What To Expect From Mission Produce’s (AVO) Q1 Earnings
Avocado company Mission Produce (NASDAQ:AVO) will be announcing earnings results tomorrow afternoon. Here's what you need to know.
Last quarter Mission Produce reported revenues of $257.9 million, up 8.4% year on year, missing analyst expectations by 10.6%. It was a mixed quarter for the company, with volumes missing expectations based "on continued weather-related challenges in Peru", leading to a revenue shortfall vs. Consensus expectations. However, gross margin was in line and operating expenses were lower than expected, leading to a slight EPS beat.
Is Mission Produce buy or sell heading into the earnings? Read our full analysis here, it's free.
This quarter analysts are expecting Mission Produce's revenue to decline 1.3% year on year to $210.8 million, improvement on the 1.4% year-over-year decrease in revenue the company had recorded in the same quarter last year. Adjusted loss is expected to come in at -$0.07 per share.
Majority of analysts covering the company have reconfirmed their estimates over the last thirty days, suggesting they are expecting the business to stay the course heading into the earnings. The company missed Wall St's revenue estimates four times over the last two years.
Looking at Mission Produce's peers in the packaged food segment, some of them have already reported Q1 earnings results, giving us a hint of what we can expect. Mondelez delivered top-line growth of 7.1% year on year, beating analyst estimates by 0.2% and Vital Farms reported revenues up 23.4% year on year, exceeding estimates by 3.7%. Mondelez traded down 3.1% on the results, Vital Farms was up 9.8%.
Read our full analysis of Mondelez's results here and Vital Farms's results here.
Investors in the packaged food segment have had steady hands going into the earnings, with the stocks up on average 0.5% over the last month. Mission Produce is up 0.4% during the same time, and is heading into the earnings with analyst price target of $12.3, compared to share price of $10.74.
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