Log in
E-mail
Password
Show password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON

MISSION PRODUCE, INC.

(AVO)
  Report
SummaryQuotesChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
SummaryMost relevantAll NewsAnalyst Reco.Other languagesPress ReleasesOfficial PublicationsSector news

Mission Produce : Q3 2021 Earnings Highlights Supplement

09/13/2021 | 04:22pm EST

About Mission Produce, Inc.

Mission Produce is the global leader in the worldwide avocado business. Since 1983, Mission Produce has been sourcing, producing and distributing fresh Hass avocados, and as of 2021, fresh mangos, to retail, wholesale and foodservice customers in over 25 countries. The vertically integrated Company owns and operates four state-of-the-art packing facilities in key growing locations globally including California, Mexico & Peru and has additional sourcing capabilities in Chile, Colombia, Dominican Republic, Guatemala, New Zealand, & South Africa, which allow the company to provide a year-round supply of premium fruit. Mission's global distribution network includes twelve forward distribution centers in North America, China & Europe that offer value-added services such as ripening, bagging, custom packing and logistical management. In addition, Mission owns over 11,000 acres globally, allowing for diversified sourcing and access to complementary growing seasons, while ensuring its customers receive the highest quality fruit possible. For more information, please visit www.missionproduce.com.

Non-GAAP Financial Measure

This document contains the non-GAAP financial measure "adjusted EBITDA." Management believes this measure provides useful information for analyzing underlying business results. This measure is not in accordance with, nor is it a substitute for or superior to, the comparable financial measure by generally accepted accounting principles. Adjusted EBITDA refers to net income (loss), before interest expense, income taxes, depreciation and amortization expense, stock-based compensation expense, other income (expense), and income (loss) from equity method investees, further adjusted by any special, non-recurring or one-time items (asset impairment and disposals, net of insurance recoveries, impairment of equity method investment and legal settlement) that are distortive to results. A reconciliation of adjusted EBITDA to net income (loss) is provided.

Forward-Looking Statements

Adjusted EBITDA Reconcilliation

Three Months Ended

Nine Months Ended

July 31,

July 31,

(in millions)

2021

2020

2021

2020

Net income (loss)

$

18.4

$

23.4

$

28.0

$

10.0

Interest expense

1.0

1.1

2.7

5.5

Provision for income taxes

5.9

6.2

15.3

10.4

Depreciation and amortization

6.1

5.5

13.7

12.6

Equity method loss (income)

(2.1)

(1.2)

(4.2)

(1.6)

Impairment on equity method investment

-

-

-

21.2

Legal settlement

-

-

0.8

-

Asset impairment and disposals, net of insurance recoveries

(0.2)

-

(0.2)

