Mission Produce (AVO) Reports Q1: Everything You Need To Know Ahead Of Earnings

Kayode Omotosho /
2024/06/05 3:01 am EDT

Avocado company Mission Produce (NASDAQ:AVO) will be reporting earnings tomorrow afternoon. Here's what you need to know.

Mission Produce beat analysts' revenue expectations by 22.8% last quarter, reporting revenues of $258.7 million, up 21.2% year on year. It was an incredible quarter for the company, with an impressive beat of analysts' revenue and earnings estimates.

Is Mission Produce a buy or sell going into earnings? Read our full analysis here, it's free.

This quarter, analysts are expecting Mission Produce's revenue to grow 2.4% year on year to $226.5 million, a reversal from the 20.5% decrease it recorded in the same quarter last year. Adjusted loss is expected to come in at -$0.01 per share.

Mission Produce Total Revenue

Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business to stay the course heading into earnings. Mission Produce has missed Wall Street's revenue estimates three times over the last two years.

Looking at Mission Produce's peers in the perishable food segment, some have already reported their Q1 results, giving us a hint as to what we can expect. Vital Farms delivered year-on-year revenue growth of 24.1%, beating analysts' expectations by 8.1%, and Tyson Foods reported flat revenue, in line with consensus estimates. Vital Farms traded up 21.7% following the results while Tyson Foods was down 4.9%.

Read our full analysis of Vital Farms's results here and Tyson Foods's results here.

Investors in the perishable food segment have had steady hands going into earnings, with share prices flat over the last month. Mission Produce is down 2.6% during the same time and is heading into earnings with an average analyst price target of $14.3 (compared to the current share price of $11.6).

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