Key Takeaways Mission Produce posted record $1.39B FY25 revenues, with avocado volumes up 7% to 691M pounds.AVO more than doubled Peruvian exportable output, and is expanding in Europe and Asia.Limoneira leans on lemons, real estate and joint ventures, with growth tied to yields and pricing cycles.In the competitive world of fresh produce, Mission Produce Inc. (AVO) and Limoneira Company (LMNR) represent two distinct paths to growth. Mission Produce has emerged as a global powerhouse in avocados, operating ...

贵州独特的地形与气候，孕育了贵州水果独有的品质与风味。近年来，贵州猕猴桃、蜂糖李、苹果、蓝 莓等一批水果"出圈""出彩"，成为我省农业经济的一大支柱板块。但与其他水果大省相比，我省水果产 业仍存短板，包括基础设施建设滞后、人力成本高、科技支撑有待加强、品质标准不一、品牌溢价不 足、产业链不完善等问题。"亟待通过加强体系建设来推动水果产业高质量发展。"会上，国家柑橘产业 技术体系猕猴桃植保技术岗位专家，省特色水果产业技术体系首席科学家、贵州大学农学院教授龙友华 详细介绍了我省特色水果产业技术体系建设的思路及行动方案。 龙友华介绍，未来3年，体系将优先聚焦猕猴桃、蜂糖李、蓝莓、苹果四大产业提质增效，应急攻关主 要树种产业技术问题；发力建设采后处理与加工增值体系、绿色生态栽培体系和现代种业创新体系；与 行业协会融合，深入分析"贵果"区域品牌提升路径，探索"果园+文旅""果园＋康养"等新业态模式。同 时，突破2到3个品类种质创新，集成3到5套绿色技术规程；示范推广区单产提升10%，优果率达85%， 助力打造1到2个全国性品牌，打造1到2个科技型企业；建成三级服务网络，培养100人以上骨干队伍， 构建大数据平台雏形。 ...

Transaction Overview - Mission Produce will acquire all outstanding shares of Calavo Growers [23] - The merger consideration is 0.9790x of a Mission Produce share per Calavo Growers share and $14.85 cash per Calavo Growers share [23] - The cash/stock mix is 55% cash and 45% stock [23] - Calavo Growers will receive 1 board seat on Mission Produce expanded board [23] - The transaction is expected to close by the end of August 2026 [23] Financial Highlights - The pro forma net sales are approximately $2 billion [21] - The pro forma adjusted EBITDA is approximately $177 million, including approximately $25 million in run-rate synergies [21] - The combined company will have approximately 5,800 global employees [21] - Mission Produce anticipates approximately $25 million of annual cost synergies [23] Product and Geographic Mix - The pro forma product mix is 84% avocado, 5% blueberry, 4% mango, 4% guacamole, 2% tomato, and 1% other [20] - The pro forma geographic mix is 83% U S and 17% rest of world [20]

