<p>Mission Produce, Inc. ((AVO)) 已召开其第四季度财报电话会议。请继续阅读会议的主要亮点。</p>
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<p>Mission Produce 最新的财报电话会议描绘了公司在 2025 财年实现创纪录收入和销量的良好势头和严谨执行，尽管在某些领域面临价格压力和利润压力。管理层强调了在鳄梨价格下跌和蓝莓利润挑战面前的韧性，得益于强劲的现金生成、降低的债务以及旨在加速国际增长下一阶段的领导层过渡。</p>
<h2>创纪录的收入和销量增长</h2>
<p>Mission Produce 将 2025 财年视为一个决定性年份，创下了 13.9 亿美元的收入，比去年增长了 13%。公司还创下了 6.91 亿磅鳄梨的销售记录，销量增长了 7%。这种收入扩张和销量增长的结合凸显了公司在价格环境较软的情况下仍能扩大市场份额的能力，进一步巩固了其在全球鳄梨分销中的规模优势。</p>
<h2>国际市场表现强劲</h2>
<p>国际市场在 2025 年成为主要的增长引擎。英国的收入增长超过 60%，推动欧洲整体销量增长 40%。在欧洲和亚洲的更强渗透帮助多样化收入来源，减少对任何单一地区的依赖。这种国际势头突显了 Mission Produce 在利用其全球网络和深化与海外零售商及餐饮合作伙伴关系方面的成功。</p>
<h2>国际农业部门的强劲表现</h2>
<p>公司的国际农业业务表现突出，尤其是在秘鲁。秘鲁的鳄梨产量同比增长超过一倍，销售约 1.05 亿磅，而上个季节为 4300 万磅。这种自有农业资产的扩展支持了更可靠的供应，提高了成本可见性，并为应对第三方采购的波动提供了战略对冲。</p>
<h2>蓝莓和芒果扩展</h2>
<p>除了鳄梨，Mission Produce 继续扩展其多样化的农产品平台。蓝莓销量因秘鲁的种植面积扩大而增加，而芒果业务也获得了市场份额，市场份额上升至 5.2%，比去年增加了 150 个基点。这些增长表明公司能够利用其基础设施和客户关系来发展互补类别，即使它们面临自身的利润动态。</p>
<h2>盈利能力指标改善</h2>
<p>随着收入增长，财务表现也得到了加强。调整后的 EBITDA 增长 12%，达到创纪录的 4140 万美元，反映了运营杠杆和改善的产出。调整后的净收入攀升至 2220 万美元，高于去年同期的 1960 万美元。这些指标表明 Mission Produce 不仅在扩大收入，还在将更多的增长转化为盈利，这对关注盈利能力和现金回报的投资者来说是一个重要信号。</p>
<h2>强劲的现金流和去杠杆化</h2>
<p>资产负债表和现金状况在一年中显著改善。Mission Produce 产生了 8860 万美元的经营现金流，为公司提供了投资和降低杠杆的财务灵活性。长期债务减少了 1800 万美元，利息支出减少了 320 万美元，表明财务负担降低。这一去杠杆化趋势增强了公司的韧性，使其能够资助战略举措而不必过度拉伸资产负债表。</p>
<h2>鳄梨价格下跌的影响</h2>
<p>并非所有指标都朝同一方向发展。第四季度收入为 3.19 亿美元，同比下降 10%，主要由于每单位鳄梨销售价格下降 27%。尽管销量保持健康，但价格环境对季度收入造成了压力。管理层通过提高销量和运营纪律来抵消部分压力的能力，将是投资者关注商品影响类别盈利稳定性的关键因素。</p>
<h2>蓝莓部门的利润压力</h2>
<p>公司的蓝莓部门面临显著的利润压力。该部门的调整后 EBITDA 从 860 万美元下降至 470 万美元，受到每单位利润下降和每公顷预期产量降低的压力。尽管蓝莓销量上升，但盈利能力的拖累突显了与农业产量和市场定价相关的风险。该部门仍然是一个战略增长向量，但需要仔细的成本和产量管理以恢复利润强度。</p>
<h2>短期利润压缩预期</h2>
<p>Mission Produce 表示，短期内可能会持续面临利润压力。管理层预计在 2026 财年第一季度将出现利润压缩，主要受当前采购环境和行业供应增加的驱动。高供应水平通常会对价格和利润产生压力，尤其是在鳄梨领域，投资者应为即使在销量持续上升的情况下也可能出现一些盈利波动做好准备。</p>
<h2>前景和战略指导</h2>
<p>展望 2026 财年，公司对行业增长和自身战略定位保持乐观。Mission Produce 预计鳄梨行业的产量将增加约 10%，这将支持持续的产量增长，尽管价格波动。资本支出预计将下降至约 4000 万美元，从而加速自由现金流的生成并增强财务灵活性。领导层的过渡中，约翰·帕沃斯基（John Pawlowski）担任首席执行官，史蒂夫·巴纳德（Steve Barnard）转任执行董事长，标志着持续增长和国际扩张的延续。结合国际农业部门的强劲表现，这些计划使公司能够在 2025 年的势头上继续发展。</p>
<p>总之，Mission Produce 的财报电话会议强调了公司在应对商品价格和利润率挑战时，通过严格执行实现创纪录的收入和产量。国际增长、扩展农业业务和加强资产负债表成为关键积极因素，而较低的鳄梨价格和蓝莓利润压力仍需关注。整体情绪自信且前瞻，管理层专注于利用其全球布局和改善的现金生成能力，推动 2026 财年及以后的下一阶段增长。</p>

<p>Mission Produce, Inc. (AVO) 在 2025 财年报告了创纪录的收入 13.9 亿美元和销售 691 百万磅鳄梨，尽管面临价格压力。国际市场，特别是英国和欧洲，推动了显著增长。公司在国际农业业务方面也表现强劲，并扩展了蓝莓和芒果业务。调整后的息税折旧摊销前利润（EBITDA）增长了 12%，达到 4140 万美元，经营现金流达到了 8860 万美元。然而，鳄梨价格下跌和蓝莓业务的利润压力影响了第四季度的收入和盈利能力</p>

<p>Mission Produce, Inc. ((AVO)) has held its Q4 earnings call. Read on for the main highlights of the call.</p>
<div class="lb-trans"><p>Mission Produce, Inc. ((AVO)) 已召开其第四季度财报电话会议。请继续阅读会议的主要亮点。</p>
</div><h3>Claim 50% Off TipRanks Premium and Invest with Confidence</h3>
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<li>通过最新的新闻和分析保持市场领先，使您的投资组合始终处于最大潜力的状态</li>
