Mission Produce reported a 28% year-over-year increase in revenue for the second fiscal quarter of 2025, reaching $380.3 million. However, net income decreased to $3.1 million ($0.04 per diluted share) from $7.0 million ($0.10) a year earlier. Adjusted net income was $8.7 million ($0.12), down from $9.8 million ($0.14), while adjusted EBITDA decreased 5% to $19.1 million.

Executive Director, Steve Barnard, attributed the strong performance to the company's global supply network, highlighting high avocado prices despite stagnant volumes, indicating stable consumer demand. Mission's mango business achieved record volumes and gained market share in the U.S., while operations in the United Kingdom improved thanks to increased customer penetration. The company repurchased $5.2 million in shares, citing undervaluation.

In the Marketing and Distribution segment, sales increased 26% to $362,5 million due to higher avocado prices. However, adjusted EBITDA decreased from $21,7 million to $16,8 million, impacted by lower unit margins and $2,6 million in combined costs resulting from the closure of a Canadian plant and the short-term effect of U.S. tariffs on Mexican imports.

The International Agriculture segment saw sales increase 479% to $8,1 million, with adjusted EBITDA improving to $1,5 million, supported by improved yields and pricing in mango orchards and higher service volumes in blueberries.

The blueberry segment grew 57% to $15,7 million in revenue, with adjusted EBITDA flat as higher volume offset lower unit margins.

Gross profit decreased from $31 million to $28,4 million, with gross margin narrowing to 7,5%. Selling, general, and administrative expenses increased 15% to $21,5 million, driven by employee compensation and legal fees.

Cash and cash equivalents amounted to $36.7 million as of April 30, down from $58.0 million as of October 2024. Net cash used in operations was $13.0 million, driven by working capital growth related to higher avocado prices and increased agricultural inventory. First-half capital expenditures totaled $28.0 million, focused on orchard maintenance, land improvements in Guatemala, and blueberry cultivation in Peru.

Looking ahead to the third quarter, Mission anticipates a 10-15% increase in avocado volume due to the strong Peruvian harvest, and a 10-15% decrease in prices year-over-year. Capital investment for fiscal year 2025 is projected to be between $50 and $55 million.

Mission's second-quarter results reflect solid revenue growth and strategic expansion, tempered by margin pressure and transition costs. The company continues to focus on global market development and supply chain optimization.