Mission Produce (AVO) reported Q1 EPS of ($0.07), $0.10 worse than the analyst estimate of $0.03. Revenue for the quarter came in at $213.5 million versus the consensus estimate of $207.12 million.
Outlook
- For the second quarter of fiscal year 2023, the Company is providing the following industry outlook that will drive performance:
- The industry is expecting volumes to be higher in the fiscal 2023 second quarter versus the prior year period, primarily due to continued expectations for a larger Mexican harvest. The overall Mexican crop is expected to be approximately 20% higher compared to the prior harvest season, with year-over-year volume increases from Mexico ticking up during the quarter. The quarterly uptick is expected to be partially offset by lower California volumes due to a later start to the harvest season.
- Pricing is expected to be higher on a sequential basis, but lower on a year-over-year basis by 30-35% compared to the $2.04 per pound average experienced in second quarter of fiscal 2022.