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OXNARD, Calif. - Mission Produce, Inc. (NASDAQ:AVO), a global supplier of fresh Hass avocados with a market capitalization of $829 million and a "GOOD" financial health rating according to InvestingPro, announced Monday the appointment of Laura Flanagan to its board of directors, effective immediately.
Flanagan joins as an independent Class III director with a term expiring at the company’s 2026 Annual Meeting of Stockholders. With her addition, Mission Produce’s board expands from nine to ten directors.
Flanagan brings over 25 years of food and beverage industry leadership experience to the role. She most recently served as Chief Executive Officer and board member of Ripple Foods, a plant-based dairy alternatives company. Her previous executive positions include CEO of Foster Farms and leadership roles at ConAgra Brands, PepsiCo, and General Mills.
"Laura’s extensive leadership experience across the food and beverage industry, combined with her proven ability to drive innovation, operational excellence, and strategic growth, make her a strong addition to our board," said Steve Barnard, CEO of Mission Produce, in a press release statement.
Flanagan currently serves on the board of Performance Food Group (NYSE:PFGC) and previously held board positions at TopGolf Callaway Brands (NYSE:MODG) and Core-Mark International. She holds an MBA from Stanford Graduate School of Business and a Bachelor of Science in Engineering from Case Western Reserve University.
Mission Produce sources, produces and distributes fresh Hass avocados to customers in over 25 countries, with operations spanning the United States, Mexico, Peru, and Guatemala.
In other recent news, Mission Produce reported fiscal second-quarter earnings that surpassed analyst expectations. The company posted adjusted earnings per share of $0.12, exceeding the consensus estimate of $0.08. Revenue for the quarter increased by 28% year-over-year to $380.3 million, significantly above the analyst projections of $269.5 million. This record revenue was primarily driven by the Marketing & Distribution segment, with average per-unit avocado selling prices rising 26%, while volumes remained steady compared to the previous year. Despite the revenue growth, net income fell to $3.1 million, or $0.04 per diluted share, down from $7.0 million, or $0.10 per diluted share, in the same quarter last year. The company attributed the decline in net income to lower per-unit margins on avocados sold, owing to challenges in securing Mexican supply. Looking ahead, Mission Produce expects industry volumes to increase by approximately 10-15% year-over-year in the third quarter, driven by a strong Peruvian harvest outlook. However, the company anticipates pricing to be 10-15% lower than the $1.84 per pound average in the third quarter of fiscal 2024.
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