Mission Produce, Inc. (NASDAQ:AVO) Q3 2022 Results Conference Call September 8, 2022 5:00 PM ET
Company Participants
Jeff Sonnek - ICR, IR
Bryan Giles - CFO
Steve Barnard - CEO
Conference Call Participants
Ben Bienvenu - Stephens
Tom Palmer - JPMorgan
Gerry Sweeney - ROTH Capital
Operator
Good afternoon, and welcome to the Mission Produce Fiscal Third Quarter 2022 Conference Call. [Operator Instructions] Please also note today's event is being recorded.
At this time, I'd like to turn the conference call over to Jeff Sonnek, Investor Relations at ICR. Sir, Please go ahead.
Jeff Sonnek
Thank you, and good afternoon. Today's presentation will be hosted by Steve Barnard, Chief Executive Officer; and Bryan Giles, Chief Financial Officer.
The comments during today's call and the accompanying presentation contain forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical facts are considered forward-looking statements. These statements are based on management's current expectations and beliefs as well as a number of assumptions concerning future events. Such forward-looking statements are subject to known and unknown risks and uncertainties that could cause actual results to differ materially from the results discussed in the forward-looking statements. Some of these risks and uncertainties are identified and discussed in the company's filings with the SEC.
We'll also refer to certain non-GAAP financial measures today. Please refer to the tables included in the earnings release which can be found on the Investor Relations website, investors.missionproduce.com, for reconciliations of non-GAAP financial measures to their most directly comparable GAAP measures.
With that, I'd now like to turn the call over to Steve Barnard, CEO.
Steve Barnard
Thank you for joining us for our fiscal 2022 third quarter earnings call. We produced strong revenue growth of 27% to $313.2 million, and we generated $31.6 million in adjusted EBITDA for the third quarter, which was supported by sustained strength in pricing amid a lower industry supply backdrop. Additionally, our per unit margins performed well in the third quarter, which have remained at the high end of normal historical ranges and demonstrates the flexibility of our diversified global sourcing platform, even in periods where we experienced volatility from the large Mexican source market and capacity absorption headwinds that we are incurring from our new Laredo facility.
On the Laredo point, we continue to feel great about the flexibility that this 261,000 square foot mega facility will provide us in the future to drive volume efficiency throughout North American markets. We've made substantial investments in our network over the past several years, including Laredo, and we feel great about the capacity we have in place to support our anticipated growth over the next several years.