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</div><p>Mission Produce’s latest earnings call painted a picture of solid momentum and disciplined execution, as the company delivered record revenue and volumes in fiscal 2025 while navigating pricing headwinds and margin pressure in certain segments. Management emphasized resilience in the face of lower avocado prices and blueberry margin challenges, underpinned by strong cash generation, reduced debt, and a leadership transition aimed at accelerating the next phase of international growth.</p>
<div class="lb-trans"><p>Mission Produce 最新的财报电话会议描绘了公司在 2025 财年实现创纪录收入和销量的良好势头和严谨执行，尽管在某些领域面临价格压力和利润压力。管理层强调了在鳄梨价格下跌和蓝莓利润挑战面前的韧性，得益于强劲的现金生成、降低的债务以及旨在加速国际增长下一阶段的领导层过渡。</p>
</div><h2>Record Revenue and Volume Growth</h2>
<div class="lb-trans"><h2>创纪录的收入和销量增长</h2>
</div><p>Mission Produce marked fiscal 2025 as a defining year, posting record revenue of $1.39 billion, up 13% from the prior year. The company also hit a record 691 million pounds of avocados sold, fueled by 7% volume growth. This combination of top-line expansion and volume gains underscores the company’s ability to grow its market presence even in a softer pricing environment, reinforcing its scale advantage in global avocado distribution.</p>
<div class="lb-trans"><p>Mission Produce 将 2025 财年视为一个决定性年份，创下了 13.9 亿美元的收入，比去年增长了 13%。公司还创下了 6.91 亿磅鳄梨的销售记录，销量增长了 7%。这种收入扩张和销量增长的结合凸显了公司在价格环境较软的情况下仍能扩大市场份额的能力，进一步巩固了其在全球鳄梨分销中的规模优势。</p>
</div><h2>Surging International Market Performance</h2>
<div class="lb-trans"><h2>国际市场表现强劲</h2>
</div><p>International markets were a major growth engine in 2025. Revenue in the United Kingdom climbed by more than 60%, contributing to a 40% jump in European volumes overall. Stronger penetration across Europe and Asia helped diversify revenue sources and reduce reliance on any single geography. This international momentum highlights Mission Produce’s success in leveraging its global network and deepening relationships with retailers and foodservice partners abroad.</p>
<div class="lb-trans"><p>国际市场在 2025 年成为主要的增长引擎。英国的收入增长超过 60%，推动欧洲整体销量增长 40%。在欧洲和亚洲的更强渗透帮助多样化收入来源，减少对任何单一地区的依赖。这种国际势头突显了 Mission Produce 在利用其全球网络和深化与海外零售商及餐饮合作伙伴关系方面的成功。</p>
</div><h2>Strength in the International Farming Segment</h2>
<div class="lb-trans"><h2>国际农业部门的强劲表现</h2>
</div><p>The company’s international farming operations delivered standout results, particularly in Peru. Peruvian avocado production more than doubled year over year, with approximately 105 million pounds sold compared with 43 million pounds in the prior season. This scaling of owned farming assets supports more reliable supply, improves cost visibility, and provides a strategic hedge against volatility in third-party sourcing.</p>
<div class="lb-trans"><p>公司的国际农业业务表现突出，尤其是在秘鲁。秘鲁的鳄梨产量同比增长超过一倍，销售约 1.05 亿磅，而上个季节为 4300 万磅。这种自有农业资产的扩展支持了更可靠的供应，提高了成本可见性，并为应对第三方采购的波动提供了战略对冲。</p>
</div><h2>Blueberry and Mango Expansion</h2>
<div class="lb-trans"><h2>蓝莓和芒果扩展</h2>
</div><p>Beyond avocados, Mission Produce continued to build out its diversified produce platform. Blueberry volumes increased on the back of expanded acreage in Peru, while the mango business gained share, with market share rising to 5.2%, up 150 basis points from last year. These gains demonstrate the company’s ability to leverage its infrastructure and customer relationships to grow complementary categories, even as they face their own margin dynamics.</p>
