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GlobeNewswire·

Mission Produce® Announces Fiscal 2026 First Quarter Financial Results

AVO
  • Mission Produce reported fiscal first quarter 2026 total revenue of $278.6 million, reflecting a 17% year-over-year decrease driven by a 30% drop in per-unit avocado prices.
  • Avocado sales volume increased 14% to 181.5 million pounds, partially offsetting the decline in pricing.
  • The company reported a net loss of $0.7 million ($0.01 per diluted share), including $7.0 million in pretax transaction advisory costs related to the pending Calavo Growers acquisition.
  • Adjusted net income rose 3% to $7.3 million ($0.10 per share), while adjusted EBITDA increased 5% to $18.5 million.
  • Gross margin expanded to 11.3% of revenue, an improvement of 190 basis points, driven by the Marketing & Distribution segment despite lower Blueberries yields.
  • Selling, general & administrative expenses increased 31% to $29.1 million, primarily due to the $7.0 million acquisition-related advisory costs.
  • The pending acquisition of Calavo Growers involves a consideration of approximately $490 million, offering $25 million in expected annual synergies & entry into the prepared foods sector.
  • Management anticipates the Calavo transaction to close in fiscal third quarter 2026, subject to regulatory & shareholder approvals.
  • Blueberries segment adjusted EBITDA declined to $3.3 million due to lower per-acre yields & higher production costs, though sales revenue grew 12% to $40.8 million.
  • International Farming segment adjusted EBITDA increased 28% to $2.3 million, supported by improved packhouse utilization.
  • Cash & cash equivalents stood at $44.8 million as of January 31, 2026, with net cash used in operating activities totaling $3.0 million due to working capital increases.
  • Capital expenditures for the quarter were $11.9 million, focused on orchard development, packhouse construction, & blueberry cultivation.
  • For fiscal second quarter 2026, the company forecasts avocado volume growth of 10-15% with pricing expected to decline 30-35% year-over-year.
  • Full-year fiscal 2026 capital expenditures are projected to be approximately $40 million.