Mission Produce, Inc. Announces Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2020
January 19, 2021 at 09:19 am
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Mission Produce, Inc. announced consolidated earnings results for the fourth quarter and full year ended December 31, 2020. For the quarter, the company's total revenue was $206.8 million compared to $231.7 million for the fourth quarter of 2019, representing an 11% decrease. Operating income was $22.7 million against $32.0 million a year ago. Net income for the fourth quarter of 2020 was $18.8 million, or $0.29 per basic and diluted share. This compares with net income of $23.9 million, or $0.38 per basic and diluted share, for the same period last year.
Total revenue for fiscal year 2020 was $862.3 million compared to $883.3 million for fiscal year 2019, representing a 2% decrease. Operating income was $68.4 million against $106.5 million a year ago. Net income for the fiscal year 2020 was $28.8 million, or $0.45 per basic and diluted share, this compares with net income of $71.7 million, or $1.13 per basic and diluted share, for fiscal year 2019.
Mission Produce, Inc. is engaged in the farming, packaging, marketing, and distribution of avocados to food retailers, distributors and produce wholesalers. It operates through three segments: Marketing and Distribution, International Farming, and Blueberries. Its Marketing and Distribution segment sources fruit from growers and then distributes the fruit through its global distribution network. Its International Farming segment owns and operates orchards from which all fruit produced is sold to its Marketing and Distribution segment. Its farming activities range from cultivating early-stage plantings to harvesting from mature trees. Its Blueberries segment is a farming operation that cultivates blueberry plants in Peru. It provides value-added services including ripening, bagging, custom packaging, logistical management, and quality assurance. The Company also provides its customers with merchandising and promotional support, insights on market trends and hands-on training.
MISSION PRODUCE, INC. 
