An announcement from Mission Produce ( (AVO) ) is now available.
Mission Produce, Inc. reported a significant increase in its financial results for the fiscal third quarter of 2024, with total revenue up by 24% to $324.0 million and net income more than doubling to $12.4 million. Adjusted EBITDA soared by 49% to $31.5 million, attributed to strong avocado pricing in the Marketing & Distribution segment which offset a decrease in volume sold. Moreover, operating cash flow saw a remarkable improvement, rising by $62.7 million from the prior year. Despite weather-related challenges in Peru and disruptions in Mexico, the company maintained solid performance, with CEO Steve Barnard expressing confidence in strategic growth and operational excellence moving forward.
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