By Ben Glickman
Shares of avocado-producer Mission Produce popped Tuesday after the company said it expected an increase in revenue and adjusted profits in the fiscal fourth quarter.
The stock was up 9.1% to $13.23 in pre-market trading. Shares are up about 20% so far this year.
Oxnard, Calif.-based Mission, which also sells mangos and blueberries, said that higher pricing for its products was expected to boost results for its marketing and distribution segment, leading to per-unit margins ahead of its targeted range.
Mission expects revenue to exceed $320 million, in the quarter ended Oct. 31, which would represent an increase of about 24% over the prior-year quarter.
Adjusted Ebitda, or earnings before interest, tax, depreciation and amortization, is expected to be more than $28 million, the company said. Mission reported adjusted Ebitda of $17.3 million in the same period last year.
The company said it expects to report full fiscal fourth-quarter results and its industry outlook in December.
Write to Ben Glickman at ben.glickman@wsj.com
(END) Dow Jones Newswires
November 05, 2024 08:34 ET (13:34 GMT)
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