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Mission Produce, Inc. (NASDAQ:AVO) released its third-quarter results after Monday's closing bell. Here's a look at the details in the report.
AVO is surging to new heights today. See the story here.
The Details: Mission Produce reported quarterly earnings of 26 cents per share, which beat the consensus estimate of 13 cents by 100%.
Quarterly sales of $357.7 million beat the analyst consensus estimate of $323.61 million.
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Mission Produce said the increase in revenue was primarily driven by the Marketing & Distribution segment, where avocado volume sold increased 10%, partially offset by a decrease in average per-unit avocado sales prices of 5%.
Volume and price movements resulted from higher Peruvian avocado production driven by more favorable weather conditions in the current year and greater availability of Mexican fruit due to harvest disruptions in the previous year.
“This quarter, our commercial team demonstrated its unique ability to effectively program our owned Peruvian production to strategically deliver fruit into multiple global regions, resulting in supply consistency for our consumers and another quarter of strong financial performance,” Steve Barnard, CEO of Mission, stated.
“Our vertically integrated model, which combines a year-round sourcing network, owned production, global marketing and distribution capabilities and value-add services allows Mission to provide category leadership to drive global consumption,” Barnard added.
AVO Stock Price: According to data from Benzinga Pro, Mission Produce stock was up 4.66% at $13.47 in Monday's extended trading.
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Photo: Shutterstock
Posted In: AVO
