OXNARD, Calif., Nov. 05, 2024 (GLOBE NEWSWIRE) — Mission Produce, Inc. BB #:118126, a world leader in sourcing, producing, and distributing fresh Hass avocados with additional offerings in mangos and blueberries, today provided a business and financial performance update for the fiscal fourth quarter ended October 31, 2024 ahead of its participation in upcoming investor events.
The Company expects to release its fiscal fourth quarter and full year 2024 results, along with its forward assumptions related to the industry outlooks, in December.
CEO Message
“We expect to deliver strong fourth quarter top and bottom-line results that demonstrate continued momentum across our business and our team’s focus on driving improved results,” stated Steve Barnard, CEO of Mission. “We expect our Marketing & Distribution segment to deliver another strong performance, as our team effectively leveraged our global sourcing network amid a sustained higher pricing environment to achieve per-unit margins exceeding our targeted range. Looking ahead, we remain excited about our position and will continue to focus on operational excellence, strategic growth initiatives, and sound capital allocation to drive long-term shareholder value.”
Fiscal Fourth Quarter 2024 Financial Update
The Company is providing the following update on financial performance for the fiscal fourth quarter 2024:
- Total revenue is expected to exceed $320 million compared to $257.9 million in the same period last year. This performance was driven primarily by the Marketing & Distribution segment, reflecting a continuation of the strong pricing environment on volumes consistent with prior expectations.
- Adjusted EBITDA is expected to exceed $28 million compared to $17.3 million in the same period last year, primarily driven by a continuation of the stronger per unit margin performance in the Marketing and Distribution segment that the Company has demonstrated this fiscal year.
About Mission Produce, Inc.
Mission Produce is a global leader in the worldwide avocado business with additional offerings in mangos and blueberries. Since 1983, Mission Produce has been sourcing, producing and distributing fresh Hass avocados, and currently services retail, wholesale and foodservice customers in over 25 countries. The vertically integrated Company owns and operates four state-of-the-art packing facilities in key growing locations globally, including California, Mexico and Peru and has additional sourcing capabilities in Chile, Colombia, the Dominican Republic, Guatemala, Brazil, Ecuador, South Africa and more, which allow the company to provide a year-round supply of premium fruit. Mission’s global distribution network includes strategically positioned forward distribution centers across key markets throughout North America, China, Europe, and the UK, offering value-added services such as ripening, bagging, custom packing and logistical management. For more information, please visit www.missionproduce.com.
Contacts:
Investor Relations
ICR
Jeff Sonnek
646-277-1263
jeff.sonnek@icrinc.com
Media
Jenna Aguilera
Marketing Communications Manager
Mission Produce, Inc.
press@missionproduce.com
