Mission Produce, Inc. Reports Earnings Results for the Third Quarter and Nine Months Ended July 31, 2023
September 11, 2023 at 04:40 pm EDT
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Mission Produce, Inc. reported earnings results for the third quarter and nine months ended July 31, 2023. For the third quarter, the company reported sales was USD 261.4 million compared to USD 313.2 million a year ago. Net income was USD 6.6 million compared to USD 18.4 million a year ago. Basic earnings per share from continuing operations was USD 0.09 compared to USD 0.26 a year ago. Diluted earnings per share from continuing operations was USD 0.09 compared to USD 0.26 a year ago.
For the nine months, sales was USD 696 million compared to USD 807.9 million a year ago. Net loss was USD 6.8 million compared to net income of USD 7.4 million a year ago. Basic loss per share from continuing operations was USD 0.1 compared to basic earnings per share from continuing operations of USD 0.1 a year ago. Diluted loss per share from continuing operations was USD 0.1 compared to diluted earnings per share from continuing operations of USD 0.1 a year ago.
Mission Produce, Inc. is engaged in the farming, packaging, marketing, and distribution of avocados to food retailers, distributors and produce wholesalers. It operates through three segments: Marketing and Distribution, International Farming, and Blueberries. Its Marketing and Distribution segment sources fruit from growers and then distributes the fruit through its global distribution network. Its International Farming segment owns and operates orchards from which all fruit produced is sold to its Marketing and Distribution segment. Its farming activities range from cultivating early-stage plantings to harvesting from mature trees. Its Blueberries segment is a farming operation that cultivates blueberry plants in Peru. It provides value-added services including ripening, bagging, custom packaging, logistical management, and quality assurance. The Company also provides its customers with merchandising and promotional support, insights on market trends and hands-on training.