🥑 This global avocado producer reported an 18% jump in fiscal second-quarter revenue this week, reaching $278.1 million.
Global avocado producer Mission Produce Inc. AVO, -3.34% reported an 18% jump in fiscal second-quarter revenue this week, reaching $278.1 million. The result fell just short of the FactSet consensus of $278.9 million. The company said the result was boosted by a 44% increase in average selling prices, partially offset by a 19% decrease in volume sold year-over-year.
“The backdrop of constrained supply, coupled with consistent demand, continued to create sustained upward pressure on pricing through the first half of this fiscal year, where prices were approximately 50% higher versus the prior year,” he said. See: Inflated grocery prices and shrinking package sizes. The cost of food is rising at fastest pace since 1979The majority of avocados in the U.S. during the second quarter were sourced from Mexico, though there was “ongoing inconsistency” in that supply. Barnard said there was “abnormal grading and sizing of harvested fruit” there. Mission was able to fill some of the void with product from Chile, Colombia and California.
“However, we think it is prudent to expect some price rationalization in connection with the improving supply conditions later this fiscal year,” he said on the call.
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