruto hasta $45,1 millones, con el porcentaje de margen bruto subiendo 120 puntos básicos hasta el 12,6%. El EBITDA ajustado creció un 3% hasta $32,6 millones. El segmento de Marketing & Distribution registró un aumento de ingresos del 7% hasta $344,1 millones, mientras que las ventas del segmento International Farming se dispararon un 79% hasta $49,0 millones.
Para el cuarto trimestre de 2025, Mission espera que los volúmenes de la industria del aguacate sean aproximadamente un 15% mayores que el año anterior, con precios proyectados un 20-25% inferiores en comparación con el promedio de $1,90 por libra del Q4 2024.
Mission Produce (NASDAQ: AVO)는 2025 회계연도 3분기에 견조한 실적을 보고했습니다. 총매출은 10% 증가한 $357.7 million을 기록했습니다. 순이익은 $14.7 million(희석주당 $0.21)으로 전년 동기 $12.4 million에서 증가했습니다. 페루 생산의 효율적 관리와 전략적 글로벌 유통이 실적을 견인했습니다.
주요 재무 하이라이트로는 총이익이 22% 증가해 $45.1 million을 기록했으며, 총이익률은 120 베이시스 포인트 상승해 12.6%가 되었습니다. 조정 EBITDA는 3% 증가한 $32.6 million이었습니다. 마케팅 및 유통 부문 매출은 7% 증가해 $344.1 million을 기록했고, 국제 농업(International Farming) 부문 매출은 79% 급증해 $49.0 million에 달했습니다.
2025 회계연도 4분기에는 아보카도 산업 물량이 전년 대비 약 15% 증가할 것으로 예상되며, 가격은 2024년 4분기 평균 $1.90/파운드 대비 20–25% 낮을 것으로 전망됩니다.
Mission Produce (NASDAQ: AVO) a publié de solides résultats pour le troisième trimestre fiscal 2025 : le chiffre d'affaires total a augmenté de 10% pour atteindre 357,7 M$. Le résultat net s'est établi à 14,7 M$ (0,21$ par action diluée), contre 12,4 M$ sur la même période l'an passé. La performance a été soutenue par une gestion efficace de la production au Pérou et une distribution mondiale stratégique.
Parmi les points financiers clés, le bénéfice brut a progressé de 22% pour atteindre 45,1 M$, la marge brute gagnant 120 points de base pour atteindre 12,6%. L'EBITDA ajusté a augmenté de 3% pour s'établir à 32,6 M$. Le segment Marketing & Distribution a vu ses revenus croître de 7% à 344,1 M$, tandis que les ventes du segment International Farming ont bondi de 79% pour atteindre 49,0 M$.
Pour le quatrième trimestre 2025, Mission prévoit que les volumes de l'industrie de l'avocat seront environ 15% supérieurs à l'année précédente, avec des prix projetés inférieurs de 20 à 25% par rapport à la moyenne de 1,90$ par livre du T4 2024.
Mission Produce (NASDAQ: AVO) meldete starke Ergebnisse für das dritte Fiskalquartal 2025: der Gesamtumsatz stieg um 10% auf $357,7 Millionen. Der Nettogewinn belief sich auf $14,7 Millionen (0,21$ verwässert pro Aktie) gegenüber $12,4 Millionen im Vorjahreszeitraum. Getrieben wurde die Entwicklung durch eine effektive Steuerung der Produktion in Peru und eine strategische globale Distribution.
Wesentliche Finanzkennzahlen: Das Bruttoergebnis stieg um 22% auf $45,1 Millionen, die Bruttomarge verbesserte sich um 120 Basispunkte auf 12,6%. Das bereinigte EBITDA wuchs um 3% auf $32,6 Millionen. Der Bereich Marketing & Distribution verzeichnete einen Umsatzanstieg von 7% auf $344,1 Millionen, während die Erlöse des Segments International Farming um 79% auf $49,0 Millionen zulegten.
Für Q4 2025 rechnet Mission damit, dass die Avocado-Branchenmengen etwa 15% höher ausfallen werden als im Vorjahr, bei Preisen, die voraussichtlich 20–25% unter dem Q4-2024-Durchschnitt von $1,90 pro Pfund liegen.
