Mission Produce™ Reports Fiscal 2023 Second Quarter Financial Results; Steve Barnard Shares
OXNARD, CA - Amid strong headwinds, Mission Produce™ has put its industry prowess to the test, showing growth across its operations. With the recent release of its fiscal second quarter results for the period ended April 30, 2023, the supplier reported a 19 percent increase in avocado volume sold compared to the same period last year, among other developments.
“Our fiscal second quarter performance was driven by improved sales volumes resulting from a more normal pricing environment versus last year’s record high pricing,” commented Steve Barnard, Chief Executive Officer. “We delivered a 19 percent increase in sales volumes year over year, and we continued to see sequential improvement in both volumes and per-unit margins relative to fiscal first quarter. We are well positioned as we enter the Peruvian season, and our owned production comes online in the second half of the fiscal year. We are optimistic that per unit margins will continue to improve on a sequential basis and support the normal seasonal step-up in adjusted EBITDA in the second half of the fiscal year. Despite the impact of lower prices on per unit margins in the short-term, a more rational pricing environment is advantageous for long-term consumption growth and allows Mission to leverage our global distribution footprint to penetrate new growth markets.”
In addition to an increase in avocado volume sold, other highlights from the report include:
- Year over year market share gains among core U.S. retail customer base
- Sequential improvement in per-unit margins from fiscal first quarter 2023
- Commenced operations at new forward distribution center in the United Kingdom
- Owned production in Peru begins seasonal harvest; expect total exportable production from 125 million to 135 million pounds
Moving forward, Mission will continue to focus on driving global development and growth, utilizing its proven strategy for success.
“As we celebrate our 40th anniversary, we continue to demonstrate how our world-class vertically integrated model of sourcing, producing, and distributing Hass avocados and other produce differentiates us from our competitors,” Barnard continued. “Our focus remains on driving consumption growth globally by bringing consistent, year-round diversified sourcing capabilities to new growth markets. On that note, we are excited about the opening of our forward distribution center in the UK in April. Although still early, we are pleased with the progress we are making in the UK and are committed to further developing our capabilities in this important long-term growth region.”
To read the release in its entirety, click here.
What will the third quarter hold for Mission? Stay tuned to AndNowUKnow for updates.