Mission Produce, a global player in sourcing, producing, and distributing fresh avocados, today reported its financial results for the fiscal second quarter ended April 30, 2021.
Fiscal Second Quarter 2021 Highlights:
- Total revenue of $234.7 million, a 6% increase compared to the same period last year
- Avocado volume sold increased 22%, average selling price decreased 14% compared to the same period last year
- Gross profit increased 26% to $27.1 million, and gross profit percentage increased 180 basis points, to 11.5% of revenue
- Net income of $7.4 million, or $0.10 per diluted share compared to net loss of $14.8 million, or $(0.23) per diluted share, for the same period last year
- Adjusted net income of $8.7 million, or $0.12 per diluted share, compared to $6.2 million, or $0.10 per diluted share, for the same period last year
- Adjusted EBITDA of $16.3 million, an increase of 13% compared to $14.4 million for the same period last year
Fiscal Second Quarter 2021 Consolidated Financial Review
Total revenue for the second quarter of fiscal 2021 was $234.7 million compared to $221.6 million for the same period last year, representing a 6% increase, primarily due to a 22% increase in avocado volume sold, partially offset by a 14% decrease in average per-unit avocado sales prices. The price and volume dynamics were driven by strong industry supply from Mexico in the second quarter, though sequential monthly pricing improved throughout the quarter. In addition, volume during the prior period was negatively impacted by COVID-19 related stay at-home orders that went into effect in March 2020.
Gross profit increased 26% compared to the same period last year to $27.1 million, and gross profit percentage increased 180 basis points to 11.5% of revenue. The increase in gross profit is due primarily to higher avocado volume sold. The improvement in gross profit percentage is being driven by lower per-unit sales prices, as per-unit margin represented a higher proportion of the sales value. Per-unit sales price levels are a key determinant in reported gross profit percentage.
Net income for the second quarter of fiscal 2021 was $7.4 million, or $0.10 per diluted share. This compares with a net loss of $14.8 million, or $(0.23) per diluted share, for the same period last year. Net income in the second quarter of fiscal 2020 was negatively impacted by a non-cash impairment charge of $21.2 million in the prior year related to our equity method investment in Moruga.
Adjusted net income for the second quarter of fiscal 2021 was $8.7 million, or $0.12 per diluted share, compared to $6.2 million, or $0.10 per diluted share, for the same period last year.
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For more information:
Denise Junqueiro
Mission Produce, Inc.
Email: press@missionproduce.com