<div class="lb-trans"><p>除了鳄梨，Mission Produce 继续扩展其多样化的农产品平台。蓝莓销量因秘鲁的种植面积扩大而增加，而芒果业务也获得了市场份额，市场份额上升至 5.2%，比去年增加了 150 个基点。这些增长表明公司能够利用其基础设施和客户关系来发展互补类别，即使它们面临自身的利润动态。</p>
</div><h2>Improved Profitability Metrics</h2>
<div class="lb-trans"><h2>盈利能力指标改善</h2>
</div><p>Financial performance strengthened alongside revenue growth. Adjusted EBITDA rose 12% to a record $41.4 million, reflecting operational leverage and improved throughput. Adjusted net income climbed to $22.2 million, up from $19.6 million a year earlier. These metrics signal that Mission Produce is not only growing the top line but also converting more of that growth into earnings, an important signal for investors focused on profitability and cash returns.</p>
<div class="lb-trans"><p>随着收入增长，财务表现也得到了加强。调整后的 EBITDA 增长 12%，达到创纪录的 4140 万美元，反映了运营杠杆和改善的产出。调整后的净收入攀升至 2220 万美元，高于去年同期的 1960 万美元。这些指标表明 Mission Produce 不仅在扩大收入，还在将更多的增长转化为盈利，这对关注盈利能力和现金回报的投资者来说是一个重要信号。</p>
</div><h2>Robust Cash Flow and Deleveraging</h2>
<div class="lb-trans"><h2>强劲的现金流和去杠杆化</h2>
</div><p>The balance sheet and cash profile improved meaningfully over the year. Mission Produce generated $88.6 million in operating cash flow, giving the company financial flexibility to invest and reduce leverage. Long-term debt was trimmed by $18 million, and interest expense fell by $3.2 million, indicating a lower financial burden. This deleveraging trend strengthens the company’s resilience and positions it to fund strategic initiatives without stretching the balance sheet.</p>
<div class="lb-trans"><p>资产负债表和现金状况在一年中显著改善。Mission Produce 产生了 8860 万美元的经营现金流，为公司提供了投资和降低杠杆的财务灵活性。长期债务减少了 1800 万美元，利息支出减少了 320 万美元，表明财务负担降低。这一去杠杆化趋势增强了公司的韧性，使其能够资助战略举措而不必过度拉伸资产负债表。</p>
</div><h2>Impact of Lower Avocado Pricing</h2>
<div class="lb-trans"><h2>鳄梨价格下跌的影响</h2>
</div><p>Not all metrics moved in the same direction. Fourth-quarter revenue came in at $319 million, down 10% year over year, primarily due to a 27% drop in average per-unit avocado sales prices. While volumes remained healthy, the pricing environment weighed on quarterly revenue. Management’s ability to offset some of this pressure through higher volume and operational discipline will be a key factor for investors monitoring earnings stability in a commodity-influenced category.</p>
<div class="lb-trans"><p>并非所有指标都朝同一方向发展。第四季度收入为 3.19 亿美元，同比下降 10%，主要由于每单位鳄梨销售价格下降 27%。尽管销量保持健康，但价格环境对季度收入造成了压力。管理层通过提高销量和运营纪律来抵消部分压力的能力，将是投资者关注商品影响类别盈利稳定性的关键因素。</p>
</div><h2>Margin Pressure in the Blueberry Segment</h2>
<div class="lb-trans"><h2>蓝莓部门的利润压力</h2>
</div><p>The company’s blueberry segment faced notable margin headwinds. Segment adjusted EBITDA declined to $4.7 million from $8.6 million, pressured by lower per-unit margins and expected lower yield per hectare. While blueberry volumes rose, the profitability drag highlights the risks tied to agricultural yields and market pricing. The segment remains a strategic growth vector but will require careful cost and yield management to restore margin strength.</p>
