Mission Produce shares down after earnings release
Mission Produce’s stock tumbled 10% after the markets closed Dec. 22, after the Oxnard-based avocado distributor released its financial results for the fourth quarter of 2021 and missed analysts’ expectations.
Mission Produce generated revenue of $237 million in the fourth quarter of 2021, a 15% increase from the same period a year ago. But, according to Yahoo Finance, four analysts projected revenue to be closer to $252 million.
Mission had net income of $16.8 million in the quarter, or 24 cents per diluted share. That was down from the same quarter a year ago, when the company reported $18.8 million in income, or 29 cents per diluted share.
Adjusted net income was 24 cents per share, missing analysts’ expectations of 30 cents per share.
CEO and founder of Mission Steve Barnard said in a press release that significant headwinds hurt profitability. Those include “Mexico’s challenging supply dynamic, port delays and logistics issues, and the variability in consumer shopping patterns due to the ever-changing COVID conditions,” he said.
Mission’s stock closed at $17.29 Dec. 22, down about 2.7% from its open. It dipped another 9.6% after hours, with the price at $15.62, its lowest trading price all year.
For the full year, Mission had revenue of $891.7 million, a 3% increase from the previous year. Net income was at $44.9 million in fiscal year 2021, or 63 cents per diluted share, compared to $28.8 million, or 45 cents per diluted share, in 2020. The company ended the year with cash and cash equivalents worth $84.5 million.