NASDAQ$AVO
Mission Produce Inc · Q4 2024 earnings
Q4 2024 earnings · · Investor relations
Briefing
Reported strong top and bottom-line results driven by ongoing strength of the Marketing & Distribution segment.
Mission Produce reported a strong fourth quarter and full year fiscal 2024, with total revenue increasing by 37% to $354.4 million for the quarter. The Marketing & Distribution segment drove the performance, leveraging the global sourcing network amid higher pricing. Operating cash flow for the full year increased by $64.2 million compared to the previous fiscal year.
- Total revenue increased 37% to $354.4 million compared to the same period last year.
- Net income of $17.3 million, or $0.24 per diluted share, compared to $4.0 million, or $0.06 per diluted share, for the same period last year.
- Adjusted net income of $19.6 million, or $0.28 per diluted share, compared to $7.5 million, or $0.11 per diluted share, for the same period last year.
- Adjusted EBITDA increased 113% to $36.9 million, compared to $17.3 million in the same period last year.
Headline financials
Revenue & EPS history
Mission Produce · Revenue · Quarterly
$354M
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
For the first quarter of fiscal year 2025, industry volumes are expected to be consistent with the prior year, with pricing expected to be higher by approximately 20%. The blueberries harvest season in Peru will peak, with meaningful volume increases expected, offset by lower average sales prices. Capital expenditures for fiscal 2025 are expected to be between $50 to $55 million.
Tailwinds
- Industry volumes in the fiscal 2025 first quarter are expected to be consistent with the prior year period.
- Pricing is expected to be higher on a year-over-year basis by approximately 20% compared to the $1.40 per pound average experienced in the first quarter of fiscal 2024, indicative of continued strength in demand.
- The blueberries harvest season in Peru will peak during the first quarter.
- The Company expects to see meaningful volume increases from owned farms resulting from yield improvements and new acreage in production.
- Total capital expenditures inclusive of the 2024 carryover are expected to be between $50 to $55 million.
Headwinds
- While supply from Mexico has been constrained during the early part of the quarter due to fruit maturity and sizing.
- The impact on revenue will likely be offset by lower average sales prices resulting from higher overall industry volumes from Peru.
- Pricing is expected to be approximately 30% lower compared to the first quarter of fiscal 2024
- Lower pricing will negatively impact segment adjusted EBITDA during the quarter as compared to the previous year when weather-related supply constraints led to abnormally high sales prices.
- Capital expenditures were lower than expected for fiscal 2024 by approximately $10 million due to the timing of vendor payments, both of which will carryover into fiscal 2025.
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 2024
-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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