Mission Produce® Announces Fiscal 2025 Second Quarter Financial Results

OXNARD, Calif., June 05, 2025 (GLOBE NEWSWIRE) -- Mission Produce, Inc. (NASDAQ: AVO) (“Mission” or “the Company”) a world leader in sourcing, producing, and distributing fresh Hass avocados, today reported its financial results for the fiscal second quarter ended April 30, 2025. Fiscal Second Quarter 2025 Financial Overview: Total revenue increased 28% to $380.3 million compared to the same period last yearNet income of $3.1 million, or $0.04 per diluted share, compared to $7.0 million, or $0.10 per diluted share, for the same period last yearAdjusted net income of $8.7 million, or $0.12 per diluted share, compared to $9.8 million, or $0.14 per diluted share, for the same period last yearAdjusted EBITDA of $19.1 million, compared to $20.2 million in the same period last yearRepurchased $5.2 million of the Company’s common stock during the quarter CEO Message Steve Barnard, CEO of Mission, stated, "We delivered record second quarter revenue and stronger than expected adjusted EBITDA performance. Our commercial teams successfully navigated typical seasonal supply challenges by leveraging our industry-leading global source network to satisfy customer commitments. While market pricing remained elevated during the second quarter and surpassed our expectation, distributed volumes were flat with the prior year period which speaks to the durability of consumption and the growing consistency of the category at retail. We are also pleased with the progression of key strategic priorities to enhance our position with customers, both in terms of products and global markets. Our mango business gained significant market share and achieved record volumes, establishing Mission as a leading U.S. distributor, while our operations in the United Kingdom are steadily gaining momentum through enhanced customer penetration which has optimized facility utilization following the strategic investment in the region. Looking ahead to the second half of the year, we are well-positioned to generate solid cash flow as we typically do through leveraging our own increased Peruvian supply to meet strong market demand." Mr. Barnard concluded, “During the quarter, we also executed $5.2 million of share repurchases, capitalizing on an opportunity to return value to shareholders given our belief that the share price was undervalued relative to our demonstrated strength in operational execution and financial performance in the prior fiscal year and first half of 2025. Given the strength of our balance sheet, we will continue to review our ability to opportunistically repurchase shares while balancing competing strategic priorities.” Fiscal Second Quarter 2025 Consolidated Financial Review Total revenue for the second quarter of fiscal 2025 increased $82.7 million or 28% to $380.3 million compared to the same period last year. The increase was primarily driven by the Marketing & Distribution segment, where average per-unit avocado selling prices increased 26% while volumes sold were flat. Consumer demand outpaced supply, driving higher per-unit pricing as volume was limited by continuing constraints on Mexican fruit availability. Gross profit decreased $2.6 million in the second quarter of fiscal 2025 to $28.4 million, compared to the same period last year and gross profit percentage decreased 290 basis points, to 7.5% of revenue. Gross profit percentage will fluctuate based upon per-unit sales price levels in relation to per-unit costs, as profitability is primarily managed on a per-unit basis. The decreases were driven by the Marketing & Distribution segment, which was impacted by lower per-unit margins on avocados sold due to challenges in obtaining Mexican supply required to meet customer commitments. In addition, the Marketing & Distribution segment incurred $1.5 million of costs associated with the closure of Canadian facilities and $1.1 million in tariffs levied on USMCA-compliant goods imported from Mexico for the three days they were in effect during March 2025. The fluidity of the short-lived tariff charges prevented the Company from immediately passing through those expenses; subsequently, USMCA-compliant goods were exempted and additional adjustments are not expected in the future at this time. Gross profit at the International Farming segment increased due to higher pricing and yield from owned mango orchards as well as higher volume of blueberry packing and cooling services. Selling, general and administrative expense (“SG&A”) for the second quarter increased $2.8 