Mission Produce, Inc. (NASDAQ:AVO) Q2 2024 Earnings Conference Call June 6, 2024 5:30 PM ET

Company Participants

Jeff Sonnek - IR, ICR
Stephen Barnard - CEO
Bryan Giles - CFO

Conference Call Participants

Gerry Sweeney - ROTH MKM
Ben Klieve - Lake Street Capital Markets

Operator

Good afternoon, everyone, and welcome to the Mission Produce Fiscal Second Quarter 2024 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 over to Jeff Sonnek, Investor Relations at ICR. Please go ahead, sir.

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 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 our 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?

Stephen Barnard

Thank you for joining us today. We are pleased to deliver a second consecutive quarter of record results fueled by continued strong momentum in our Marketing and Distribution segment. Total revenue for the second quarter of fiscal 2024 increased 35% to $298 million. Growth was driven by robust consumer demand for avocados, which translated into an 8% increase in avocado volumes sold in our Marketing and Distribution segment, which is an encouraging sign giving our per unit sales prices were up 22% versus the prior year.

Further, the volume growth demonstrates our ability to drive per capita consumption through providing consistent access to our customers through our global sourcing network. The stable industry environment in the first half of our year not only aids in volume growth, but it also allows our business to operate with greater efficiency and this showed up again in the second quarter with another strong adjusted EBITDA performance.