<div class="lb-trans"><p>公司的蓝莓部门面临显著的利润压力。该部门的调整后 EBITDA 从 860 万美元下降至 470 万美元，受到每单位利润下降和每公顷预期产量降低的压力。尽管蓝莓销量上升，但盈利能力的拖累突显了与农业产量和市场定价相关的风险。该部门仍然是一个战略增长向量，但需要仔细的成本和产量管理以恢复利润强度。</p>
</div><h2>Near-Term Margin Compression Expectations</h2>
<div class="lb-trans"><h2>短期利润压缩预期</h2>
</div><p>Mission Produce signaled that margin pressure may persist in the near term. Management anticipates margin compression in the first quarter of fiscal 2026, driven by the current sourcing environment and higher industry supply. Elevated supply levels typically weigh on pricing and margins, particularly in avocados, and investors should be prepared for some earnings volatility even as volumes continue to trend upward.</p>
<div class="lb-trans"><p>Mission Produce 表示，短期内可能会持续面临利润压力。管理层预计在 2026 财年第一季度将出现利润压缩，主要受当前采购环境和行业供应增加的驱动。高供应水平通常会对价格和利润产生压力，尤其是在鳄梨领域，投资者应为即使在销量持续上升的情况下也可能出现一些盈利波动做好准备。</p>
</div><h2>Outlook and Strategic Guidance</h2>
<div class="lb-trans"><h2>前景和战略指导</h2>
</div><p>Looking ahead to fiscal 2026, the company remains optimistic about industry growth and its own strategic positioning. Mission Produce expects approximately a 10% increase in avocado industry volumes, which should support continued volume growth despite price fluctuations. Capital expenditures are projected to decline to about $40 million, enabling accelerated free cash flow generation and greater financial flexibility. The leadership transition, with John Pawlowski assuming the CEO role and Steve Barnard moving to Executive Chairman, signals continuity with an emphasis on sustained growth and international expansion. Combined with the strong performance of the international farming segment, these plans position the company to build on its 2025 momentum.</p>
<div class="lb-trans"><p>展望 2026 财年，公司对行业增长和自身战略定位保持乐观。Mission Produce 预计鳄梨行业的产量将增加约 10%，这将支持持续的产量增长，尽管价格波动。资本支出预计将下降至约 4000 万美元，从而加速自由现金流的生成并增强财务灵活性。领导层的过渡中，约翰·帕沃斯基（John Pawlowski）担任首席执行官，史蒂夫·巴纳德（Steve Barnard）转任执行董事长，标志着持续增长和国际扩张的延续。结合国际农业部门的强劲表现，这些计划使公司能够在 2025 年的势头上继续发展。</p>
</div><p>In summary, Mission Produce’s earnings call highlighted a company delivering record revenue and volumes while managing through commodity price and margin challenges with disciplined execution. International growth, expanding farming operations, and balance-sheet strengthening stood out as key positives, while lower avocado prices and blueberry margin pressure remain watch points. Overall sentiment was confident and forward-leaning, with management focused on leveraging its global footprint and improved cash generation to drive the next leg of growth in fiscal 2026 and beyond.</p>
<div class="lb-trans"><p>总之，Mission Produce 的财报电话会议强调了公司在应对商品价格和利润率挑战时，通过严格执行实现创纪录的收入和产量。国际增长、扩展农业业务和加强资产负债表成为关键积极因素，而较低的鳄梨价格和蓝莓利润压力仍需关注。整体情绪自信且前瞻，管理层专注于利用其全球布局和改善的现金生成能力，推动 2026 财年及以后的下一阶段增长。</p>
</div>

Mission Produce 在价格阻力的情况下实现了创纪录的一年