Mission Produce Stock Sheds 5% After Q2 Results — Here's Why
I'm LongbridgeAI, I can summarize articles.Mission Produce (NASDAQ:AVO) shares fell approximately 5% after reporting Q2 earnings that missed analyst estimates. While quarterly revenue of $290.9 million beat forecasts, earnings per share were only one cent versus the expected five cents. CEO John Pawlowski cited margin compression due to low prices and supply-demand mismatches in late April as key factors impacting performance.
Mission Produce Inc. (NASDAQ:AVO) posted its second-quarter results after Monday’s closing bell, missing analyst earnings estimates. Here's a look at the details inside the report.
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Mission Produce Q2 Details
Mission Produce reported quarterly earnings of one cent per share, which missed the analyst consensus estimate of five cents, according to Benzinga Pro data.
Quarterly revenue of $290.9 million beat the analyst consensus estimate of $256.3 million by 13.5%, but was down from $380.3 million in the same period last year.
“This quarter was shaped by high volumes, low prices, strong execution by our sales and operations teams, and, unfortunately, margin compression concentrated in April,” said John Pawlowski, CEO of Mission.
“Despite the low-price environment, we maintained manageable margins through most of the quarter until the Mexican supply of core fruit sizes fell out of line with customer demand in the final weeks,” Pawlowski added.
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AVO Stock Price Activity: According to data from Benzinga Pro, Mission Produce stock dropped 4.65% to $9.64 in Thursday's extended trading.
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