NASDAQ$AVO
Mission Produce Inc · Q2 2022 earnings
Q2 2022 earnings · · Investor relations
Briefing
Mission Produce reported an 18% increase in total revenue, driven by higher average selling prices, but net income decreased due to lower avocado volume sold and increased SG&A expenses.
Mission Produce's fiscal second quarter saw an 18% increase in revenue to $278.1 million, driven by a 44% increase in average selling prices. However, net income decreased to $2.4 million, or $0.03 per diluted share, due to a 19% decrease in avocado volume sold and higher SG&A costs.
- Total revenue increased by 18% to $278.1 million, driven by a 44% increase in average selling prices.
- Net income decreased to $2.4 million, or $0.03 per diluted share, compared to $7.4 million, or $0.10 per diluted share, for the same period last year.
- Adjusted EBITDA decreased to $9.2 million compared to $16.3 million for the same period last year.
- Avocado volume sold decreased by 19%, primarily driven by lower supply.
Headline financials
Revenue & EPS history
Mission Produce · Revenue · Quarterly
$278M
Revenue by segment
Mission Produce · $39.6M total across 2 segments · Q3 2023
- International Farming$38.2M+855.0%96.5%
- Blueberries$1.4M+366.7%3.5%
Forward guidance
The industry is expecting third quarter volumes to increase sequentially, but remain lower by approximately 10-15% versus the prior year period, primarily due to ongoing supply constraints in Mexico that are not expected to alleviate until the fiscal fourth quarter. Based on the expectation for sequentially improving volumes, the Company believes that the pricing environment should begin to rationalize during fiscal third quarter.
Tailwinds
- Third quarter volumes are expected to increase sequentially.
- Supply from Peru and California will partially offset third quarter supply pressure.
- Pricing environment should begin to rationalize during fiscal third quarter.
- Consumer demand remains strong.
- Mission is uniquely able to address volume constraints through its strategy to invest in vertical integration.
Headwinds
- Third quarter volumes are expected to remain lower by approximately 10-15% versus the prior year period.
- Ongoing supply constraints in Mexico are not expected to alleviate until the fiscal fourth quarter.
- Net income decreased due to lower avocado volume sold.
- Adjusted EBITDA decreased due to lower avocado volume sold and higher SG&A costs.
- The industry faces volume constraints due to lack of supply.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 19 quarterly earnings reports · overlaid with Q2 2022
-0.8%
Avg return
Earnings day
-1.3%
Avg return
5 days after
-3.4%
Avg return
30 days after
52%
13 / 25 earnings
Positive
+21.1%
Q3 2024
Best reaction
-18.1%
Q4 2022
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q2 2026 | +7.6% | +11.0% | — | |
| Q1 2026 | -8.2% | -5.6% | +11.9% | |
| Q4 2025 | +0.3% | -10.4% | -5.3% | |
| Q3 2025 | +1.7% | -1.0% | -9.0% | |
| Q2 2025 | +0.0% | +1.9% | -3.9% | |
| Q1 2025 | -13.2% | -14.5% | -17.5% | |
| Q4 2024 | +14.7% | +14.2% | -0.9% | |
| Q3 2024 | +21.1% | +22.8% | +14.0% | |
| Q2 2024 | -3.5% | -9.7% | -15.5% | |
| Q1 2024 | +9.0% | +9.6% | +4.1% | |
| Q4 2023 | +10.4% | +14.2% | +8.9% | |
| Q3 2023 | -3.2% | +3.1% | +5.0% | |
| Q2 2023 | +6.4% | -3.1% | -6.0% | |
| Q1 2023 | -5.4% | -4.4% | +0.6% | |
| Q4 2022 | -18.1% | -22.9% | -20.7% | |
| Q3 2022 | +0.3% | -1.1% | -7.3% | |
| Q2 2022 | +5.3% | -0.4% | +4.7% | |
| Q1 2022 | -10.7% | -12.9% | -2.1% | |
| Q4 2021 | -11.0% | -10.9% | -23.8% | |
| Q4 2019 | -11.0% | -10.9% | -23.8% | |
| Q3 2021 | -10.3% | -2.9% | -7.9% | |
| Q3 2020 | -10.3% | -2.9% | -7.9% | |
| Q2 2021 | +3.5% | +2.2% | -5.8% | |
| Q1 2021 | +1.6% | -0.7% | -6.0% | |
| Q4 2020 | +3.8% | +3.6% | +33.1% | |
| Q2 2020 | — | — | — | |
| Q1 2020 | — | — | — | |
| Q3 2019 | — | — | — | |
| Q2 2019 | — | — | — | |
| Q1 2019 | — | — | — |
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