Mission Produce (NASDAQ:AVO) is a California-based company that is engaged in the sourcing, farming, packaging, marketing, and distribution of avocados, mangoes, and blueberries to food retailers, distributors, and foodservice customers in the United States and around the world. The company recently released its first batch of results for the 2024 fiscal year. How did its earnings shake out? And how did its stock respond? Let’s jump in.
CEO Steve Barnard boasted that the company was off to a “strong start” in 2024. “Our improved overall performance is a direct result of the actions we are taking to optimize our business and enhanced profitability,” Barnard continued.
The company released its first quarter fiscal 2024 earnings on Monday, March 11. In Q1 FY2024, Mission Produce delivered total revenue growth of 21% to $258 million. Meanwhile, adjusted net income was reported at $6.7 million or $0.09 per diluted share. That was up from an adjusted net loss of $5.0 million or $0.07 per diluted share.
Looking ahead, Mission Produce is expecting avocado volumes to be relatively flat in the second quarter of fiscal 2024. Moreover, the company expects avocado pricing to be 10-15% higher than the prior year.
Shares of Mission Produce have dropped 1.4% week-over-week as of close on Monday, March 11. The stock is still up 3.3% so far in 2024. Mission Produce still boasts a promising future as its earnings are projected for nice growth in the quarters to come. Investors may want to take advantage of this late winter dip.