million or 15% to $21.5 million, compared to the same period last year primarily due to higher employee related costs, inclusive of performance-based stock compensation expense, as well as higher professional fees, inclusive of fees for external legal counsel associated with outstanding legal proceedings. Net income for the second quarter of fiscal 2025 was $3.1 million, or $0.04 per diluted share, compared to $7.0 million, or $0.10 per diluted share, for the same period last year. Adjusted net income for the second quarter of fiscal 2025 was $8.7 million, or $0.12 per diluted share, compared to $9.8 million, or $0.14 per diluted share, for the same period last year. Adjusted EBITDA was $19.1 million for the second quarter of fiscal 2025, a decrease of $1.1 million or 5% as compared to $20.2 million in the prior year period, driven primarily by lower per-unit gross margins on avocados sold. Fiscal Second Quarter Business Segment Performance Marketing & Distribution Net sales in the Marketing & Distribution segment increased $75.4 million or 26% to $362.5 million for the second quarter, driven by increases in avocado pricing as described above. Segment adjusted EBITDA was $16.8 million compared to $21.7 million for the same period last year, primarily due to lower per-unit gross margin on avocados sold and higher SG&A expenses, as described above. International Farming The vast majority of fruit sales from our International Farming segment are made to the Marketing & Distribution segment, with the remainder of revenue largely derived from services provided to third parties and our Blueberries segment. Affiliated sales are concentrated in the second half of the fiscal year in alignment with the Peruvian avocado harvest season, which typically runs from April through September of each year. As a result, adjusted EBITDA for the International Farming segment is generally concentrated in the third and fourth quarters of the fiscal year in alignment with the timing of sales. In addition, the Company operates approximately 700 acres of mangos in Peru. The timing of the mango harvest is generally concentrated in the fiscal second quarter. Total sales in the International Farming segment for the second quarter increased $6.7 million or 479% to $8.1 million, compared to $1.4 million for the same period last year and segment adjusted EBITDA increased $3.7 million to $1.5 million compared to negative $2.2 million for the same period last year. The increases were driven by higher pricing and yield from owned mango orchards as well as higher volume of blueberry packing and cooling services. Blueberries Sales in the Blueberries segment have traditionally been concentrated in the first and fourth quarters of the fiscal year in alignment with the Peruvian blueberry harvest season. Net sales in the Blueberries segment increased 57% to $15.7 million for the second quarter, compared to $10.0 million for the same period last year, primarily due to higher volume driven by increased total acreage and higher yields from owned farms. Segment adjusted EBITDA was flat for the three months ended April 30, 2025 compared to the same period last year as the volume growth offset the lower per-unit margin. Balance Sheet and Cash Flow Cash and cash equivalents were $36.7 million as of April 30, 2025, compared to $58.0 million as of October 31, 2024. The Company’s operating cash flows are seasonal in nature and can be temporarily influenced by working capital shifts resulting from varying payment terms to growers in different source regions. In addition, the Company is building its growing crops inventory in its International Farming segment during the first half of the year for ultimate harvest and sale that will occur during the second half of the fiscal year. While these increases in working capital can cause operating cash flows to be unfavorable in individual quarters, it is not indicative of operating cash performance expected to be realized for the full year. Net cash used in operating activities was $13.0 million for the six months ended April 30, 2025, as compared to cash provided by operating activities of $12.9 million for the same period last year, primarily driven by growth in working capital. The increase in working capital in the current year is driven by the higher avocado price environment which has increased receivable balances in our Marketing & Distribution segment, while increased acreage and harvest timing has resulted in higher inventory balances in the International Farming segment. Capital expenditures were $28.0 million