- Revenue increased 10% to $357.7 million year-over-year
- Gross profit grew 22% to $45.1 million with margin expansion of 120 basis points
- Operating cash flow of $34 million generated in Q3
- International Farming segment sales increased 79% to $49.0 million
- Peruvian farm production expected to reach 105-110 million pounds, up from 43 million pounds in 2024
- SG&A expenses increased 19% to $24.1 million
- Marketing & Distribution segment adjusted EBITDA decreased from $26.8M to $20.0M
- Q4 avocado pricing expected to be 20-25% lower year-over-year
- Higher working capital requirements due to increased production affecting cash flows
Insights
Mission Produce delivered record Q3 revenue and profit with strong performance from Peru operations despite lower avocado prices.
Mission Produce has delivered an impressive quarter with record revenue of
The gross profit margin expanded by
Net income reached
The company's performance varied significantly across segments. The Marketing & Distribution segment saw revenue increase by
The standout performer was the International Farming segment, where sales surged
Looking forward, the company expects avocado industry volumes to be approximately
Mission's own Peruvian farms are expected to produce 105-110 million pounds this harvest season, compared to just 43 million pounds in 2024 when weather events hampered production. This dramatic production increase showcases the volatility inherent in agricultural operations but also demonstrates the upside potential when conditions are favorable.
While operating cash flow of
Achieved record fiscal third quarter revenue and gross profit
OXNARD, Calif., Sept. 08, 2025 (GLOBE NEWSWIRE) -- Mission Produce, Inc. (NASDAQ: AVO) (“Mission” or “the Company”) a world leader in sourcing, producing, and distributing fresh Hass avocados, today reported its financial results for the fiscal third quarter ended July 31, 2025.
Fiscal Third Quarter 2025 Financial Overview:
- Total revenue increased
10% to$357.7 million compared to the same period last year - Net income of
$14.7 million , or$0.21 per diluted share, compared to$12.4 million , or$0.17 per diluted share, for the same period last year - Adjusted net income of
$18.2 million , or$0.26 per diluted share, compared to$16.7 million , or$0.23 per diluted share, for the same period last year - Adjusted EBITDA increased
3% to$32.6 million , compared to$31.5 million in the same period last year
CEO Message
Steve Barnard, CEO of Mission, stated, "This quarter, our commercial team demonstrated its unique ability to effectively program our owned Peruvian production to strategically deliver fruit into multiple global regions, resulting in supply consistency for our consumers and another quarter of strong financial performance. Our vertically integrated model, which combines a year-round sourcing network, owned production, global marketing and distribution capabilities and value-add services allows Mission to provide category leadership to drive global consumption. What's particularly encouraging is how our operations have adapted to market volatility — we've now demonstrated our ability to deliver solid results whether facing difficult supply conditions or favorable harvest environments, reflecting the consistency and operational excellence that helps us navigate various headwinds and capitalize on opportunities as they arise. With our strong operational performance and continued focus on working capital management, we generated
Fiscal Third Quarter 2025 Consolidated Financial Review
Total revenue for the third quarter of fiscal 2025 increased
Gross profit increased
Selling, general and administrative expense (“SG&A”) for the third quarter increased
Net income for the third quarter of fiscal 2025 was
Adjusted net income for the third quarter of fiscal 2025 was
Adjusted EBITDA was
Fiscal Third Quarter Business Segment Performance
Marketing & Distribution
Net sales in the Marketing & Distribution segment increased
Segment adjusted EBITDA was
International Farming
The vast majority of fruit sales from the International Farming segment are made to the Marketing & Distribution segment, with the remainder of revenue largely derived from services provided to third parties and the Blueberries segment. Affiliated sales are concentrated in the second half of the fiscal year in alignment with the Peruvian avocado harvest season, which typically runs from April through September of each year. As a result, adjusted EBITDA for the International Farming segment is generally concentrated in the third and fourth quarters of the fiscal year in alignment with the timing of sales. In addition, the Company operates approximately 700 acres of mangos in Peru. The timing of the mango harvest is generally concentrated in the fiscal second quarter.
Total sales in the International Farming segment for the third quarter increased
Blueberries
Sales in the Blueberries segment have traditionally been concentrated in the first and fourth quarters of the fiscal year in alignment with the Peruvian blueberry harvest season.
