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.
About Mission Produce, Inc.
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