Mission Produce Says Industry Volumes Are Expected To Be Flat To Slightly Lower In The Fiscal 2024 Q4 Versus The Prior Year Period; Pricing Is Expected To Decrease On A Sequential Basis, But Remain ~15% Higher Than The $1.39 Per Pound Average Experienced In Q4 Of Fiscal 2023
Portfolio Pulse from Benzinga Newsdesk
Mission Produce anticipates flat to slightly lower industry volumes in Q4 FY2024 compared to the previous year, with pricing expected to decrease sequentially but remain 15% higher than Q4 FY2023. The company will shift to a Mexico-centric sourcing model and expects lower avocado production volumes. Blueberry volumes from Peru are expected to increase, but lower prices may impact revenue and EBITDA.
September 09, 2024 | 8:19 pm
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Mission Produce expects flat to slightly lower industry volumes in Q4 FY2024, with pricing 15% higher than Q4 FY2023. Transitioning to Mexico sourcing, avocado production volumes may decrease. Blueberry volumes to rise, but lower prices could impact revenue and EBITDA.
The news indicates a mixed outlook for Mission Produce. While pricing remains higher than last year, the expected flat to lower volumes and transition to Mexico sourcing could offset potential gains. The increase in blueberry volumes is positive, but lower prices may negatively impact revenue and EBITDA. Overall, the impact on AVO's stock price is likely neutral in the short term.
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