Mission Produce (NASDAQ:AVO) fell in early trading Friday, as the avocado producer reported lower-than-expected profit and revenue as the rise in volume was not enough to offset a plunge in avocado prices.
Total fourth-quarter revenue of $238.0 million was flat with the prior year period, including the Blueberries segment consolidation which was not comparable to the prior year period. Average avocado selling price decreased by 10%, partially offset by a 6% increase in avocado volume sold, compared to the same period last year
Net loss was $(42.0) million, or $(0.59) per diluted share, which includes a non-cash charge of $49.5 million related to goodwill impairment; compared to net income of $16.9 million, or $0.24 per diluted share, for the same period last year
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
For the full year, total revenue of $1.0 billion, a 17% increase driven by average selling price increases of 28%, partially offset by an 11% decrease in avocado volume sold, compared to last year
Net loss was $(34.6) million, or $(0.49) per diluted share, compared to net income of $44.9 million, or $0.63 per diluted share last year
Adjusted net income of $18.5 million, or $0.26 per diluted share, compared to $52.7 million, or $0.74 per diluted share last year
Adjusted EBITDA of $47.6 million compared to $85.3 million last year
Owned exportable avocado production volume increased 15% to 117 million pounds for the 2022 harvest season
AVO opened the last session before Christmas lower by $2.03, or 13.9%, to $12.58.
Related Stories
