Mission Produce, Inc. (AVO), a leading producer and distributor of avocados and other fresh fruits, saw its stock surge 9.42% in after-hours trading on Thursday. This sharp rise followed the company's impressive fiscal fourth-quarter results, driven primarily by robust demand and higher pricing for avocados.
For the quarter ended October 31, 2024, Mission Produce reported net sales of $354.4 million, a remarkable 37% increase from the same period last year. This substantial revenue growth was largely fueled by a 36% rise in average per-unit avocado sales prices, coupled with a 9% increase in North American avocado sales volumes.
The company's gross profit surged to $55.8 million, up from $27.8 million a year earlier, reflecting strong per-unit margins on avocado sales in the Marketing and Distribution segment. Additionally, the Blueberries segment contributed to the growth, benefiting from higher volumes and yield improvements.
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