Mission(US:AVO) Globenewswire·2024-12-19 21:05Core Viewpoint - Mission Produce, Inc. reported strong financial results for the fiscal fourth quarter and full year 2024, driven by the strength of its Marketing & Distribution segment and higher average per-unit avocado sales prices, despite a decrease in owned avocado production volume due to weather-related events [1][3][4]. Fiscal Fourth Quarter 2024 Financial Overview - Total revenue increased by 37% to $354.4 million compared to the same period last year [2][5]. - Net income was $17.3 million, or $0.24 per diluted share, compared to $4.0 million, or $0.06 per diluted share, for the same period last year [2][8]. - Adjusted net income rose to $19.6 million, or $0.28 per diluted share, compared to $7.5 million, or $0.11 per diluted share, for the same period last year [2][8]. - Adjusted EBITDA increased by 113% to $36.9 million, compared to $17.3 million in the same period last year [2][9]. Full Year 2024 Financial Overview - Total revenue for the year increased by 29% to $1.23 billion, primarily driven by higher average per-unit avocado sales prices [3]. - Net income for the year was $36.7 million, or $0.52 per diluted share, compared to a net loss of $(2.8) million, or $(0.04) per diluted share, in the prior year [3]. - Adjusted net income for the year was $52.8 million, or $0.74 per diluted share, compared to $13.3 million, or $0.19 per diluted share last year [3]. - Adjusted EBITDA for the year increased by 123% to $107.8 million, driven by stronger per-unit gross profit performance from the Marketing & Distribution and Blueberries segments [3][4]. Segment Performance - In the Marketing & Distribution segment, net sales increased by 35% to $319.6 million for the fourth quarter, driven by avocado pricing increases [10]. - The International Farming segment reported total sales of $30.3 million for the fourth quarter, down from $40.3 million due to lower volumes of owned avocados sold [10]. - The Blueberries segment saw net sales increase by 62% to $31.6 million for the fourth quarter, driven by volume from new plantings and yield improvements [13][14]. Cash Flow and Capital Expenditures - Cash flow from operations improved by $64.2 million to $93.4 million for the year ended October 31, 2024, compared to $29.2 million in the prior year [3][16]. - Capital expenditures for the year were $32.2 million, down from $49.8 million the previous year, primarily focused on avocado orchard development and blueberry land development [17][21]. Outlook for Fiscal Year 2025 - The company anticipates industry volumes in the first quarter of fiscal 2025 to be consistent with the prior year period, with expected pricing to be approximately 20% higher compared to the first quarter of fiscal 2024 [18][19]. - The blueberries harvest season in Peru is expected to peak during the first quarter, with meaningful volume increases anticipated, although average sales prices may be approximately 30% lower compared to the first quarter of fiscal 2024 [20].