Mission Produce's Steve Barnard Discusses Fiscal 2022 Second Quarter Financial Results
OXNARD, CA - The first half of the year can set the tone for the second half, and I expect that will be the case for Mission Produce. The supplier recently reported its financial results for the fiscal second quarter ended April 30, 2022, reporting total revenue of $278.1 million—an 18 percent increase compared to the same period last year.
“I’m pleased with our ability to get the business back on track quickly following the temporary operational challenges associated with our ERP implementation in the first quarter. Our per-box margins have recovered and returned to the high-end of normal historical ranges,” commented Steve Barnard, Founder and Chief Executive Officer. “The fresh avocado market realized record-high per unit sales pricing during fiscal second quarter, which is the result of a smaller Mexican harvest and lower industry volumes. Consumer demand remains strong. The volume constraints the industry faces are due to lack of supply, which Mission is uniquely able to address through our strategy to invest in vertical integration. Specifically, our owned Peruvian production gives us reliable access to fruit to meet customer needs on a scale and at volumes that only Mission can deliver.”
Barnard continued, “We are well-positioned to leverage these capabilities in the second half of our fiscal year when our owned Peruvian production comes online and typically contributes to a significant step-up in adjusted EBITDA generation. In addition, we continue to invest in owned farms in Guatemala and Columbia, which we expect to further bolster Mission’s ability to supply year-round fruit to our customers over the long term.”
According to the company release, the total revenue was impacted by average selling price increases of 44 percent, partially offset by a 19 percent decrease in avocado volume sold, compared to the same period last year. Other metrics from the report include:
- Net income of $2.4 million, or $0.03 per diluted share, compared to $7.4 million, or $0.10 per diluted share, for the same period last year
- Adjusted net income of $2.6 million, or $0.04 per diluted share, compared to $8.7 million, or $0.12 per diluted share, for the same period last year
- Adjusted EBITDA of $9.2 million compared to $16.3 million for the same period last year
To read Mission’s report in full, please click here.
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