Mission Produce Non-GAAP EPS of $0.27 misses by $0.04, revenue of $313.2M beats by $20.27M

Sep. 08, 2022 4:32 PM ETMission Produce, Inc. (AVO)By: Urvi Shah, SA News Editor
  • Mission Produce press release (NASDAQ:AVO): Q3 Non-GAAP EPS of $0.27 misses by $0.04.
  • Revenue of $313.2M (+26.9% Y/Y) beats by $20.27M.
  • For the fiscal fourth quarter of fiscal year 2022, the Company is providing the following industry update to inform modeling assumptions:

  • The industry is expecting fourth quarter volumes to increase sequentially and remain consistent with the prior year period, primarily due to ample Peruvian product in the supply chain, along with the transition to the new Mexican crop, which is expected to be larger than the prior year.

  • Pricing peaked early in third quarter and based on the expectation for sequentially improving industry volumes, the Company believes that the pricing environment should continue to soften further during fiscal fourth quarter.

  • Expectations for avocado production from owned farms in the range of 110 million to 120 million pounds for the full harvest season (versus 101 million pounds in fiscal 2021), of which approximately 38 million pounds was sold through as of the end of fiscal third quarter.

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