By Josh Beckerman
Mission Produce Inc. said avocado volume increased while selling price declined for the second quarter ended April. 30.
On 2Q results:
“Total revenue for the second quarter of fiscal 2021 was $234.7 million compared to $221.6 million for the same period last year, representing a 6% increase, primarily due to a 22% increase in avocado volume sold, partially offset by a 14% decrease in average per-unit avocado sales prices.”
“Total International Farming segment sales increased 79% to $4.3 million in the three months ended April 30, 2021, primarily due to earlier timing of the avocado harvest season relative to last year.”
On its outlook for the rest of fiscal 2021:
“Looking ahead to the second half of fiscal 2021, we transition into the southern hemisphere season where our Peruvian harvest comes online. The growing season was very productive, and we are expecting solid yields from our crop and with prices firming up, we are in a great position to deliver a strong second half operating performance, led by our International Farming segment. For the third quarter-to-date period, retail pricing is steady, along with consumption patterns versus the prior year, which is common going into the summer months.”
Write to Josh Beckerman at josh.beckerman@wsj.com
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