Mission Produce reports Q1 adjusted EPS 10c, consensus 3c

Reports Q1 revenue $334.2M, consensus $285.6M. Steve Barnard, CEO of Mission, stated, “We were pleased to meet robust consumer demand in our fiscal first quarter and deliver volume growth despite industry supply challenges in Mexico. Our Marketing & Distribution segment drove volume growth despite higher pricing, demonstrating the underlying strength of the category. Additionally, our strategic investments in our Blueberries segment supported significant volume growth which led to solid segment EBITDA contribution. While the operating environment led to lower per unit avocado margins this year due to higher fruit costs, our diversification across categories and markets helped us deliver solid bottom-line results against a tough year-ago comparison. Looking ahead, while the impact of tariffs on Mexican supply dynamics continues to be uncertain and fluid, we will focus on leveraging our competitive strengths in the California and Peruvian sourcing markets to deliver for our customers. Combined with our strong balance sheet and disciplined approach to capital allocation, we believe we’re well-positioned to continue creating value for our shareholders.”