Mission Produce announced its financial results for the fourth quarter of the fiscal year, noting a 37% rise year-on-year in revenue, reaching $354.4 million.

Net income also rose to $17.3 million, or $0.24 per diluted share, up from $4.0 million, or $0.06 per diluted share, a year earlier. Adjusted net income reached $19.6 million, or $0.28 per diluted share, compared to $7.5 million, or $0.11 per diluted share last year.

Adjusted EBITDA increased by 113% to $36.9 million from $17.3 million in the previous year.

“We achieved a strong fourth quarter and an exceptional overall performance for fiscal year 2024, with $1.23 billion in revenue and $107.8 million in adjusted EBITDA,” said CEO Steve Barnard. “Our Marketing & Distribution segment was pivotal, utilizing our global sourcing network to capitalize on a favorable pricing environment. We also saw a significant $64.2 million increase in operating cash flow, further strengthening our financial position.”

Total revenue rose by 29% to $1.23 billion, primarily due to increasing average per-unit prices for avocados. The company also benefited from growth in blueberries and mangos, supported by limited industry supply, which drove higher prices.

Looking ahead, Barnard emphasized the focus on operational excellence and strategic growth, stating, “While we expect some price moderation due to increased supply, we believe this will foster greater consumption. We are excited to continue expanding our mango and blueberry markets and are well-equipped to maintain a steady avocado supply year-round.”

Outlook for 2025

The company expects stable industry volumes for the first quarter of FY 2025 but anticipates 20% higher pricing year-over-year. Also, significant blueberry yields from owned farms are expected, although lower average sales prices may impact revenue due to industry volume increases.

Capital expenditures for fiscal 2025 are projected to range between $50 to $55 million, focusing on avocado and blueberry segment developments in Guatemala and Peru. 

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