Financial Data and Key Metrics Changes - Fiscal 2025 recorded revenue of $1.39 billion, a 13% increase from the previous year, driven by a 7% volume growth in avocados [7][17] - Fourth quarter revenue totaled $319 million, down 10% year-over-year due to a 27% decrease in average per-unit avocado sales prices [17] - Adjusted net income for the quarter was $22.2 million, or $0.31 per diluted share, compared to $19.6 million, or $0.28 per diluted share last year [18] - Adjusted EBITDA increased 12% to a record $41.4 million compared to $36.9 million last year [19] Business Line Data and Key Metrics Changes - Marketing & Distribution segment achieved 7% avocado volume growth for the full year and 13% in the fourth quarter [9][20] - International Farming segment saw total sales increase by 97% to $59.7 million, with segment-adjusted EBITDA more than tripling to $8.4 million [21] - Blueberry segment net sales increased 16% to $36.5 million, although segment-adjusted EBITDA decreased due to lower per-unit margins [22] Market Data and Key Metrics Changes - North American market showed stable growth, while Europe and Asia experienced significant volume growth, with European volume sold increasing by 40% [8][10] - The company capitalized on its Peruvian product leverage to enhance international penetration and build relationships with large retailers [10] Company Strategy and Development Direction - The company is focused on growth, particularly in North America and international markets, with a strong emphasis on increasing household penetration for avocados [15][46] - The leadership transition is seen as a strategic move to continue the company's growth trajectory, with a focus on organic and inorganic opportunities [36][38] - The company plans to reduce capital expenditures to approximately $40 million, marking the end of a heavy capital investment cycle [24] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's operational capabilities and the potential for significant growth in the coming years [6][15] - The outlook for fiscal 2026 anticipates a 10% increase in avocado industry volumes, although pricing is expected to be lower year-over-year [25] - Management highlighted the importance of consumer engagement and strategic promotions to drive household penetration during lower pricing environments [50][51] Other Important Information - The company reduced long-term debt by approximately $18 million during Fiscal 2025, resulting in a healthy net leverage ratio well below one times EBITDA [23] - The company is committed to enhancing free cash flow generation in the coming years, supported by a disciplined focus on debt reduction [15][24] Q&A Session Summary Question: Outlook for mangoes and potential growth - Management indicated that the growth trajectory for mangoes will be similar to previous years, focusing on market share penetration and global sourcing initiatives [28][29] Question: Risks in achieving free cash flow growth - Management emphasized strong operating performance as the primary driver of cash flow, with a target of $40 million in capital expenditures for the upcoming year [30][31] Question: Capital allocation with lower CapEx - Management stated that growth remains the priority, with flexibility to explore various options for maximizing shareholder value, including share buybacks [32][33] Question: Changes in strategy with management transition - Management reassured that the strategic direction remains consistent, focusing on growth and capital deployment for the next five to ten years [35][38] Question: Insights on household penetration goals - Management expressed a goal to increase household penetration for avocados to 73%-75% over the next couple of years, leveraging lower pricing environments to drive consumer engagement [48][51]

Core Insights - Global demand for avocados is rising, positioning Mission Produce, Inc. (AVO) as a strategically advantageous player in the industry [1] - The company’s investment in vertical integration and global sourcing provides a competitive edge in meeting year-round supply needs [1][3] Company Performance - In Q3 fiscal 2025, Mission Produce increased volumes by 10% while maintaining solid margins despite lower market prices, showcasing its operational consistency [2][8] - Strong production from Peru and Mexico, along with growing international demand, allows Mission Produce to effectively match supply with market needs [2][8] Market Position and Strategy - Mission Produce's diversification into mangoes and blueberries enhances its global produce presence, although avocados remain the core focus [3] - The company's integrated model and international farming footprint are key to shaping the future of the global avocado market [3] Competitive Landscape - Mission Produce faces competition from Corteva, Inc. (CTVA) and Dole plc (DOLE), both of which are strengthening their market positions through disciplined supply strategies and operational efficiency [4][6] - Corteva combines advanced seed innovations with sustainable practices, while Dole leverages its scale and vertical integration to maintain supply reliability [5][6] Financial Metrics - Mission Produce shares have gained 8.3% over the last six months, contrasting with a 3.4% decline in the industry [7] - The company trades at a forward price-to-earnings ratio of 30.05X, significantly higher than the industry average of 12.70X [9] - Earnings estimates for fiscal 2025 and 2026 suggest a year-over-year decline of 9.5% and 28.3%, respectively, with stability in estimates over the past 30 days [10]

