Mon, Sep 9, 8:24 PM (111 days ago)
For the third quarter ended July 31, 2024, Mission Produce, Inc. reported a significant increase in net sales to $324.0 million, up 24% from $261.4 million in the same period last year, primarily driven by a 36% increase in average per-unit avocado sales prices despite a 10% decrease in volume. Gross profit rose 30% to $37.0 million, with a gross margin of 11.4%. The company achieved net income of $12.4 million, compared to $6.6 million in Q3 2023. Operating cash flows improved significantly, generating $55.4 million compared to a cash outflow of $7.3 million in the prior year, aided by better working capital management. Total liabilities increased to $406.2 million, while total equity rose to $553.7 million. Looking ahead, uncertainties exist regarding supply chain disruptions and fluctuating avocado prices due to adverse weather conditions affecting harvest yields. The company remains compliant with its financial covenants and anticipates continued focus on operational efficiencies and cost management to navigate these challenges.