Mission Produce Q3 Earnings Miss Estimate, Cuts FY21 Outlook - Mission Produce (NASDAQ:AVO)

Mission Produce Inc AVO reported third-quarter FY21 sales growth of 4% year-on-year, to $246.8 million, marginally beating the analyst consensus of $246.37 million.
Avocado volume sold increased 2% Y/Y with a 2% hike in average selling price.
Gross profit declined 7.5% Y/Y to $40.9 million, and gross profit decreased 210 basis points to 16.6%.
The operating margin was 9.6%, and operating income for the quarter fell 22.8% to $23.7 million.
Adjusted EPS of $0.27 missed the analyst consensus of $0.29.
Adjusted EBITDA of $30.1 million declined 18% Y/Y.
Mission Produce held $76.7 million in cash and equivalents as of July 31, 2021. Net cash provided by operating activities for the nine months totaled $15.2 million.
Outlook: Mission Produce sees FY21 sales of $890 million - $910 million (prior view $900 million - $920 million) versus the consensus of $910.57 million.
It sees FY21 adjusted EBITDA of $88 million - $94 million (prior $100 million - $105 million).
Price Action: AVO shares traded lower by 3.22% at $19.82 in the premarket trading on Tuesday.