Mission Produce, Inc. (AVO) surged 13.72% in the pre-market trading session on Friday, following the company's impressive fiscal fourth quarter 2024 performance and robust outlook for the future.

The avocado farming and distribution company reported a remarkable 37% increase in total revenue to $354.4 million for the fourth quarter, driven by a 36% increase in avocado sales prices and a 9% rise in North American avocado sales volumes. Gross profit soared to $55.8 million, an increase of $28 million, while gross profit margin expanded by a significant 490 basis points to 15.7%.

Mission Produce's strong performance was underpinned by its global sourcing network, which enabled the company to maintain consistent supply and capitalize on favorable market conditions, resulting in robust per unit margins. The company's Blueberries segment also demonstrated remarkable growth, with net sales rising to $31.6 million and adjusted EBITDA reaching $8.6 million, fueled by higher volumes and yield improvements.

Looking ahead, the company expects industry volumes in the fiscal 2025 first quarter to be consistent with the prior year period, while pricing is anticipated to be approximately 20% higher year-over-year, indicating continued strength in demand. Additionally, Mission Produce plans to prioritize debt reduction in fiscal 2025 while moderating capital expenditures, leveraging its strong free cash flow generation of approximately $60 million in fiscal 2024.