Net sales in the Blueberries segment increased
Segment adjusted EBITDA increased
Balance Sheet and Cash Flow
Cash and cash equivalents were
The Company’s operating cash flows are seasonal in nature and can be temporarily influenced by working capital shifts resulting from varying payment terms to growers in different source regions. In addition, the Company is building its growing crops inventory in its International Farming segment during the first half of the year for ultimate harvest and sale that will occur during the second half of the fiscal year. While these increases in working capital can cause operating cash flows to be unfavorable in individual quarters, it is not indicative of operating cash performance expected to be realized for the full year.
Net cash provided by operating activities was
Capital expenditures were
Outlook
For the fourth quarter of fiscal year 2025, the Company is providing the following industry outlooks that will drive performance:
- Avocado industry volumes are expected to be approximately
15% higher in the fiscal 2025 fourth quarter versus the prior year period due to a combination of ample Peruvian product in the supply chain as the harvest season nears completion and the transition to the new Mexican crop, which is expected to be larger than prior year due to favorable weather conditions. Exported production from Mission’s owned farms in Peru is expected to range between 105 million to 110 million pounds (as compared to 43 million pounds in the 2024 harvest season, which was negatively impacted by weather-related events), of which approximately 48 million pounds were sold through as of the end of the fiscal third quarter. - Pricing is expected to be lower on a year-over-year basis by approximately 20
-25% as compared to the$1.90 per pound average experienced in fourth quarter of fiscal 2024. The decrease in pricing is directly correlated with expectations of higher volumes available in U.S. and international markets.
- The blueberries harvest season in Peru will begin to ramp up during the quarter. The Company expects to see meaningful volume increases from our owned farms, but the impact on revenue will likely be offset by lower average sales prices.
- For fiscal 2025, total capital expenditures are expected to remain in the range of
$50 t o$55 million .
Conference Call and Webcast
As previously announced, the Company will host a conference call to discuss its third quarter of fiscal 2025 financial results today at 5:00 p.m. ET. The conference call can be accessed live over the phone by dialing (877) 407-9039 or for international callers by dialing (201) 689-8470. A replay of the call will be available through September 22, 2025 by dialing (844) 512-2921 or for international callers by dialing (412) 317-6671; the passcode is 13751792.
The live audio webcast of the conference call will be accessible in the News & Events section on the Company's Investor Relations website at https://investors.missionproduce.com. An archived replay of the webcast will also be available shortly after the live event has concluded.
Non-GAAP Financial Measures
This press release contains the non-GAAP financial measures “adjusted net income” and “adjusted EBITDA.” Management believes these measures provide useful information for analyzing the underlying business results. These measures are not in accordance with, nor are they a substitute for or superior to, the comparable financial measures by generally accepted accounting principles.
Adjusted net income (loss) refers to net income (loss) attributable to Mission Produce, before stock-based compensation expense, unrealized gain (loss) on derivative financial instruments, foreign currency gain (loss), farming costs for nonproductive orchards (which represents land lease costs), recognition of deferred ERP costs, transaction costs, amortization of inventory adjustments and intangible asset recognized from business combinations, further adjusted by any special, non-recurring, or one-time items such as remeasurement, impairment or discrete tax charges that are distortive to results, and tax effects of these items, if any, and the tax-effected impact of these non-GAAP adjustments attributable to noncontrolling interest, allocable to the noncontrolling owners based on their percentage of ownership interest.
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, farming costs for nonproductive orchards (which represents land lease costs), recognition of deferred ERP costs, transaction costs, 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. Effective for the fourth quarter of 2024, the Company made a change in presentation of its reconciliation of adjusted EBITDA to its comparable GAAP financial measure to include a subtotal of the non-GAAP adjustments before the effect of the noncontrolling interest adjustment called “adjusted EBITDA before adjustment for noncontrolling interest.” The presentation change has no impact to total adjusted EBITDA. The Company believes the addition of the subtotal within the reconciliation is useful because it better aligns with management’s sequence of review of the information in the reconciliation.
Reconciliations of these non-GAAP financial measures to the most comparable GAAP measure are provided in the appendices to this press release.