for the six months ended April 30, 2025 compared to $17.7 million last year. Capital expenditures were comprised primarily of pre-production orchard maintenance, land improvements and packhouse construction in Guatemala and pre-production land development and blueberry plant cultivation in Peru. Outlook For the third quarter of fiscal year 2025, the Company is providing the following industry outlooks that will drive performance: Industry volumes are expected to be approximately 10-15% higher in the fiscal 2025 third quarter versus the prior year period, primarily due to a strong Peruvian harvest outlook. Expectations for exportable avocado production from Mission’s owned farms in Peru is expected to range between 100 million to 110 million pounds (as compared to 43 million pounds in the 2024 harvest season, which was negatively impacted by weather-related events). The Company anticipates that sales of its owned production will be weighted to its fiscal fourth quarter.Pricing is expected to be lower on a year-over-year basis by approximately 10-15% as compared to the $1.84 per pound average experienced in third quarter of fiscal 2024. The decrease in pricing is directly correlated with expectations of higher volumes available in U.S. and international markets. For fiscal 2025, total capital expenditures are expected to remain in the range of $50 to $55 million. Conference Call and Webcast As previously announced, the Company will host a conference call to discuss its second quarter of fiscal 2025 financial results today at 5:00 p.m. ET. The conference call can be accessed live over the phone by dialing (877) 407-9039 or for international callers by dialing (201) 689-8470. A replay of the call will be available through June 19, 2025 by dialing (844) 512-2921 or for international callers by dialing (412) 317-6671; the passcode is 13751791. The live audio webcast of the conference call will be accessible in the News & Events section on the Company's Investor Relations website at https://investors.missionproduce.com. An archived replay of the webcast will also be available shortly after the live event has concluded. Non-GAAP Financial Measures This press release contains the non-GAAP financial measures “adjusted net income” and “adjusted EBITDA.” Management believes these measures provide useful information for analyzing the underlying business results. These measures are not in accordance with, nor are they a substitute for or superior to, the comparable financial measures by generally accepted accounting principles. Adjusted net income (loss) refers to net income (loss) attributable to Mission Produce, before stock-based compensation expense, unrealized gain (loss) on derivative financial instruments, foreign currency gain (loss), farming costs for nonproductive orchards (which represents land lease costs), recognition of deferred ERP costs, transaction costs, amortization of inventory adjustments and intangible asset recognized from business combinations, further adjusted by any special, non-recurring, or one-time items such as remeasurement, impairment or discrete tax charges that are distortive to results, and tax effects of these items, if any, and the tax-effected impact of these non-GAAP adjustments attributable to noncontrolling interest, allocable to the noncontrolling owners based on their percentage of ownership interest. Adjusted EBITDA refers to net income (loss), before interest expense, income taxes, depreciation and amortization expense, stock-based compensation expense, other income (expense), and income (loss) from equity method investees, further adjusted by asset impairment and disposals, farming costs for nonproductive orchards (which represents land lease costs), recognition of deferred ERP costs, transaction costs, and any special, non-recurring, or one-time items such as remeasurements or impairments, and any portion of these items attributable to the noncontrolling interest. Effective for the fourth quarter of 2024, the Company made a change in presentation of its reconciliation of adjusted EBITDA to its comparable GAAP financial measure to include a subtotal of the non-GAAP adjustments before the effect of the noncontrolling interest adjustment called “adjusted EBITDA before adjustment for noncontrolling interest.” The presentation change has no impact to total adjusted EBITDA. The Company believes the addition of the subtotal within the reconciliation is useful because it better aligns with management’s sequence of review of the information in the reconciliation. Reconciliations of