Mission Produce Q3 rev down 17% to $261.4M, adj EPS $0.15; cuts Peru volume outlook

Mission Produce, Inc.

2023-Q3 EPS reported -$0.10 revenue$696,000,000

Revenue $261.4M (-17% YoY); net income $6.6M ($0.09 diluted) vs $18.4M ($0.26); adj. net income $10.3M ($0.15) vs $18.9M ($0.27).
Adjusted EBITDA fell 33% to $21.2M, pressured by lower International Farming margins and reduced Peruvian volumes due to weather.
Avocado volume up 23% YoY, but average price down 33%; Marketing & Distribution segment EBITDA up 4% to $16.1M on higher volume.
International Farming sales down 41% to $38.2M, segment EBITDA down 70% to $4.9M on lower farm-gate pricing.
Board authorized up to $20M stock repurchase over 36 months; Q4 outlook: pricing up ~10% YoY, own-farm export volume revised to 105-115M lbs.

item 2.02 item 7.01 item 8.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Mission Produce, Inc. reported fiscal third quarter ended July 31, 2023 results: revenue $261.4 million, net income $6.6 million, EPS $0.09 per diluted share.

Period: fiscal third quarter ended July 31, 2023
Revenue: $261.4 million
Net income: $6.6 million
EPS: $0.09 per diluted share
Result: reported results

Exact text from the filing

today reported its financial results for the fiscal third quarter ended July 31, 2023. Fiscal Third Quarter 2023 Financial Overview: • Total revenue decreased 17% to $261.4 million compared to the same period last year driven by a continuation of a normalizing environment where higher industry volumes are being more than offset by lower pricing from

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Source: SEC EDGAR

accession 0001802974-23-000028

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