Mission Produce's Steve Barnard Highlights Infrastructure Investments in Fiscal 2021 Third Quarter Financial Results
OXNARD, CA - With the rise in health and nutrition both in homes and in foodservice, fresh produce brings great attention to our industry, especially for Mission Produce. The grower’s fiscal third quarter 2021 results showed Mission saw a total revenue of $246.8 million, a 4 percent increase compared to the same period last year.
“We were pleased with our fiscal third-quarter performance amid heightened industry volatility that was brought about by Mexico’s delayed transitional harvest timing,” Steve Barnard, Chief Executive Officer and Founder, commented. “Our team did an excellent job navigating this complex period and produced per-unit margins within the range of our expectations, though toward the lower end as a result of pricing volatility.”
According to the release, full-year fiscal 2021 net sales are now expected in the range of $890 million to $910 million, which is a revision of $10 million compared to prior guidance. This assumes total annual volume in the range of 655 million to 665 million pounds.
“Mission’s global sourcing and distribution network, along with owned production in Peru proved to be a significant advantage for us during the quarter, with nearly 45 percent of our third quarter U.S. distributed volume being sourced outside Mexico, which we believe is significantly greater than that of the industry,” Barnard continued. “Our vertical integration was the key in our ability to significantly mitigate the influences of Mexico’s unpredictability, while also positioning us to drive an 18 percent increase in our distributed volume to our export markets versus [the] prior year.”
Other key takeaways from the financial release include:
- Avocado volume sold increased 2 percent, average selling price increased 2 percent compared to the same period last year
- Gross profit was $40.9 million
- Adjusted EBITDA of $30.1 million
- Cash and cash equivalents were $70.9 million as of July 31, 2021
- Capital expenditures were $61.3 million for the nine months ended July 31, 2021, compared to $40.4 million for the same period last year
“As we look to the future, the infrastructure investments that we have made in distribution and fruit supply leave us well-positioned to capitalize on opportunities as market conditions improve,” concluded Barnard.
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