About Mission Produce, Inc.:
Mission Produce (NASDAQ: AVO) is a global leader in the worldwide fresh produce business, delivering fresh Hass avocados and mangos to retail, wholesale and foodservice customers in over 25 countries. Since 1983, Mission Produce has been sourcing, producing and distributing fresh Hass avocados, and today also markets mangos and grows blueberries as part of its diversified portfolio. The Company is vertically integrated and owns five state-of-the-art packing facilities across the U.S., Mexico, Peru, and Guatemala. With sourcing capabilities across 20+ premium growing regions, the company provides a year-round supply of premium fresh 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: reliance on primarily one main product, 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 Content and Communications Manager
Mission Produce, Inc.
press@missionproduce.com
| Condensed Consolidated Balance Sheets (Unaudited) | |||||||
| (In millions, except for shares) | July 31, 2025 | October 31, 2024 | |||||
| Assets | |||||||
| Current Assets | |||||||
| Cash and cash equivalents | $ | 43.7 | $ | 58.0 | |||
| Restricted cash | 2.9 | 1.3 | |||||
| Accounts receivable | |||||||
| Trade, net of allowances | 95.4 | 95.4 | |||||
| Grower and fruit advances | 3.9 | 1.7 | |||||
| Other | 18.6 | 15.3 | |||||
| Inventory | 103.4 | 91.2 | |||||
| Prepaid expenses and other current assets | 9.1 | 9.4 | |||||
| Income taxes receivable | 7.7 | 6.7 | |||||
| Total current assets | 284.7 | 279.0 | |||||
| Property, plant and equipment, net | 538.8 | 523.4 | |||||
| Operating lease right-of-use assets | 69.5 | 67.8 | |||||
| Equity method investees | 32.9 | 33.0 | |||||
| Deferred income tax assets, net | 9.8 | 9.7 | |||||
| Goodwill | 39.4 | 39.4 | |||||
| Other assets | 27.3 | 19.2 | |||||
| Total assets | $ | 1,002.4 | $ | 971.5 | |||
| Liabilities and Equity | |||||||
| Liabilities | |||||||
| Accounts payable | $ | 46.4 | $ | 35.3 | |||
| Accrued expenses | 38.6 | 39.9 | |||||
| Income taxes payable | 5.4 | 7.7 | |||||
| Grower payables | 34.2 | 50.3 | |||||
| Short-term borrowings | 2.9 | 3.0 | |||||
| Loans from noncontrolling interest holders—current portion | 0.2 | 0.1 | |||||
| Notes payable | — | 0.5 | |||||
| Long-term debt—current portion | 3.0 | 3.0 | |||||
| Operating leases—current portion | 6.8 | 6.4 | |||||
| Finance leases—current portion | 2.4 | 2.9 | |||||
| Total current liabilities | 139.9 | 149.1 | |||||
| Long-term debt, net of current portion | 128.5 | 110.7 | |||||
| Loans from noncontrolling interest holders, net of current portion | 0.9 | 1.8 | |||||
| Operating leases, net of current portion | 68.9 | 67.4 | |||||
| Finance leases, net of current portion | 21.7 | 21.5 | |||||
| Income taxes payable | — | 1.3 | |||||
| Deferred income tax liabilities, net | 16.5 | 16.6 | |||||
| Other long-term liabilities | 25.5 | 26.0 | |||||
| Total liabilities | 401.9 | 394.4 | |||||
| Equity | |||||||
| Mission Produce shareholders' equity | 568.7 | 547.3 | |||||
| Noncontrolling interest | 31.8 | 29.8 | |||||
| Total equity | 600.5 | 577.1 | |||||
| Total liabilities and equity | $ | 1,002.4 | $ | 971.5 | |||
| Condensed Consolidated Statements of Income (Unaudited) | |||||||||||||||
| Three Months Ended July 31, | Nine Months Ended July 31, | ||||||||||||||
| (In millions, except for per share amounts) | 2025 | 2024 | 2025 | 2024 | |||||||||||
