Benzinga | Sep 13, 2021 04:11PM EDT

Mission Produce Sees FY21 Sales $890M-$910M vs $910.57M Est.

Outlook

The Company is updating its full fiscal year modeling assumptions for sales, volume and adjusted EBITDA as follows:

* Full year fiscal 2021 net sales are now expected in the range of $890 million to $910 million, which is a revision of $10 million compared to prior guidance. This assumes total annual volume in the range of 655 million to 665 million pounds, which is lower than our prior guidance by approximately 15 million pounds, partially due to a smaller size curve on Mexican fruit.

* Expectations for avocado production from owned farms remains unchanged in the range of 95 million to 105 million pounds.

* Full year fiscal 2021 adjusted EBITDA is now expected in the range of $88 million to $94 million, but may be influenced by future pricing and margin dynamics. The reduction in adjusted EBITDA from prior guidance is due primarily to the shortfalls we experienced in fiscal third quarter, combined with continued pressure on per-unit gross margins that are extending into the early part of the fiscal fourth quarter, due to challenging supply conditions in Mexico.