Mission Produce Inc · Q1 2022 earnings

Briefing

Reported financial results for the fiscal first quarter ended January 31, 2022.

Mission Produce reported a 25% increase in total revenue to $216.6 million compared to the same period last year, driven by higher average selling prices. However, the company faced challenges due to ERP system implementation issues, resulting in a net loss of $(13.4) million, or $(0.19) per diluted share, compared to a net income of $2.2 million, or $0.03 per diluted share, in the same period last year.

• Total revenue increased by 25% reaching $216.6 million, compared to the same period last year, influenced by a 50% increase in average selling prices.
• Net loss amounted to $(13.4) million, or $(0.19) per diluted share, a decrease compared to the net income of $2.2 million, or $0.03 per diluted share, from the previous year.
• Adjusted net loss was $(12.2) million, or $(0.17) per diluted share, compared to an adjusted net income of $7.9 million, or $0.11 per diluted share, for the same period last year.
• Adjusted EBITDA was $(10.4) million compared to $12.5 million for the same period last year.

Headline financials

Revenue & EPS history

The industry is expecting second quarter Mexico volumes to remain lower than prior year, pricing is expected to be slightly higher on a sequential basis, and February per-box margins have returned to historical levels.