| Net sales | $ | 357.7 | $ | 324.0 | $ | 1,072.2 | $ | 880.3 | |||||||
| Cost of sales | 312.6 | 287.0 | 967.2 | 783.6 | |||||||||||
| Gross profit | 45.1 | 37.0 | 105.0 | 96.7 | |||||||||||
| Selling, general and administrative expenses | 24.1 | 20.2 | 67.8 | 59.6 | |||||||||||
| Operating income | 21.0 | 16.8 | 37.2 | 37.1 | |||||||||||
| Interest expense | (2.4 | ) | (3.2 | ) | (7.1 | ) | (9.9 | ) | |||||||
| Equity method income | 2.0 | 1.7 | 3.7 | 2.6 | |||||||||||
| Other (expense) income, net | (0.8 | ) | 1.3 | 0.1 | 1.3 | ||||||||||
| Income before income taxes | 19.8 | 16.6 | 33.9 | 31.1 | |||||||||||
| Provision for income taxes | 5.3 | 4.5 | 10.2 | 10.0 | |||||||||||
| Net income | $ | 14.5 | $ | 12.1 | $ | 23.7 | $ | 21.1 | |||||||
| Less: | |||||||||||||||
| Net (loss) income attributable to noncontrolling interest | (0.2 | ) | (0.3 | ) | 2.0 | 1.7 | |||||||||
| Net income attributable to Mission Produce | $ | 14.7 | $ | 12.4 | $ | 21.7 | $ | 19.4 | |||||||
| Net income per share attributable to Mission Produce: | |||||||||||||||
| Basic | $ | 0.21 | $ | 0.17 | $ | 0.31 | $ | 0.27 | |||||||
| Diluted | $ | 0.21 | $ | 0.17 | $ | 0.30 | $ | 0.27 | |||||||
| Weighted average shares of common stock outstanding, used in computing diluted earnings per share | 71,038,054 | 71,082,945 | 71,221,500 | 70,977,504 | |||||||||||
| Condensed Consolidated Statements of Cash Flow (Unaudited) | |||||||
| Nine Months Ended July 31, | |||||||
| (In millions) | 2025 | 2024 | |||||
| Operating Activities | |||||||
| Net income | $ | 23.7 | $ | 21.1 | |||
| Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
| Depreciation and amortization | 24.1 | 27.5 | |||||
| Amortization of debt issuance costs | 0.2 | 0.2 | |||||
| Equity method income | (3.7 | ) | (2.6 | ) | |||
| Noncash lease expense | 5.2 | 4.6 | |||||
| Stock-based compensation | 5.6 | 4.5 | |||||
| Dividends received from equity method investees | 4.4 | 3.2 | |||||
| Losses on asset impairment, disposals and sales | 2.9 | 3.8 | |||||
| Gains on settlement of asset retirement obligations | (0.8 | ) | — | ||||
| Deferred income taxes | (0.3 | ) | (1.3 | ) | |||
| Unrealized losses (gains) on foreign currency transactions | 0.8 | (0.6 | ) | ||||
| Unrealized loss on derivative financial instruments | — | 0.1 | |||||
| Other | (0.1 | ) | (0.1 | ) | |||
| Effect on cash of changes in operating assets and liabilities: | |||||||
| Trade accounts receivable | (0.3 | ) | (26.5 | ) | |||
| Grower fruit advances | (2.1 | ) | (0.7 | ) | |||
| Other receivables | (3.3 | ) | (1.4 | ) | |||
| Inventory | (11.8 | ) | (10.6 | ) | |||
| Prepaid expenses and other current assets | 0.1 | 0.8 | |||||
| Income taxes receivable | (0.8 | ) | (2.6 | ) | |||
| Other assets | (7.1 | ) | 0.5 | ||||
| Accounts payable and accrued expenses | 11.5 | 10.6 | |||||
| Income taxes payable | (3.6 | ) | 2.4 | ||||
| Grower payables | (16.4 | ) | 28.6 | ||||
| Operating lease liabilities | (5.1 | ) | (4.7 | ) | |||
| Other long-term liabilities | (1.7 | ) | (1.4 | ) | |||
| Net cash provided by operating activities | $ | 21.4 | $ | 55.4 | |||
| Investing Activities | |||||||
| Purchases of property, plant and equipment | (39.8 | ) | (25.3 | ) | |||
| Proceeds from sale of property, plant and equipment | — | 0.1 | |||||
| Investment in equity method investees | — | (0.6 | ) | ||||
| Other | (0.2 | ) | (0.2 | ) | |||
| Net cash used in investing activities | $ | (40.0 | ) | $ | (26.0 | ) | |
