Stock Track | Mission Produce Soars 9.74% Pre-Market on Strong Fiscal 2024 Results, Robust Outlook

Stock Track

Dec 20, 2024

Mission Produce, Inc. (AVO) shares surged 9.74% in pre-market trading on Friday, following the company's impressive fiscal 2024 earnings report and robust outlook for the future.

The company reported a 37% increase in total revenue to $354.4 million, driven by a 36% increase in avocado sales prices and a 9% increase in North American avocado sales volumes. Gross profit soared to $55.8 million, an increase of $28 million, while gross profit margin expanded by 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 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.

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(AVO) shares surged 9.74% in pre-market trading on Friday, following the company's impressive fiscal 2024 earnings report and robust outlook for the future.</p>\n\n<p>The company reported a 37% increase in total revenue to $354.4 million, driven by a 36% increase in avocado sales prices and a 9% increase in North American avocado sales volumes. Gross profit soared to $55.8 million, an increase of $28 million, while gross profit margin expanded by 490 basis points to 15.7%.</p>\n\n<p>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. 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