Mission Produce, Inc today reported its financial results for the fiscal fourth quarter and full year ended October 31, 2020.
Fiscal fourth quarter 2020 highlights:
- Initial public offering (“IPO”) completed in October 2020, with 7.5 million shares sold at $12.00, and net proceeds of $78.1 million.
- Total revenue of $206.8 million, an 11% decrease compared to prior year.
- Avocado volume sold increased 16%, average selling price decreased 24% compared to prior year.
- Gross profit decreased 7% to $39.5 million, and gross profit margin increased 70 basis points to 19% of revenue compared to prior year.
- Net Income of $18.8 million, or $0.29 per diluted share compared to $23.9 million, or $0.38, for the comparable period last year.
- Adjusted net income was $21.9 million, or $0.34 per diluted share.
- Adjusted EBITDA of $32.1 million, compared to $36.8 million for the same period last year.
Steve Barnard, Chief Executive Officer of Mission Produce, commented, “I’m extremely proud of the organization we’ve built over the past 37 years and our #1 global leadership position in the industry. Our October IPO was yet another milestone for our company and we are pleased to be in a position to continue pursuing the significant growth opportunity that lies ahead. We have a leading global infrastructure that we continue to invest behind, which enables Mission to address the consumption trends that are driving our business both domestically and abroad. We look forward to growing this category through our year-round distribution capabilities and meet consumer demand for this popular Superfood.”
“In October 2020, we completed our IPO of common stock, in which we sold 7.5 million shares. The shares began trading on the Nasdaq Global Select Market on October 1, 2020 at a public offering price of $12.00 per share. Net proceeds after deducting issuance costs were $78.1 million.”
Fiscal fourth quarter 2020 consolidated financial review
Total revenue for the fourth quarter of 2020 was $206.8 million compared to $231.7 million for the fourth quarter of 2019, representing an 11% decrease. The decrease in revenue was driven by lower average selling prices, which declined 24%, partially offset by volume growth of 16%.
Gross profit decreased 7% compared to prior year to $39.5 million, while gross profit margin improved 70 basis points to 19% of revenue. The increase in gross profit margin was attributable to a reduction of field costs in Mexico.
Net income for the fourth quarter of 2020 was $18.8 million, or $0.29 per diluted share. This compares with net income of $23.9 million, or $0.38 per diluted share, for the same period last year.
Adjusted net income was $21.9 million, or $0.34 per diluted share, for the fourth quarter of 2020, compared to adjusted net income of $24.7 million, or $0.39 per diluted share, for the same period last year.
Adjusted EBITDA was $32.1 million for the fourth quarter of 2020, compared to $36.8 million for the same period last year.
The Company will host a conference call to discuss its fiscal fourth quarter and full year 2020 financial results today at 5:00 p.m. ET. Click here for the full financial review and more information on how to access the conference call.