| Financing Activities | |||||||
| Borrowings on revolving credit facility | 55.0 | 40.0 | |||||
| Payments on revolving credit facility | (35.0 | ) | (55.0 | ) | |||
| Proceeds from short-term borrowings | 5.2 | 3.0 | |||||
| Repayment of short-term borrowings | (7.3 | ) | (2.8 | ) | |||
| Principal payments on long-term debt obligations | (2.3 | ) | (2.7 | ) | |||
| Principal payments on finance lease obligations | (0.7 | ) | (1.6 | ) | |||
| Payments for long-term supplier financing | (1.1 | ) | (0.5 | ) | |||
| Payments to noncontrolling interest holder for long-term supply financing | (1.3 | ) | (2.0 | ) | |||
| Principal payments on loans due to noncontrolling interest holder | — | (0.5 | ) | ||||
| Payments of minimum withholding taxes on net share settlement of equity awards | (1.5 | ) | (0.8 | ) | |||
| Exercise of stock options | 0.3 | — | |||||
| Purchase and retirement of common stock | (5.5 | ) | — | ||||
| Net cash provided by (used in) financing activities | $ | 5.8 | $ | (22.9 | ) | ||
| Effect of exchange rate changes on cash | 0.1 | 0.2 | |||||
| Net (decrease) increase in cash, cash equivalents and restricted cash | (12.7 | ) | 6.7 | ||||
| Cash, cash equivalents and restricted cash, beginning of period | 59.3 | 43.2 | |||||
| Cash, cash equivalents and restricted cash, end of period | $ | 46.6 | $ | 49.9 | |||
| Summary of cash, cash equivalents and restricted cash reported within the condensed consolidated balance sheets: | |||||||
| Cash and cash equivalents | $ | 43.7 | $ | 49.5 | |||
| Restricted cash | 2.9 | 0.4 | |||||
| Total cash, cash equivalents, and restricted cash shown in the condensed consolidated statements of cash flows | $ | 46.6 | $ | 49.9 | |||
| Reconciliation of Non-GAAP Financial Measures to GAAP (Unaudited) | |||||||||||||||
| The following tables reconcile the non-GAAP measures “adjusted net income” and “adjusted EBITDA” to their comparable GAAP measures. Refer also to “Non-GAAP Financial Measures” earlier in this press release. | |||||||||||||||
| Adjusted Net Income | |||||||||||||||
| Three Months Ended July 31, | Nine Months Ended July 31, | ||||||||||||||
| (In millions, except for per share amounts) | 2025 | 2024 | 2025 | 2024 | |||||||||||
| Net income attributable to Mission Produce | $ | 14.7 | $ | 12.4 | $ | 21.7 | $ | 19.4 | |||||||
| Stock-based compensation | 1.7 | 1.5 | 5.6 | 4.5 | |||||||||||
| Unrealized loss on derivative financial instruments | (0.1 | ) | 0.1 | — | 0.5 | ||||||||||
| Foreign currency transaction (gain) loss | 1.2 | (1.2 | ) | 1.4 | 0.1 | ||||||||||
| Losses on asset impairment and disposals | 1.1 | 3.4 | 2.9 | 3.8 | |||||||||||
| Farming costs for nonproductive orchards(1) | 0.7 | 1.3 | 2.7 | 3.5 | |||||||||||
| Recognition of deferred ERP costs | 0.6 | 0.5 | 1.7 | 1.6 | |||||||||||
| Canada site closures(2) | (0.4 | ) | — | 1.1 | — | ||||||||||
| Transaction costs | 0.1 | — | 0.3 | — | |||||||||||
| Tariffs(3) | — | — | 1.1 | — | |||||||||||
| Depreciation-blueberries(4) | — | — | — | 4.1 | |||||||||||
| Severance | — | — | — | 1.3 | |||||||||||
| Legal settlement | — | — | — | 0.2 | |||||||||||
| Amortization of intangible asset recognized from business | — | — | — | 0.5 | |||||||||||
| Tax effects of adjustments to net income attributable to Mission Produce(5) | (1.1 | ) | (1.1 | ) | (3.9 | ) | (4.1 | ) | |||||||
| Noncontrolling interest(6) | (0.3 | ) | (0.2 | ) | (0.6 | ) | (2.2 | ) | |||||||