these non-GAAP financial measures to the most comparable GAAP measure are provided in the table at the end of this press release. About Mission Produce, Inc.: Mission Produce (NASDAQ: AVO) is a global leader in the worldwide fresh produce business, delivering fresh Hass avocados and mangos to retail, wholesale and foodservice customers in over 25 countries. Since 1983, Mission Produce has been sourcing, producing and distributing fresh Hass avocados, and today also markets mangos and grows blueberries as part of its diversified portfolio. The Company is vertically integrated and owns five state-of-the-art packing facilities across the U.S., Mexico, Peru, and Guatemala. With sourcing capabilities across 20+ premium growing regions, the company provides a year-round supply of premium fresh fruit. Mission’s global distribution network includes strategically positioned forward distribution centers across key markets throughout North America, China, Europe, and the UK, offering value-added services such as ripening, bagging, custom packing and logistical management. For more information, please visit www.missionproduce.com. Forward-Looking Statements Statements in this press release that are not historical in nature are forward-looking statements that, within the meaning of the federal securities laws, including the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, involve known and unknown risks and uncertainties. Words such as "may", "will", "expect", "intend", "plan", "believe", "seek", "could", "estimate", "judgment", "targeting", "should", "anticipate", "goal" and variations of these words and similar expressions, are also intended to identify forward-looking statements. The forward-looking statements in this press release address a variety of subjects, including statements about our short-term and long-term assumptions, goals and targets. Many of these assumptions relate to matters that are beyond our control and changing rapidly. Although we believe the expectations reflected in such forward-looking statements are based upon reasonable assumptions, we can give no assurances that our expectations will be attained. Readers are cautioned that actual results could differ materially from those implied by such forward-looking statements due to a variety of factors, including: reliance on primarily one main product, limitations regarding the supply of fruit, either through purchasing or growing; fluctuations in the market price of fruit; increasing competition; risks associated with doing business internationally, including Mexican and Peruvian economic, political and/or societal conditions; inflationary pressures; establishment of sales channels and geographic markets; loss of one or more of our largest customers; general economic conditions or downturns; supply chain failures or disruptions; disruption to the supply of reliable and cost-effective transportation; failure to recruit or retain employees, poor employee relations, and/or ineffective organizational structure; inherent farming risks, including climate change; seasonality in operating results; failures associated with information technology infrastructure, system security and cyber risks; new and changing privacy laws and our compliance with such laws; food safety events and recalls; failure to comply with laws and regulations; changes to trade policy and/or export/import laws and regulations; risks from business acquisitions, if any; lack of or failure of infrastructure; material litigation or governmental inquiries/actions; failure to maintain or protect our brand; changes in tax rates or international tax legislation; risks associated with global conflicts; inability to accurately forecast future performance; the viability of an active, liquid, and orderly market for our common stock; volatility in the trading price of our common stock; concentration of control in our executive officers, and directors over matters submitted to stockholders for approval; limited sources of capital appreciation; significant costs associated with being a public company and the allocation of significant management resources thereto; reliance on analyst reports; failure to maintain proper and effective internal control over financial reporting; restrictions on takeover attempts in our charter documents and under Delaware law; the selection of Delaware as the exclusive forum for substantially all disputes between us and our stockholders; risks related to restrictive covenants under our credit facility, which could affect our flexibility to fund ongoing operations, uses of