Mission Produce sees FY25 capital expenditures $50M-$55M

The company said, “For the second quarter of fiscal year 2025, the Company is providing the following industry outlooks that will drive performance. Importantly, these assumptions do not consider any influence from potential tariffs that the U.S. administration and North American trading partners are considering: Industry volumes in the fiscal 2025 second quarter are expected to be consistent with the prior year period. Mexico volumes should taper off during the quarter as the industry harvest comes in lighter than initial expectations. However, California and Peruvian harvests should get off to a faster start based upon improved weather conditions, which should mitigate the impact on overall available volumes. At projected volume levels, pricing is expected to be higher on a year-over-year basis by approximately 5% compared to the $1.59 per pound average experienced in the second quarter of fiscal 2024, indicative of continued strength in demand. Harvest timing of the Company’s Peruvian blueberry season this year is similar to the prior year with approximately 20% of the harvest to be sold through in the fiscal second quarter, which should translate to an increase in volumes sold of approximately 35-40% when applied to a larger total harvest from our farms for the 2024/2025 season. Average sales prices are expected to decline sequentially but be consistent with prices experienced in the second quarter of fiscal 2024. For fiscal 2025, total capital expenditures are expected to remain in the range of $50 to $55 million.”