Mission(US:AVO) Newsfilter·2024-12-19 21:05Core Viewpoint - Mission Produce, Inc. reported strong financial results for fiscal fourth quarter 2024, driven by the Marketing & Distribution segment, with significant increases in revenue and adjusted EBITDA compared to the previous year [1][4]. Fiscal Fourth Quarter 2024 Financial Overview - Total revenue increased by 37% to $354.4 million compared to the same period last year [2]. - Net income rose to $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 was $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][9]. - 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 [3]. Segment Performance Marketing & Distribution - Net sales in the Marketing & Distribution segment increased by 35% to $319.6 million for the fourth quarter, driven by avocado pricing increases [10]. - Segment adjusted EBITDA increased by 137% to $25.6 million, primarily due to improved per-unit gross margin on avocados sold [10]. International Farming - Total sales in the International Farming segment for the fourth quarter were $30.3 million, down from $40.3 million for the same period last year, primarily due to lower volumes of owned avocados sold [11]. - Segment adjusted EBITDA was $2.7 million, compared to $1.1 million for the same period last year [12]. Blueberries - Net sales in the Blueberries segment increased by 62% to $31.6 million for the fourth quarter, driven by volume from new plantings and yield improvements [14]. - Segment adjusted EBITDA increased by 59% to $8.6 million for the fourth quarter, resulting from the growth in volumes [15]. 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 last year [17]. - Capital expenditures were $32.2 million for the year ended October 31, 2024, compared to $49.8 million last year [18]. Outlook - For the first quarter of fiscal year 2025, industry volumes are expected to be consistent with the prior year period, with pricing expected to be approximately 20% higher compared to the first quarter of fiscal 2024 [20][21]. - The blueberries harvest season in Peru is expected to peak during the first quarter, with meaningful volume increases anticipated, although pricing is expected to be approximately 30% lower compared to the first quarter of fiscal 2024 [22].