Mission Produce, Inc. (NASDAQ:AVO) Q2 2022 Earnings Conference Call June 8, 2022 5:00 PM ET
Company Participants
Jeff Sonnek – Investor Relations, ICR
Steve Barnard – Chief Executive Officer
Bryan Giles – Chief Financial Officer
Conference Call Participants
Jim Salera – Stephens
Tom Palmer – JPMorgan
Bryan Spillane – Bank of America
Gerry Sweeney – Roth Capital
Operator
Good afternoon and welcome to the Mission Produce Fiscal Second Quarter 2022 Conference Call. All participants will be in a listen-only mode. After today's presentation, there will be an opportunity to ask questions. Please also note today's event is being recorded.
At this time, I'd like to turn the call – 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 second quarter earnings call. I'm pleased with our fiscal second quarter performance, which demonstrated our ability to get the business back on track quickly following the temporary operational challenges associated with our ERP implementation. Total revenue for the second quarter of fiscal 2022 increased 18% to $278.1 million, and we generated $9.2 million in adjusted EBITDA. Revenue growth was driven by a continued strong pricing environment that is being supported by resilient demand, amid lower industry supply. More importantly, however, it was our ability to drive a recovery of in per box margins, which have returned to the high end of normal historical ranges. From a supply perspective, the ongoing inconsistency of Mexican supply continued during the fiscal second quarter. The industry continued to experience challenges with abnormal grading and sizing of harvested fruit. For context, approximately 76% of the U.S. distributed volume was Mexican sourced fruit in the second quarter.