Mission Produce Earnings: What To Look For From AVO
Avocado company Mission Produce (NASDAQ:AVO) will be announcing earnings results this Tuesday after the bell. Here’s what to look for.
Mission Produce beat analysts’ revenue expectations last quarter, reporting revenues of $290.9 million, down 23.5% year on year. It was a slower quarter for the company, with a significant miss of analysts’ EBITDA estimates and a significant miss of analysts’ gross margin estimates.
Is Mission Produce a buy or sell going into earnings? Read our full analysis here, it’s free for active Edge members.
This quarter, the market is expecting Mission Produce’s revenue to grow 2.8% year on year, slowing from the 10.4% increase it recorded in the same quarter last year.
Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business will stay the course heading into earnings. Mission Produce has a history of exceeding Wall Street’s expectations.
Looking at Mission Produce’s peers in the perishable food segment, some have already reported their Q2 results, giving us a hint as to what we can expect. Freshpet delivered year-on-year revenue growth of 15.5%, beating analysts’ expectations by 4.5%, and Del Monte Corporation reported revenues up 3.1%, falling short of estimates by 6.6%. Freshpet traded up 7% following the results while Del Monte Corporation was also up 2.9%.
Read our full analysis of Freshpet’s results here and Del Monte Corporation’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% during the same time and is heading into earnings with an average analyst price target of $16.50 (compared to the current share price of $12.89).
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