Core Insights - Mission Produce, Inc. is diversifying its product offerings beyond avocados into high-growth categories like mangoes and blueberries, leveraging its established global sourcing and distribution network [1][8] - The company's mango strategy aims to establish a reliable year-round supply in North America through an asset-light model based on partnerships with established growers [2][8] - Blueberries are emerging as a significant growth area, with acreage expanding by 25% to over 700 hectares and sales nearly tripling this year, indicating strong production momentum [3][8] Company Strategy - Mission Produce is applying its expertise in perishable logistics to new fruit categories, positioning itself for growth as its avocado segment matures [1] - The company is focusing on an integrated supply chain to ensure consistency in pricing, supply, and packaging for mangoes, which is crucial in a fragmented market [2] - Innovative pruning strategies and yield gains in blueberry production are extending the harvest season, contributing to the rapid growth in sales [3] Competitive Landscape - Mission Produce faces competition from Corteva, Inc. and Fresh Del Monte Produce Inc., both of which are advancing distinct strategies to enhance their market positions [4] - Corteva is focusing on sustainable agriculture through advanced seed genetics and crop protection innovations, while Fresh Del Monte is adapting to consumer preferences with technology and sustainability initiatives [5][6] Financial Performance - Mission Produce's shares have increased by 19.5% over the last six months, contrasting with a 5.8% decline in the industry [7] - The company trades at a forward price-to-earnings ratio of 26.23X, significantly higher than the industry average of 12.40X, indicating a premium valuation [9] - Consensus estimates suggest a year-over-year earnings decline of 9.4% for fiscal 2025 and 28.3% for fiscal 2026, with stable estimates over the past 30 days [10]

Core Insights - Mission Produce, Inc. (AVO) is a leading player in the premium fresh produce market, particularly in avocados, while also expanding into other categories like mangos and blueberries [1][2] - The company is experiencing increased sales volume due to improved supply conditions, but this has led to price pressures that may impact profitability [2][4] Financial Performance - In Q3 fiscal 2025, total revenues increased by 10%, primarily due to a 10% rise in avocado volumes sold, although this was partially offset by a 5% decline in average selling prices [2][9] - The company anticipates a 15% increase in industry volumes in Q4 fiscal 2025, driven by strong Peruvian supply and a new Mexican crop, but expects prices to drop by 20-25% compared to the previous year [3][9] Market Dynamics - The blueberry harvest season in Peru is expected to ramp up, contributing to higher volumes from owned farms, which may counterbalance revenue growth due to lower average selling prices [4] - Mission Produce is focusing on operational efficiency, cost control, and diversification to mitigate the impact of declining prices on margins [4] Competitive Landscape - Key competitors include Corteva, Inc. (CTVA) and Adecoagro S.A. (AGRO), both of which are enhancing their market positions through innovation and operational agility [5][6][7] Valuation and Estimates - Mission Produce shares have declined by 20.6% year-to-date, contrasting with the industry’s growth of 1.5% [8] - The company trades at a forward price-to-earnings ratio of 28.09X, significantly higher than the industry average of 13.03X [10] - Earnings per share (EPS) estimates indicate a year-over-year decline of 9.5% for fiscal 2025 and 28.4% for fiscal 2026, with stable estimates over the past 30 days [11]

Core Insights - Mission Produce, Inc. (AVO) is transitioning from a focus solely on avocados to a diversified crop portfolio that now includes mangoes and blueberries, reflecting a strategic evolution aimed at long-term growth [1][2] - The company's Q3 fiscal 2025 results showed record revenues of $357.7 million, a 10% increase year over year, driven by strong avocado volumes and contributions from new product lines [1][8] - AVO's vertically integrated model and global sourcing network are key to navigating market volatility and positioning for steady growth [1] Company Strategy - The expansion into mangoes and blueberries serves as a strategic hedge against the cyclicality of the avocado market, utilizing established logistics and farming infrastructure to replicate successful avocado strategies [2] - The blueberry segment experienced nearly threefold sales growth year over year, reaching $4.5 million, supported by expanded acreage exceeding 700 hectares [2] - Strong partnerships with quality growers in the mango business enhance supply consistency and innovative packaging, appealing to retail customers and increasing market penetration [2] Competitive Landscape - AVO faces competition from Corteva, Inc. (CTVA) and Fresh Del Monte Produce Inc. (FDP), each leveraging unique strategic advantages in the fresh produce industry [4] - Corteva is enhancing its position through advanced seed technology and sustainable crop protection solutions, focusing on biologicals and digital agriculture tools to improve farmer productivity [5] - Fresh Del Monte is emphasizing value-added products and operational efficiency, leveraging automation and renewable energy to enhance profitability in response to consumer demand for healthy options [6] Financial Performance - AVO's shares have increased by 11.5% over the last six months, outperforming the industry growth of 3.1% [7] - The company trades at a forward price-to-earnings ratio of 24.27X, significantly higher than the industry average of 13.2X [9] - The Zacks Consensus Estimate indicates a year-over-year earnings decline of 9.4% for fiscal 2025 and 28.3% for fiscal 2026, with stable estimates over the past 30 days [10]

