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Mission Produce Inc. (AVO-0.60%) has submitted its Form 10-K filing for the fiscal year ended October 31, 2024.
The filing reports net sales of $1,234.7 million, an increase from $953.9 million in the previous year, primarily driven by higher avocado sales prices.
Gross profit for the year was $152.5 million, up from $83.3 million in the prior year, with a gross profit margin of 12.4% compared to 8.7% in 2023.
Operating income was reported at $65.7 million, a significant increase from $6.9 million in the previous year.
Net income attributable to Mission Produce was $36.7 million, compared to a net loss of $2.8 million in the previous year.
The company reported adjusted EBITDA of $107.8 million, up from $48.4 million in 2023.
Mission Produce's Marketing & Distribution segment saw net sales increase to $1,152.6 million, with adjusted EBITDA rising to $85.1 million.
The International Farming segment reported a decrease in total segment sales to $64.9 million, while adjusted EBITDA increased to $4.6 million.
The Blueberries segment reported net sales of $75.7 million and adjusted EBITDA of $18.1 million.
The filing highlights a significant increase in employee-related costs, including performance-based incentives and stock-based compensation.
Mission Produce's capital expenditures for the year totaled $32.2 million, primarily for orchard development and facility improvements.
The company plans to close its Canadian distribution centers in the first quarter of fiscal 2025, with expected cost savings and some associated expenses.
Mission Produce's total assets as of October 31, 2024, were $971.5 million, with total liabilities of $394.4 million.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Mission Produce Inc. annual 10-K report dated December 19, 2024. To report an error, please email earnings@qz.com.