capital and strategic initiatives, and, if we are unable to maintain compliance with such covenants, lead to significant challenges in meeting our liquidity requirements and acceleration of our debt; and other risks and factors discussed from time to time in our Annual and Quarterly Reports on Forms 10-K and 10-Q and in our other filings with the Securities and Exchange Commission. You can obtain copies of our SEC filings on the SEC’s website at www.sec.gov. The forward-looking statements contained in this press release are made as of the date hereof and the Corporation does not intend to, nor does it assume any obligation to, update or supplement any forward-looking statements after the date hereof to reflect actual results or future events or circumstances. Contacts: Investor Relations ICRJeff Sonnek646-277-1263jeff.sonnek@icrinc.com MediaJenna AguileraMarketing Content and Communications ManagerMission Produce, Inc.press@missionproduce.com MISSION PRODUCE, INC. Condensed Consolidated Balance Sheets (Unaudited) (In millions, except for shares)April 30, 2025 October 31, 2024Assets Current Assets Cash and cash equivalents$36.7 $58.0Restricted cash 2.3 1.3Accounts receivable Trade, net of allowances 113.6 95.4Grower and fruit advances 3.8 1.7Other 13.1 15.3Inventory 112.8 91.2Prepaid expenses and other current assets 8.1 9.4Income taxes receivable 6.7 6.7Total current assets 297.1 279.0Property, plant and equipment, net 535.8 523.4Operating lease right-of-use assets 68.8 67.8Equity method investees 32.9 33.0Deferred income tax assets, net 9.6 9.7Goodwill 39.4 39.4Other assets 26.9 19.2Total assets$1,010.5 $971.5 Liabilities and Equity Liabilities Accounts payable$40.7 $35.3Accrued expenses 37.5 39.9Income taxes payable 1.3 7.7Grower payables 58.7 50.3Short-term borrowings — 3.0Loans from noncontrolling interest holders—current portion 0.2 0.1Notes payable — 0.5Long-term debt—current portion 3.0 3.0Operating leases—current portion 6.7 6.4Finance leases—current portion 1.8 2.9Total current liabilities 149.9 149.1Long-term debt, net of current portion 144.2 110.7Loans from noncontrolling interest holders, net of current portion 0.9 1.8Operating leases, net of current portion 68.3 67.4Finance leases, net of current portion 21.7 21.5Income taxes payable — 1.3Deferred income tax liabilities, net 16.5 16.6Other long-term liabilities 24.7 26.0Total liabilities 426.2 394.4Equity Mission Produce shareholders' equity 552.3 547.3Noncontrolling interest 32.0 29.8Total equity 584.3 577.1Total liabilities and equity$1,010.5 $971.5 MISSION PRODUCE, INC. Condensed Consolidated Statements of Income (Unaudited) Three Months EndedApril 30, Six Months EndedApril 30,(In millions, except for per share amounts)2025 2024 2025 2024Net sales$380.3 $297.6 $714.5 $556.3 Cost of sales 351.9 266.6 654.6 496.6 Gross profit 28.4 31.0 59.9 59.7 Selling, general and administrative expenses 21.5 18.7 43.7 39.4 Operating income 6.9 12.3 16.2 20.3 Interest expense (2.5) (3.4) (4.7) (6.7)Equity method income 0.9 0.5 1.7 0.9 Other (expense) income, net (0.6) 1.0 0.9 — Income before income taxes 4.7 10.4 14.1 14.5 Provision for income taxes 1.7 3.4 4.9 5.5 Net income$3.0 $7.0 $9.2 $9.0 Less: Net (loss) income attributable to noncontrolling interest (0.1) — 2.2 2.0 Net income attributable to Mission Produce$3.1 $7.0 $7.0 $7.0 Net income per share attributable to Mission Produce: Basic$0.04 $0.10 $0.10 $0.10 Diluted$0.04 $0.10 $0.10 $0.10 Weighted average shares of common stock outstanding, used in computing diluted earnings per share 71,105,463 71,003,563 71,237,067 70,959,716 MISSION PRODUCE, INC. Condensed Consolidated Statements of Cash Flow (Unaudited) Six Months EndedApril 30,(In millions)2025 2024Operating Activities Net income$9.2 $9.0 Adjustments to reconcile net income to net cash (used in) provided by operating activities: Depreciation and amortization 15.7 18.6 Amortization of debt issuance costs 0.1 0.1 Equity method income (1.7) (0.9)Noncash lease expense 3.7 3.1 Stock-based compensation 3.9 3.0 Dividends received from equity method investees 2.2 3.2 Losses on asset impairment, disposals and sales 1.8 0.4 Deferred income taxes (0.2) (1.0)Unrealized gain on derivative financial instruments 0.1 — Other 0.2 1.1 Effect on cash of changes in operating assets and liabilities: Trade accounts receivable (18.3) (25.2)Grower fruit advances (2.1) (2.3)Other receivables 2.3 (0.5)Inventory (19.3) (20.8)Prepaid expenses and other current assets 1.2 0.9 Income taxes receivable 0.2 (0.9)Other assets (7.7) 0.3 Accounts payable and accrued expenses 1.5 11.2 