Mission Produce, Inc. reported significant financial improvements in its latest 10-Q filing for the quarter ending July 31, 2024. The company achieved net sales of $324.0 million for the three months, marking a 24% increase from $261.4 million in the same period of 2023. For the nine months ended July 31, 2024, net sales reached $880.3 million, up 26% from $696.0 million year-over-year. The growth was primarily driven by a 36% increase in average per-unit avocado sales prices, despite a 10% decrease in avocado volume sold.

Gross profit for the three months was $37.0 million, a 30% increase from $28.4 million in the prior year, while gross profit for the nine months rose to $96.7 million, up 74% from $55.5 million. Operating income also improved, reaching $16.8 million for the quarter, compared to $11.0 million in 2023, and $37.1 million for the nine months, a turnaround from a loss of $0.3 million in the same period last year.

Net income attributable to Mission Produce for the three months ended July 31, 2024, was $12.4 million, up from $6.6 million in 2023. For the nine months, net income was $19.4 million, compared to a loss of $6.8 million in the previous year. Earnings per share for the quarter were $0.17, compared to $0.09 in 2023, while for the nine months, earnings per share improved to $0.27 from a loss of $0.10.

The company’s total assets increased to $959.9 million as of July 31, 2024, from $914.8 million at the end of October 2023. Current assets rose to $271.1 million, driven by a significant increase in trade accounts receivable, which reached $101.5 million, up from $74.1 million. However, total current liabilities also increased to $133.9 million from $97.5 million.

Mission Produce's capital expenditures for the nine months primarily focused on avocado orchard development and blueberry land development, totaling significant investments. The company also initiated construction of a packhouse in Guatemala during this period.

In terms of strategic developments, Mission Produce agreed to settle two class action lawsuits for $1.5 million, with final approval granted in June 2024. The company has a stock repurchase program approved in September 2023, allowing for the repurchase of up to $20 million of common stock, with approximately $19.4 million remaining available for repurchase as of July 31, 2024.

Overall, Mission Produce demonstrated strong financial performance and strategic growth initiatives, positioning itself favorably in the avocado industry.