NASDAQ$AVO
Mission Produce Inc · Q4 2022 earnings
Q4 2022 earnings · · Investor relations
Briefing
Reported financial results for the fiscal fourth quarter ended October 31, 2022.
Mission Produce's fiscal fourth quarter saw flat total revenue compared to the prior year, with a decrease in average avocado selling price offset by an increase in avocado volume sold. The company experienced a net loss, including a non-cash charge related to goodwill impairment, but adjusted net income remained positive. The financial performance was impacted by declining pricing, cost inflation, and suboptimal fruit size, leading to temporary margin compression.
- Total revenue was $238.0 million, flat compared to the prior year period.
- Net loss was $(42.0) million, or $(0.59) per diluted share, including a $49.5 million non-cash goodwill impairment charge.
- Adjusted net income was $9.2 million, or $0.13 per diluted share, compared to $17.0 million, or $0.24 per diluted share, for the same period last year.
- Adjusted EBITDA was $17.2 million compared to $26.4 million for the same period last year.
Headline financials
Revenue & EPS history
Mission Produce · Revenue · Quarterly
$238M
Revenue by segment
Mission Produce · $50.3M total across 2 segments · Q4 2022
- International Farming$39.8M+30.9%79.1%
- Blueberries$10.5M—20.9%
Forward guidance
For the first quarter of fiscal year 2023, the Company is providing the following industry outlook that will drive performance as the business shifts back to its Marketing & Distribution segment
Tailwinds
- The industry is expecting volumes to be higher in the fiscal 2023 first quarter versus the prior year period, primarily due to expectations for a larger Mexican harvest.
- The overall Mexican crop is expected to be approximately 20% higher compared to the prior harvest season
- Pricing is expected to be lower on a sequential basis, but consistent with pricing experienced in the latter part of the prior quarter
Headwinds
- early season volumes have lagged that figure due to primarily to low pricing.
- Pricing is expected to be lower on a sequential basis
- year-over-year decrease of approximately 20-25% compared to the $1.56 per pound average experienced in first quarter of fiscal 2022.
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 Q4 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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