| Mission Produce adjusted net income | $ | 18.2 | $ | 16.7 | $ | 34.0 | $ | 33.2 | |||||||
| Mission Produce adjusted net income per diluted share | $ | 0.26 | $ | 0.23 | $ | 0.48 | $ | 0.47 | |||||||
| (1) | Costs related to blueberry orchards were |
| (2) | Represents costs recognized in cost of sales related to the closure of the Company’s Canadian distribution centers, including: accelerated depreciation expense on property, plant and equipment and operating lease right-of-use lease assets, early lease termination costs, severance costs, and gains on settlement of asset retirement obligations. |
| (3) | Represents tariff charges levied on USMCA-compliant goods imported from Mexico for the three-day period from March 4th to March 6th, 2025. The extremely short-term nature of the charges prevented the Company from effectively passing the charges in both pricing to customers and prices paid for goods from suppliers. USMCA-compliant goods have subsequently been exempted from tariff charges on U.S. imports and additional adjustments are not expected in the future. |
| (4) | Represents accelerated depreciation expense for certain blueberry plants determined to have no remaining useful life. |
| (5) | Tax effects are calculated using applicable rates that each adjustment relates to. |
| (6) | Represents net income or loss attributable to noncontrolling interest plus the impact of tax-effected non-GAAP adjustments, allocable to the noncontrolling owner based on their percentage of ownership interest. |
| Adjusted EBITDA | |||||||||||||||
| Three Months Ended July 31, | Nine Months Ended July 31, | ||||||||||||||
| (In millions) | 2025 | 2024 | 2025 | 2024 | |||||||||||
| Marketing & Distribution adjusted EBITDA | $ | 20.0 | $ | 26.8 | $ | 46.5 | $ | 59.5 | |||||||
| International Farming adjusted EBITDA | 12.1 | 4.6 | 15.4 | 1.9 | |||||||||||
| Blueberries adjusted EBITDA | 0.5 | 0.1 | 7.5 | 9.5 | |||||||||||
| Total reportable segment adjusted EBITDA | $ | 32.6 | $ | 31.5 | $ | 69.4 | $ | 70.9 | |||||||
| Net income | 14.5 | 12.1 | 23.7 | 21.1 | |||||||||||
| Interest expense(1) | 2.4 | 3.2 | 7.1 | 9.9 | |||||||||||
| Provision for income taxes | 5.3 | 4.5 | 10.2 | 10.0 | |||||||||||
| Depreciation and amortization(2) | 8.4 | 8.9 | 24.1 | 27.5 | |||||||||||
| Equity method income | (2.0 | ) | (1.7 | ) | (3.7 | ) | (2.6 | ) | |||||||
| Stock-based compensation | 1.7 | 1.5 | 5.6 | 4.5 | |||||||||||
| Losses on asset impairment and disposals | 1.1 | 3.4 | 2.9 | 3.8 | |||||||||||
| Farming costs for nonproductive orchards | 0.5 | 0.5 | 1.3 | 1.3 | |||||||||||
| Recognition of deferred ERP costs | 0.6 | 0.5 | 1.7 | 1.6 | |||||||||||
| Severance | — | — | — | 1.3 | |||||||||||
| Legal settlement | — | — | — | 0.2 | |||||||||||
| Transaction costs | 0.1 | — | 0.3 | — | |||||||||||
| Canada site closures(3) | (0.5 | ) | — | 0.2 | — | ||||||||||
| Tariffs(4) | — | — | 1.1 | — | |||||||||||
| Other expense (income), net | 0.8 | (1.3 | ) | (0.1 | ) | (1.3 | ) | ||||||||
| Adjusted EBITDA before adjustment for | 32.9 | 31.6 | 74.4 | 77.3 | |||||||||||
| Noncontrolling interest(5) | (0.3 | ) | (0.1 | ) | (5.0 | ) | (6.4 | ) | |||||||
| Total adjusted EBITDA | $ | 32.6 | $ | 31.5 | $ | 69.4 | $ | 70.9 | |||||||
| (1) | Includes interest expense from finance leases, the most significant of which is for land at our Blueberries segment of |
