Mission reports a range of diverse results at the end of 2023
Mission Produce presented its results for the fourth quarter (Q4) and the full year in December, while its CEO, Steve Barnard, offered a vision for the coming year.
In the last quarter of 2023, which ended on October 31, the company confirmed that its total revenue increased 8 percent to US$257.9 million compared to the same period of the previous year. This increase was due to an 8 percent rise in average selling prices per avocado, although this was partially offset by a 4 percent decrease in the volume of avocados sold.
Net income for this quarter was US$4 million compared to a net loss of US$42 million in the previous year, which included a non-cash charge of US$49.5 million for goodwill impairment.
Adjusted net income was US$7.5 million, compared to US$9.2 million in the fourth quarter of 2023, while adjusted EBITDA remained relatively stable at US$17.3 million.
Steve Barnard, CEO of Mission, highlighted: "Our results for the last quarter showed an improvement in both revenue and profit, driven by the performance in our marketing and distribution segment, and by significant growth in the emerging blueberry segment."
However, he noted that "climatic challenges continued in Peru, causing quality problems towards the end of the season and lower than expected volumes, impacting the performance of the international agricultural segment."
For the full year, despite increased avocado sales volume, lower selling prices resulted in total revenue of US$953.9 million, down from US$1.05 billion the previous year. The company reported a net loss of US$2.8 million in 2023, compared to a loss of US$34.6 million in 2022.