Core Insights - Mission Produce, Inc. is experiencing a pivotal moment as the global avocado industry faces an oversupply situation, with prices expected to decline by 20-25% year over year in the fourth quarter of fiscal 2025 due to increased harvests from Mexico and Peru [1][8]. Financial Performance - Mission Produce reported record third-quarter revenues of $357.7 million, reflecting a 10% year-over-year increase, showcasing the company's operational agility and scale in navigating commodity headwinds [2][8]. - The company's shares have gained 19.9% over the last six months, outperforming the industry's growth of 18.5% [9]. Strategic Initiatives - The company's diversification strategy is a stabilizing force amid oversupply challenges, with rapid expansion into adjacent categories like mangoes and blueberries, which are expected to enhance volume and margin in fiscal 2026 [3]. - The mango segment is gaining traction through year-round retail programs, while blueberry production has increased by 25% to over 700 hectares, reducing dependency on avocado price cycles [3]. International Growth - Mission Produce's European sales rose by 37% in the third quarter, driven by strong demand and the ramp-up of its U.K. facility, enhancing its ability to serve retail customers [4]. - Expansion efforts in Asia are supported by strategic partnerships and improved logistics, reinforcing the company's transformation into a global produce platform [4]. Competitive Landscape - Mission Produce faces competition from Calavo Growers, Inc. and Fresh Del Monte Produce Inc., both leveraging distinct strategic advantages in the fresh produce market [5]. - Calavo is optimizing its supply chain and enhancing automation to improve margins, while Fresh Del Monte emphasizes product diversification and sustainability to maintain cost efficiency [6][7]. Valuation and Earnings Estimates - Mission Produce trades at a forward price-to-earnings ratio of 23.82X, significantly above the industry average of 13.57X [10]. - The Zacks Consensus Estimate indicates a year-over-year earnings decline of 9.4% for fiscal 2025 and 28.3% for fiscal 2026, although estimates have improved in the past 30 days [11].

Core Insights - Mission Produce, Inc. (AVO) has reported record second-quarter fiscal 2025 revenues of $380.3 million, reflecting a 28% year-over-year increase, showcasing its effective global sourcing and distribution capabilities [1][8] - The company is diversifying beyond avocados into complementary fruits like mangos and blueberries, with mango volumes reaching record levels and positioning AVO as the second-largest distributor in the U.S. [2] - AVO's international farming investments, particularly in Peru, are crucial as the company anticipates a 150% increase in avocado volume this season following a weather-impacted harvest last year [3][8] Company Strategy - Mission Produce is leveraging its sourcing, ripening, and logistics expertise to expand its product offerings, aiming to capture new consumer demand and maximize the utilization of its global infrastructure [2] - The company’s ability to balance supply across regions while scaling newer categories will be essential for solidifying its reputation as a reliable global produce partner [3] Competitive Landscape - Mission Produce faces competition from Calavo Growers, Inc. (CVGW) and Fresh Del Monte Produce Inc. (FDP), both of which are enhancing their market presence through unique strategic strengths [4] - Calavo is focusing on global sourcing and expanding its produce portfolio to meet evolving consumer preferences, while FDP offers a diversified range of fruits and vegetables supported by vertically integrated farming [5][6] Financial Performance - AVO's shares have increased by 19.3% over the last three months, outperforming the industry growth of 7.7% [7] - The company trades at a forward price-to-earnings ratio of 25.64X, significantly higher than the industry average of 15.30X [9] - The Zacks Consensus Estimate indicates a year-over-year earnings decline of 20.3% for both fiscal 2025 and 2026, with estimates remaining unchanged over the past week [10]