Mission Produce registers 15% fourth-quarter revenue gain
Oxnard, Calif.-based Mission Produce reported a 15% increase in revenue for the quarter ending Oct. 31.
The quarterly report, for the company’s fiscal year 2021 fourth quarter, showed owned avocado production volume increased 38% compared with a year ago, according to a news release.
Highlights of the quarterly report include:
- Total revenue of $237, a 15% increase compared to the same period last year;
- Average avocado selling price increased 21%, partially offset by a 5% decrease in avocado volume sold, compared with same period last year;
- Gross profit was $33.8 million, and gross profit percentage decreased to 14.3% of revenue; and
- Net income of $16.9 million compared to $18.8 million for the same period last year.
- For the full 12-month period ending Oct. 31, the release said, highlights include:
- Total revenue of $891.7 million, a 3% increase compared to a year ago;
- Avocado volume increased 5%, partially offset by a 2% decrease in average per-unit avocado sales prices; and
- Net income of $44.9 million, compared to $28.8 million last year.
“Our business faced significant headwinds in the fourth quarter,” Steve Barnard, founder and CEO of Mission Produce, said in the release. “Mexico’s challenging supply dynamic, port delays and logistics issues, and the variability in consumer shopping patterns due to the ever-changing COVID conditions negatively impacted our profitability.”
Mission Produce is set up to work through short-term disruptions, Barnard said in the release.
“Importantly, our owned production in Peru performed in line with our expectations, producing record volumes in fiscal 2021 and creating a reduced reliance on the fluctuating Mexican supply,” he said in the release. “Our vertical integration and multiple sources of supply year-round give us an unparalleled competitive advantage within the industry. Further, the strategic investments we have made to increase our capabilities and capacities, such as our mega facility in Laredo, Texas, which significantly increases our capacity during peak times during the year, and the continued expansion of our footprint in key international markets, gives us confidence in our future long-term success.”
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