Mission Produce, Inc. today reported its financial results for the fiscal first quarter ended January 31, 2024.
Fiscal First Quarter 2024 Financial Overview:
- Total revenue increased 21% to $258.7 million compared to the same period last year driven primarily by a 23% increase in average per-unit avocado selling prices on flat avocado volumes
- Net income/(loss) was breakeven, or $0.00 per diluted share, compared to $(8.8) million, or $(0.12) per diluted share, for the same period last year
- Adjusted net income of $6.7 million, or $0.09 per diluted share, compared to $(5.0) million, or $(0.07) per diluted share, for the same period last year
- Adjusted EBITDA of $19.2 million, compared to $2.3 million in the same period last year
Steve Barnard, CEO of Mission, commented, "We are off to a strong start in fiscal 2024 with the delivery of a first quarter that demonstrated solid execution across all facets of our business. The team's focus resulted in significantly improved per-unit margins, which translated to nearly 700 basis points of gross margin expansion and resulted in a significant improvement in adjusted EBITDA performance year-over-year. Our margin improvement was spurred by strength in avocado margins in our Marketing & Distribution segment, as well as the achievement of record quarterly revenues in our Blueberries segment due to advantageous pricing conditions, which contributed meaningfully to our overall adjusted EBITDA generation."
"In our International Farming segment, our team has been focused on implementing cost savings measures across our farming and packing operations. We expect to see the benefits of these initiatives in the second half of our fiscal year when we harvest and sell our owned avocado production from Peru. Our improved overall performance is a direct result of the actions we are taking to optimize our business and enhance profitability, and it is expected to result in a meaningful step-up in free cash flow generation in 2024."
Fiscal First Quarter 2024 Consolidated Financial Review
Total revenue for the first quarter of fiscal 2024 increased $45.2 million or 21% compared to the same period last year driven primarily by higher average per-unit avocado sales prices. Though less significant, we also experienced growth in mango and blueberry revenues resulting from higher average sales prices that were driven by industry supply constraints during the period.
Gross profit increased $19.7 million in the first quarter of fiscal 2024, compared to the same period last year, to $28.7 million and gross profit percentage increased 690 basis points, to 11.1% of revenue. The increases were driven by improved per-unit margins across the Marketing & Distribution and Blueberries segments, the latter of which benefited significantly from higher per-unit sales pricing.
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For more information: 
Jenna Aguilera
Mission Produce, Inc.
Email: [email protected]