Mission Produce Inc
NASDAQ:AVO
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Mission Produce Inc
Mission Produce, Inc. engages in sourcing, producing and distributing avocados. The company is headquartered in Oxnard, California and currently employs 2,800 full-time employees. The company went IPO on 2020-09-30. The firm procures avocados principally from California, Mexico and Peru. The company operates through two operating segments: Marketing and Distribution and International Farming. The Marketing and Distribution segment sources fruit from growers and then distributes the fruit through its global distribution network. Its International Farming segment owns and operates orchards from which all fruit produced is sold to its Marketing and Distribution segment. The International Farming segment's farming activities range from cultivating early-stage plantings to harvesting from mature trees, and it also earns service revenues for packing and processing for producers of other crops during the avocado off-harvest season. Its International Farming segment is principally located in Peru, with smaller operations in other areas of Latin America.
Mission Produce, Inc. engages in sourcing, producing and distributing avocados. The company is headquartered in Oxnard, California and currently employs 2,800 full-time employees. The company went IPO on 2020-09-30. The firm procures avocados principally from California, Mexico and Peru. The company operates through two operating segments: Marketing and Distribution and International Farming. The Marketing and Distribution segment sources fruit from growers and then distributes the fruit through its global distribution network. Its International Farming segment owns and operates orchards from which all fruit produced is sold to its Marketing and Distribution segment. The International Farming segment's farming activities range from cultivating early-stage plantings to harvesting from mature trees, and it also earns service revenues for packing and processing for producers of other crops during the avocado off-harvest season. Its International Farming segment is principally located in Peru, with smaller operations in other areas of Latin America.
Record Revenue: Mission Produce delivered record third quarter revenue of $357.7 million, up 10% year-over-year.
Volume Growth: Avocado volumes sold increased 10%, offsetting a 5% decrease in average per unit prices.
Profitability: Gross profit grew 22% to $45.1 million, with gross margin rising by 120 basis points to 12.6%.
Segment Performance: International Farming and Blueberries segments both saw strong growth, with International Farming gross sales up 79%.
CapEx & Cash Flow: Capital expenditures are expected to stay within $50–55 million for fiscal 2025, and the company expects to generate meaningful free cash flow in the future.
Tariff Impact: Tariffs are expected to add about $10 million in annual costs, but management views the impact as modest and not a competitive disadvantage.
Outlook: Fourth quarter industry volumes are expected to be about 15% higher, but pricing is forecasted to be 20–25% lower than last year.
