2023-06-08 16:19:44 ET
- Mission Produce press release ( NASDAQ: AVO ): Q2 Non-GAAP EPS of $0.01 beats by $0.02 .
- Revenue of $221.1M (-20.5% Y/Y) beats by $2.99M .
- Adjusted EBITDA of $7.6 million, a 17% decrease compared to the same period last year
- Q3 Outlook: The industry continues to expect volumes to be approximately 20% higher in the fiscal 2023 third quarter versus the prior year period, primarily due to the combination of California’s harvest shifting to the third quarter versus the second quarter last year, a strong Peruvian harvest outlook, and a larger off-bloom Mexican harvest. Expectations for exportable avocado production from Mission’s owned farms is in the range of 125 million to 135 million pounds, the sale of which the Company anticipates will be more heavily weighted to the fiscal fourth quarter.
- Pricing is expected to be consistent on a sequential basis, but lower on a year-over-year basis by approximately 35-40% compared to the $2.03 per pound average experienced in third quarter of fiscal 2022.
- Shares +6.15% .
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Mission Produce Non-GAAP EPS of $0.01 beats by $0.02, revenue of $221.1M beats by $2.99M