Mission Produce reported its financial results for the fiscal first quarter ended January 31, 2026. The company said the pending acquisition of Calavo Growers is progressing and is expected to close in the fiscal third quarter.
Total revenue for the quarter was US$278.6 million, a decrease of US$55.6 million, or 17 per cent, compared with the same period last year. The decline was mainly due to a 30 per cent decrease in per-unit avocado prices. This was partially offset by a 14 per cent increase in avocado sales volume.
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Net loss attributable to Mission Produce for the quarter was US$0.7 million, or US$0.01 per diluted share. The result included about US$7.0 million in transaction advisory costs related to the Calavo Growers acquisition. In the same period last year, the company reported net income of US$3.9 million, or US$0.05 per diluted share.
Adjusted net income was US$7.3 million, compared with US$7.1 million in the previous year. Adjusted EBITDA was US$18.5 million, up from US$17.7 million in the prior year.
CEO Steve Barnard said the company recorded higher avocado volumes during the quarter. "We are off to a strong start in fiscal 2026, delivering 14% avocado volume growth and strong adjusted EBITDA results as industry pricing normalized from the elevated levels experienced over the past year.
President and Chief Operating Officer John Pawlowski said progress continues on the acquisition of Calavo Growers. "Integration planning is underway, and we believe that the transaction is on track to close during the fiscal third quarter."
Gross profit for the quarter was US$31.6 million, similar to the previous year, while gross margin increased to 11.3 per cent of revenue. The change was linked to higher avocado volumes and improved per-unit margins in the Marketing and Distribution segment. Results were partly offset by lower yields in the Blueberries segment, which increased per-unit production costs.
Selling, general, and administrative expenses rose to US$29.1 million, an increase of US$6.9 million compared with the same period last year. The increase was mainly related to advisory costs associated with the Calavo transaction.
In the Marketing and Distribution segment, sales declined 21 per cent to US$234.8 million due to lower avocado prices. Adjusted EBITDA for the segment increased 33 per cent as a result of higher volumes and improved per-unit margins.
The Blueberries segment reported sales of US$40.8 million, up 12 per cent compared with the prior year. The increase was driven by higher average prices and a 3 per cent rise in sales volume. Adjusted EBITDA in the segment declined due to lower yields that increased per-unit production costs.
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© MissionFor more information:
Jenna Aguilera
Mission Produce
Tel: +1 805 981 3650
Email: [email protected]
www.investors.missionproduce.com