-

Other expense

0.5

1.2

0.8

0.2

Stock-based compensation

0.5

0.4

2.0

1.1

Total adjusted EBITDA

$

30.1

$

36.6

$

58.9

$

59.4

Statements in this document that are not historical in nature are forward-looking statements that, within the meaning of the federal securities laws, including the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, involve known and unknown risks and uncertainties. Words such as "may", "will", "expect", "intend", "plan", "believe", "seek", "could", "estimate", "judgment", "targeting", "should", "anticipate", "goal" and variations of these words and similar expressions, are also intended to identify forward-looking statements. The forward-looking statements in this document address a variety of subjects, including statements about our short-term and long-term assumptions, goals and targets, including our outlook for our fiscal year 2021 operating results. Many of these assumptions relate to matters that are beyond our control and changing rapidly. Although we believe the expectations reflected in such forward-looking statements are based upon reasonable assumptions, we can give no assurances that our expectations will be attained. Readers are cautioned that actual results could differ materially from those implied by such forward-looking statements due to a variety of factors, including: limitations regarding the supply of avocados, either through purchasing or growing; the loss of one or more of our largest customers or a reduction in the level of purchases by customers; doing business internationally, including Mexican and Peruvian economic, political and/or societal conditions; fluctuations in market prices of avocados; increasing competition; inherent farming risks; variations in operating results due to the seasonality of the business; general economic conditions; the effects of the COVID-19 pandemic; increases in costs of commodities or other products used in our business; food safety events and recalls of our products; changes to USDA and FDA regulations, U.S. trade policy, and/or tariff and import/export regulations; restrictions due to health and safety laws; significant costs associated with compliance with environmental laws and regulations; acquisitions of other businesses; the ability of our infrastructure to handle our business needs; supply chain optimization failures or disruptions; disruption to the supply of reliable and cost-effective transportation; loss of key personnel and an adequate labor supply; information system security risks, data protection breaches and systems integration issues; changes in privacy and/or information security laws, policies and/or contractual arrangements; failure to maintain or protect our brand; changes in tax rates or international tax legislation; the viability of an active, liquid, and orderly market for our common stock; volatility in the trading price of our common stock; failure to meet continued Nasdaq listing requirements; concentration of control in our executive officers, directors and principal stockholders over matters submitted to stockholders for approval; limited sources of capital appreciation; the sale into the market of restricted shares; reduced disclosure requirements due to our emerging growth company status; significant costs associated with being a public company and the allocation of significant management resources thereto; reliance on analyst reports; failure to maintain proper and effective internal control over financial reporting; restrictions on takeover attempts in our charter documents and under Delaware law; and the selection of Delaware as the exclusive forum for substantially all disputes between us and our stockholders; and other risks and factors discussed from time to time in our Annual and Quarterly Reports on Forms 10-K and 10-Q and in our other filings with the Securities and Exchange Commission.

You can obtain copies of our SEC filings on the SEC's website at www.sec.gov. The forward-looking statements contained in this document are made as of September 13, 2021 and the Corporation does not intend to, nor does it assume any obligation to, update or supplement any forward-looking statements after the date hereof to reflect actual results or future events or circumstances.

Disclaimer

Mission Produce Inc. published this content on 13 September 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 13 September 2021 20:21:11 UTC.


ę Publicnow 2021
All news about MISSION PRODUCE, INC.
11/19MISSION PRODUCE : Amendment to Initial Statement of Beneficial Ownership (Form 3/A)
PU
10/07INSIDER SELL : Mission Produce
MT
09/29MISSION PRODUCE : Continues National Expansion, Opens Distribution Center in Laredo, Texas
AQ
09/29Mission Produce Continues National Expansion, Opens Distribution Center in Laredo, Texa..
CI
09/13MISSION PRODUCE : Announces Fiscal 2021 Third Quarter Financial Results (Form 8-K)
PU
09/13MISSION PRODUCE : Management's Discussion and Analysis of Financial Condition and Results ..
AQ
09/13MISSION PRODUCE, INC. : Results of Operations and Financial Condition, Regulation FD Discl..
AQ
09/13MISSION PRODUCE : Fiscal Q3 Adjusted EPS Falls Even as Revenue Rises; Lowers Annual Sales ..
MT
09/13MISSION PRODUCE : Q3 2021 Earnings Highlights Supplement
PU
09/13MISSION PRODUCE : Earnings Flash (AVO) MISSION PRODUCE Posts Q3 Revenue $246.8M, vs. Stree..
MT
More news
Analyst Recommendations on MISSION PRODUCE, INC.
More recommendations
Financials (USD)
Sales 2021 902 M - -
Net income 2021 51,2 M - -
Net Debt 2021 65,4 M - -
P/E ratio 2021 26,0x
Yield 2021 -
Capitalization 1 321 M 1 321 M -
EV / Sales 2021 1,54x
EV / Sales 2022 1,33x
Nbr of Employees 2 500
Free-Float 52,6%
Chart MISSION PRODUCE, INC.
Duration : Period :
Mission Produce, Inc. Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends MISSION PRODUCE, INC.
Short TermMid-TermLong Term
TrendsNeutralBearishNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 5
Last Close Price 18,71 $
Average target price 22,80 $
Spread / Average Target 21,9%
EPS Revisions
Managers and Directors
Stephen J. Barnard President, Chief Executive Officer & Director
Bryan E. Giles Chief Financial Officer
Stephen W. Bershad Chairman
Stephen A. Beebe Independent Director
Bonnie Cruickshank Lind Independent Director