Avocado seller $Mission Produce (AVO.US)$'s shares were trading more than 20% higher just after 12.32 pm ET on Friday, its highest price since December 2022.
The company released its Q4 results after the market closed on Thursday, reporting a 37% increase in revenue to $354.4 million. Adjusted earnings per share (EPS) rose to 28 cents, compared to 11 cents in the previous year.
For fiscal 2025, the company expects higher selling prices and lower capital expenditures.
"Mission delivered a strong fourth quarter that rounded out an exceptional full year fiscal 2024 performance where we realized $1.23 billion in revenue and generated $107.8 million in adjusted EBITDA, demonstrating the strength of our business model and industry-leading positioning," stated Steve Barnard, CEO of Mission.
"We remain well-positioned to capitalize on growth through our unique capability to provide consistent year-round avocado supply. Beyond avocados, we are also excited about growing our mango program and expanding our presence in blueberries this year, both of which leverage our existing assets and capabilities while providing additional long-term growth opportunities."
