NASDAQ$AVO
Mission Produce Inc · Q3 2022 earnings
Q3 2022 earnings · · Investor relations
Briefing
Announced fiscal year 2022 third quarter financial results.
Mission Produce reported a 27% increase in total revenue to $313.2 million, driven by a 42% increase in average selling prices, despite an 11% decrease in avocado volume sold. Net income remained flat at $18.4 million, while adjusted EBITDA increased to $31.6 million.
- Total revenue increased by 27% to $313.2 million, driven by a 42% increase in average selling prices.
- Net income was $18.4 million, or $0.26 per diluted share, consistent with the same period last year.
- Adjusted EBITDA increased to $31.6 million, driven by higher per-unit gross margins.
- Tim Bulow was appointed as President and Chief Operating Officer.
Headline financials
Revenue & EPS history
Mission Produce · Revenue · Quarterly
$313M
Revenue by segment
Mission Produce · $4.3M total across 2 segments · Q3 2022
- International Farming$4M-93.9%93.0%
- Blueberries$300K—7.0%
Forward guidance
The industry expects fourth quarter volumes to increase sequentially and remain consistent with the prior year period. Pricing peaked early in the third quarter and is expected to soften further during fiscal fourth quarter.
Tailwinds
- Industry expects fourth quarter volumes to increase sequentially.
- Industry expects fourth quarter volumes to remain consistent with the prior year period.
- Ample Peruvian product in the supply chain.
- Transition to the new Mexican crop, which is expected to be larger than the prior year.
- Expectations for avocado production from owned farms in the range of 110 million to 120 million pounds for the full harvest season (versus 101 million pounds in fiscal 2021).
Headwinds
- Pricing peaked early in third quarter.
- Pricing environment should continue to soften further during fiscal fourth quarter.
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 Q3 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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