OXNARD, Calif. – Mission Produce, Inc. (NASDAQ:AVO) noticed its shares bounce 8.7% in aftermarket buying and selling Thursday after the avocado producer reported fourth quarter earnings and income that considerably exceeded analyst expectations, pushed by power in its Advertising & Distribution section.
The corporate posted adjusted earnings per share of $0.28, handily beating the analyst estimate of -$0.01. Income surged 37% year-over-year to $354.4 million, far surpassing the consensus estimate of $215.4 million.
“Mission delivered a powerful fourth quarter that rounded out an distinctive full 12 months fiscal 2024 efficiency,” mentioned CEO Steve Barnard. He famous the Advertising & Distribution section drove the robust outcomes by leveraging the corporate’s international sourcing community amid larger pricing.
For the complete fiscal 12 months 2024, Mission Produce’s income elevated 29% to $1.23 billion. Adjusted EBITDA greater than doubled to $107.8 million in comparison with $48.4 million within the prior 12 months.
Looking forward to Q1 2025, the corporate expects business avocado volumes to be in line with the prior 12 months interval, with pricing roughly 20% larger year-over-year. Nonetheless, Mission anticipates decrease blueberry pricing to negatively affect that section’s adjusted EBITDA.
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