Mission Produce shares rise nearly 6% as avocado prices boost results

By Ben Glickman

Shares of Mission Produce (AVO) rose after the company's results were boosted by higher prices for avocados.

The stock was up 5.9% to $11.33 in after-hours trading, following a 2.8% drop at Monday's close. Shares are up about 6.1% since the start of the year.

The Oxnard, Calif.-based company said its revenue rose 21% to $258.7 million in the fiscal first quarter.

That jump was driven by 23% higher average avocado selling prices per unit. Volumes were flat for avocados.

The company broke even in the quarter ended Jan. 31, compared with a loss of $8.8 million, or 12 cents a share, a year earlier.

Mission expects avocado volumes to be flat in the fiscal second quarter, while pricing is expected to be up 10% to 15% from a year earlier. The company said timing shifts in the harvest of blueberries in Peru will result in about one-fifth of the company's harvest sold in the current fiscal quarter.

The Peruvian harvest season typically runs from July through February. The company said sales were up 9% in its blueberries segment, driven by a 90% increase in average per-unit selling price.

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03-11-24 2207ET

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