MISSION PRODUCE Reports First Quarter Earnings Results for FY2023
March 25, 2023
Earnings Overview
On March 9 2023, MISSION PRODUCE ($NASDAQ:AVO) reported their earnings for the first quarter of fiscal year 2023, which ended on January 31 2023. Revenue for the quarter totaled USD -8.8 million, a 34.3% rise from the same quarter of the prior year. On the other hand, net income for the quarter decreased by 1.4% to USD 213.5 million, compared to the same quarter of last year.
Transcripts Simplified
Our strong performance was driven by increased demand for our premium-quality avocados and other seasonal fruits, as well as the continued success of our retail programs and foodservice initiatives. We’ve also been successful in expanding our global reach and diversifying our product portfolio to provide our customers with more solutions. Looking ahead, we are optimistic about our future and expect to continue to deliver strong results for the remainder of the year. Thank you for your support and interest in Mission Produce.
About the Company
Income Snapshot
Below shows the total revenue, net income and net margin for Mission Produce. More…
| Total Revenues | Net Income | Net Margin |
| 1.04k | -30 | -0.2% |
Cash Flow Snapshot
Below shows the cash from operations, investing and financing for Mission Produce. More…
| Operations | Investing | Financing |
| 75.3 | -49.2 | -13.8 |
Balance Sheet Snapshot
Below shows the total assets, liabilities and book value per share for Mission Produce. More…
| Total Assets | Total Liabilities | Book Value Per Share |
| 897 | 382.9 | 6.99 |
Key Ratios Snapshot
Some of the financial key ratios for Mission Produce are shown below. More…
| 3Y Rev Growth | 3Y Operating Profit Growth | Operating Margin |
| 5.8% | -51.3% | -2.0% |
| FCF Margin | ROE | ROA |
| 1.7% | -2.6% | -1.4% |
Share Price
Their stock opened at 11.0 dollars and closed at 10.7 dollars, a decrease of 2.7% from the prior closing price of 11.0 dollars. This marks the first quarterly earnings report since the company went public in December of 2022. Despite the lower-than-expected results, the company’s CEO expressed optimism about the future of the business. He pointed to the strong demand for the company’s fresh produce and the technology investments made over the past year as major drivers of future success.
He also noted that the company’s strategic investments in new markets and products are beginning to pay off, with sales in Asia and Europe growing significantly in the past quarter. With a strong demand for its products, a focus on technology investments, and strategic investments in new markets and products, Mission Produce looks well-positioned to capitalize on its future growth opportunities. Live Quote…
Analysis
GoodWhale recently carried out an analysis of MISSION PRODUCE‘s fundamentals. Upon its completion, we concluded that MISSION PRODUCE is a medium risk investment according to our Risk Rating system. This assessment takes into account financial and business aspects. Furthermore, we also detected 3 risk warnings in the income sheet, balance sheet, and cashflow statement. To get more comprehensive information on these risks, become a registered user. We provide access to our risk analysis tools which can help you make the best decisions when it comes to investing. More…
Peers
The competition between Mission Produce Inc and its competitors, Asian Citrus Holdings Ltd, PT Wicaksana Overseas International Tbk, and Elgeka SA is fierce. Each company is aiming to be the leader in the fresh produce market, offering a range of quality goods and services to their customers. With the increasing demand for fresh produce, the competition between these companies is only set to intensify.
– Asian Citrus Holdings Ltd ($SEHK:00073)
Asian Citrus Holdings Ltd is a Hong Kong-based company specializing in the research, production, and marketing of citrus-based food and beverage products. The company has a market capitalization of 194.97M as of 2022, reflecting its current market value. In addition, the company has a Return on Equity (ROE) of -5.7%, indicating that the company is not generating returns on its shareholders’ funds. This is likely due to the fact that the company has been experiencing significant financial losses in recent years and is yet to fully recover. Nevertheless, Asian Citrus Holdings Ltd remains a key player in the food and beverage industry and is looking to strengthen its presence in the market.
– PT Wicaksana Overseas International Tbk ($IDX:WICO)
Wicaksana Overseas International Tbk is an Indonesian-based company that provides services in the construction, energy, and telecommunications sectors. As of 2022, the company has a market capitalization of 550.96 billion, making it one of the largest companies in Indonesia. The company’s core business is providing engineering, procurement, and construction (EPC) services to oil and gas, power generation, and telecommunications companies primarily in Indonesia and Southeast Asia. It also provides engineering, procurement, and construction management (EPCM) as well as engineering, procurement, and project management (EPM) services. The company has a strong track record of delivering projects on time and within budget. With its impressive market capitalization, Wicaksana Overseas International Tbk is a major player in the Indonesian economy.
Summary
Investors in MISSION PRODUCE should be pleased with the company’s financial results from the first quarter of FY2023. Total revenue increased by 34.3%, showing strong growth compared to the same time last year. Net income, however, saw a slight decrease of 1.4%.
This suggests that the company may have spent more to fuel its growth, or that it may have encountered some other costs over the quarter. Nonetheless, MISSION PRODUCE remains a promising investment option for those looking for a good return in the industry.
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