OXNARD, Calif. – Mission Produce, Inc. (NASDAQ:AVO) saw its shares jump 8.7% in aftermarket trading Thursday after the avocado producer reported fourth quarter earnings and revenue that significantly exceeded analyst expectations, driven by strength in its Marketing & Distribution segment.
The company posted adjusted earnings per share of $0.28, handily beating the analyst estimate of -$0.01. Revenue surged 37% year-over-year to $354.4 million, far surpassing the consensus estimate of $215.4 million.
“Mission delivered a strong fourth quarter that rounded out an exceptional full year fiscal 2024 performance,” said CEO Steve Barnard. He noted the Marketing & Distribution segment drove the strong results by leveraging the company’s global sourcing network amid higher pricing.
For the full fiscal year 2024, Mission Produce’s revenue increased 29% to $1.23 billion. Adjusted EBITDA more than doubled to $107.8 million compared to $48.4 million in the prior year.
Looking ahead to Q1 2025, the company expects industry avocado volumes to be consistent with the prior year period, with pricing approximately 20% higher year-over-year. However, Mission anticipates lower blueberry pricing to negatively impact that segment’s adjusted EBITDA.