| (2) | Includes depreciation and amortization of purchase accounting assets of zero and |
| (3) | Represents charges recognized in cost of sales related to the closure of our Canada facilities, including: accelerated amortization of operating lease right-of-use assets, early lease termination costs and severance costs, partially offset by gains on settlement of asset retirement obligations. |
| (4) | Represents tariff charges levied on USMCA-compliant goods imported from Mexico for the three-day period from March 4th to March 6th, 2025. The extremely short-term nature of the charges prevented the Company from effectively passing the charges in both pricing to customers and prices paid for goods from suppliers. USMCA-compliant goods have subsequently been exempted from tariff charges on U.S. imports and additional adjustments are not expected in the future. |
| (5) | Represents net income (loss) attributable to noncontrolling interest plus the impact of non-GAAP adjustments, allocable to the noncontrolling owner based on their percentage of ownership interest. |
| Other Information (Unaudited) | |||||||||||||||||||||||||||||||
| Segment Sales | |||||||||||||||||||||||||||||||
| Marketing & Distribution | International Farming | Blueberries | Total | Marketing & Distribution | International Farming | Blueberries | Total | ||||||||||||||||||||||||
| Three Months Ended July 31, | |||||||||||||||||||||||||||||||
| (In millions) | 2025 | 2024 | |||||||||||||||||||||||||||||
| Third party sales | $ | 344.1 | $ | 9.1 | $ | 4.5 | $ | 357.7 | $ | 321.3 | $ | 1.1 | $ | 1.6 | $ | 324.0 | |||||||||||||||
| Affiliated sales | — | 39.9 | — | 39.9 | — | 26.3 | — | 26.3 | |||||||||||||||||||||||
| Total segment sales | 344.1 | 49.0 | 4.5 | 397.6 | 321.3 | 27.4 | 1.6 | 350.3 | |||||||||||||||||||||||
| Intercompany eliminations | — | (39.9 | ) | — | (39.9 | ) | — | (26.3 | ) | — | (26.3 | ) | |||||||||||||||||||
| Total net sales | $ | 344.1 | $ | 9.1 | $ | 4.5 | $ | 357.7 | $ | 321.3 | $ | 1.1 | $ | 1.6 | $ | 324.0 | |||||||||||||||
| Nine Months Ended July 31, | |||||||||||||||||||||||||||||||
| 2025 | 2024 | ||||||||||||||||||||||||||||||
| Third party sales | $ | 1,002.4 | $ | 13.2 | $ | 56.6 | $ | 1,072.2 | $ | 833.0 | $ | 3.2 | $ | 44.1 | $ | 880.3 | |||||||||||||||
| Affiliated sales | — | 53.1 | — | 53.1 | — | 31.4 | — | 31.4 | |||||||||||||||||||||||
| Total segment sales | 1,002.4 | 66.3 | 56.6 | 1,125.3 | 833.0 | 34.6 | 44.1 | 911.7 | |||||||||||||||||||||||
| Intercompany eliminations | — | (53.1 | ) | — | (53.1 | ) | — | (31.4 | ) | — | (31.4 | ) | |||||||||||||||||||
| Total net sales | $ | 1,002.4 | $ | 13.2 | $ | 56.6 | $ | 1,072.2 | $ | 833.0 | $ | 3.2 | $ | 44.1 | $ | 880.3 | |||||||||||||||
| Avocado Sales | |||||||||||||||
| Three Months Ended July 31, | Nine Months Ended July 31, | ||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||
| Pounds of avocados sold (millions) | 183.5 | 166.1 | 509.8 | 486.2 | |||||||||||
| Average sales price per pound | $ | 1.74 | $ | 1.84 | $ | 1.83 | $ | 1.62 | |||||||
| Sales by Type | |||||||||||||||
| Three Months Ended July 31, | Nine Months Ended July 31, | ||||||||||||||
| (In millions) | 2025 | 2024 | 2025 | 2024 | |||||||||||
| Avocado | $ | 327.0 | $ | 306.9 | $ | 938.8 | $ | 786.7 | |||||||
| Other | 30.7 | 17.1 | 133.4 | 93.6 | |||||||||||
| Total net sales | $ | 357.7 | $ | 324.0 | $ | 1,072.2 | $ | 880.3 | |||||||
FAQ
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