Income taxes payable (7.7) (0.9)Grower payables 8.3 22.5 Operating lease liabilities (3.6) (3.0)Other long-term liabilities (2.8) (5.0)Net cash (used in) provided by operating activities$(13.0) $12.9 Investing Activities Purchases of property, plant and equipment (28.0) (17.7)Investment in equity method investees — (0.6)Other (0.2) — Net cash used in investing activities$(28.2) $(18.3)Financing Activities Borrowings on revolving credit facility 55.0 40.0 Payments on revolving credit facility (20.0) (20.0)Repayment of short-term borrowings (3.5) (2.8)Principal payments on long-term debt obligations (1.5) (1.8)Principal payments on finance lease obligations (0.5) (2.6)Payments for long-term supplier financing (0.3) (0.3)Payments to noncontrolling interest holder for long-term supply financing (1.4) (1.9)Principal payments on loans due to noncontrolling interest holder — (0.5)Payments of minimum withholding taxes on net share settlement of equity awards (1.5) (0.8)Exercise of stock options 0.3 — Purchase and retirement of common stock (5.5) — Net cash provided by financing activities$21.1 $9.3 Effect of exchange rate changes on cash (0.2) 0.1 Net (decrease) increase in cash, cash equivalents and restricted cash (20.3) 4.0 Cash, cash equivalents and restricted cash, beginning of period 59.3 43.2 Cash, cash equivalents and restricted cash, end of period$39.0 $47.2 Summary of cash, cash equivalents and restricted cash reported within the condensed consolidated balance sheets: Cash and cash equivalents$36.7 $46.2 Restricted cash 2.3 1.0 Total cash, cash equivalents, and restricted cash shown in the condensed consolidated statements of cash flows$39.0 $47.2 MISSION PRODUCE, INC. Reconciliation of Non-GAAP Financial Measures to GAAP (Unaudited) The following tables reconcile the non-GAAP measures “adjusted net income” and “adjusted EBITDA” to their comparable GAAP measures. Refer also to “Non-GAAP Financial Measures” earlier in this press release. Adjusted Net Income Three Months EndedApril 30, Six Months EndedApril 30,(In millions, except for per share amounts)2025 2024 2025 2024Net income attributable to Mission Produce$3.1 $7.0 $7.0 $7.0 Stock-based compensation 1.9 1.6 3.9 3.0 Unrealized loss on derivative financial instruments 0.2 0.2 0.1 0.4 Foreign currency transaction (gain) loss 1.3 (0.1) 0.2 1.3 Losses on asset impairment and disposals 1.7 0.2 1.8 0.4 Farming costs for nonproductive orchards(1) 1.0 1.0 2.0 2.2 Recognition of deferred ERP costs 0.5 0.6 1.1 1.1 Canada site closures(2) 0.1 — 1.5 — Transaction costs 0.1 — 0.2 — Tariffs(3) 1.1 — 1.1 — Depreciation-blueberries(4) — — — 4.1 Severance — — — 1.3 Legal settlement — — — 0.2 Amortization of intangible asset recognized from business — 0.2 — 0.5 Tax effects of adjustments to net income attributable to Mission Produce(5) (2.1) (0.7) (2.8) (3.0)Noncontrolling interest(6) (0.2) (0.2) (0.3) (2.0)Mission Produce adjusted net income$8.7 $9.8 $15.8 $16.5 Mission Produce adjusted net income per diluted share$0.12 $0.14 $0.22 $0.23 (1)Costs related to blueberry orchards were $0.7 million for both the three months ended April 30, 2025 and 2024, and $1.2 million and $1.4 million for the six months ended April 30, 2025 and 2024, respectively. Costs related to avocado orchards were $0.3 million for both the three months ended April 30, 2025 and 2024, and $0.8 million for both the six months ended April 30, 2025 and 2024. (2)Represents accelerated depreciation expense on property, plant and equipment and operating lease right-of-use lease assets, early lease termination costs, as well as severance costs, related to the closure of the Company’s Canadian distribution centers. All charges were recognized in cost of sales. (3)Represents tariff charges levied on USMCA-compliant goods imported from Mexico for the three-day period from March 4th to March 6th, 2025. The extremely short-term nature of the charges prevented the Company from effectively passing the charges in both pricing to customers and prices paid for goods from suppliers. USMCA-compliant goods have subsequently been exempted from tariff charges on U.S. imports and additional adjustments are not expected in the future. (4)Represents accelerated depreciation expense for certain blueberry plants determined to have no remaining useful life. (5)Tax effects are calculated using applicable rates that each adjustment relates to. (6)Represents net income or loss attributable to noncontrolling interest plus the impact of tax-effected non-GAAP adjustments, allocable to the noncontrolling owner based on their percentage