Mission Produce reports Q3 adjusted EPS 23c, consensus 2c

Reports Q3 revenue $324M, consensus $230.95M. “We are pleased to report another quarter of strong financial performance, marked by robust third quarter revenues of $324.0 million, an increase of 24% year-over-year and a 49% increase in adjusted EBITDA to $31.5 million,” stated Steve Barnard, CEO of Mission. “Our team’s ability to leverage our global sourcing network to meet customer demand amid a more challenging production year for our farming operations in Peru was commendable. The result of this focus was an achievement of per-unit margins that exceeded our targeted range, which is a testament to our team’s exceptional execution and ability to capitalize on favorable market conditions. These efforts are a continuation of our strong performance this year and combined with our solid working capital management, they have translated into a $62.7 million improvement in our year-to-date operating cash flow performance versus the prior year period. Looking ahead, we remain excited about our position and will continue to focus on operational excellence, strategic growth initiatives, and sound capital allocation to drive long-term shareholder value.”