of ownership interest. MISSION PRODUCE, INC. Adjusted EBITDA Three Months EndedApril 30, Six Months EndedApril 30,(In millions)2025 2024 2025 2024Marketing & Distribution adjusted EBITDA$16.8 $21.7 $26.5 $32.7 International Farming adjusted EBITDA 1.5 (2.2) 3.3 (2.7)Blueberries adjusted EBITDA 0.8 0.7 7.0 9.4 Total reportable segment adjusted EBITDA$19.1 $20.2 $36.8 $39.4 Net income 3.0 7.0 9.2 9.0 Interest expense(1) 2.5 3.4 4.7 6.7 Provision for income taxes 1.7 3.4 4.9 5.5 Depreciation and amortization(2) 7.0 5.7 15.7 18.6 Equity method income (0.9) (0.5) (1.7) (0.9)Stock-based compensation 1.9 1.6 3.9 3.0 Losses on asset impairment and disposals 1.7 0.2 1.8 0.4 Farming costs for nonproductive orchards 0.3 0.3 0.8 0.8 Recognition of deferred ERP costs 0.5 0.6 1.1 1.1 Severance — — — 1.3 Legal settlement — — — 0.2 Transaction costs 0.1 — 0.2 — Canada site closures(3) 0.2 — 0.7 — Tariffs(4) 1.1 — 1.1 — Other expense (income), net 0.6 (1.0) (0.9) — Adjusted EBITDA before adjustment for noncontrolling interest 19.7 20.7 41.5 45.7 Noncontrolling interest(5) (0.6) (0.5) (4.7) (6.3)Total adjusted EBITDA$19.1 $20.2 $36.8 $39.4 (1)Includes interest expense from finance leases, the most significant of which is for land at our Blueberries segment of $0.5 million for both the three months ended April 30, 2025 and 2024 and $1.0 million for both the six months ended April 30, 2025 and 2024. (2)Includes depreciation and amortization of purchase accounting assets of $0.5 million and $0.4 million for the three months ended April 30, 2025 and 2024, respectively, and $0.8 million and $3.3 million six months ended April 30, 2025 and 2024, respectively. Includes $0.2 million of amortization of the Blueberries finance lease for both the three months ended April 30, 2025 and 2024 and $0.4 million for both the six months ended April 30, 2025 and 2024. The six months ended April 30, 2025 also include $0.9 million of accelerated depreciation expense from fixed assets related to the closure of our Canada facilities during the respective quarter. The six months ended April 30, 2024 also include $4.1 million of accelerated depreciation expense, $2.0 million of which was from purchase accounting assets, for certain blueberry plants determined to have no remaining useful life. (3)Represents accelerated amortization of operating lease right-of-use assets, early lease termination costs and severance costs incurred due to the closure of our Canada facilities recognized in cost of sales. (4)Represents tariff charges levied on USMCA-compliant goods imported from Mexico for the three-day period from March 4th to March 6th, 2025. The extremely short-term nature of the charges prevented the Company from effectively passing the charges in both pricing to customers and prices paid for goods from suppliers. USMCA-compliant goods have subsequently been exempted from tariff charges on U.S. imports and additional adjustments are not expected in the future. (5)Represents net income (loss) attributable to noncontrolling interest plus the impact of non-GAAP adjustments, allocable to the noncontrolling owner based on their percentage of ownership interest. MISSION PRODUCE, INC. Other Information (Unaudited) Segment Sales Marketing &Distribution InternationalFarming Blueberries Total Marketing &Distribution InternationalFarming Blueberries Total Three Months EndedApril 30,(In millions)2025 2024Third party sales$362.5 $2.1 $15.7 $380.3 $287.1 $0.5 $10.0 $297.6 Affiliated sales — 6.0 — 6.0 — 0.9 — 0.9 Total segment sales 362.5 8.1 15.7 386.3 287.1 1.4 10.0 298.5 Intercompany eliminations — (6.0) — (6.0) — (0.9) — (0.9)Total net sales$362.5 $2.1 $15.7 $380.3 $287.1 $0.5 $10.0 $297.6 Six Months EndedApril 30, 2025 2024Third party sales$658.3 $4.1 $52.1 $714.5 $511.7 $2.1 $42.5 $556.3 Affiliated sales — 13.2 — 13.2 — 5.1 — 5.1 Total segment sales 658.3 17.3 52.1 727.7 511.7 7.2 42.5 561.4 Intercompany eliminations — (13.2) — (13.2) — (5.1) — (5.1)Total net sales$658.3 $4.1 $52.1 $714.5 $511.7 $2.1 $42.5 $556.3 Avocado Sales Three Months EndedApril 30, Six Months EndedApril 30, 2025 2024 2025 2024Pounds of avocados sold(millions) 166.4 168.6 326.3 320.1Average sales price per pound$2.00 $1.59 $1.87 $1.50 Sales by Type Three Months EndedApril 30, Six Months EndedApril 30,(In millions)2025 2024 2025 2024Avocado$332.6 $267.5 $611.8 $479.8Other 47.7 30.1 102.7 76.5Total net sales$380.3 $297.6 $714.5 $556.3

Mission Produce® Announces Fiscal 2025 Second Quarter Financial Results

FAQ

Why Bullish?

How important is it?

Why Long Term?

Related Companies

Related News