Mission Produce Inc. (AVO) reported its third-quarter fiscal 2026 results on July 31, 2026, with earnings of 16 cents per share, surpassing the Zacks Consensus Estimate of 10 cents despite a decline from 24 cents in the same quarter last year. Revenues reached $450 million, marking a 25.8% year-over-year increase and exceeding the consensus estimate of $368 million by 22.3%. Avocado volume rose 37.7% to 252.7 million pounds, driven by the acquisition of Calavo.
The average avocado sales price fell 9.2% year-over-year to $1.58 per pound, influenced by higher industry supply, while U.S. avocado consumption remained robust at over 10 pounds per capita year-to-date, a 12% increase from last year. Gross profit totaled $44.7 million, slightly below $45.1 million a year ago, resulting in a gross margin decline of 270 basis points to 9.9% due to pricing pressures in International Farming.
Looking ahead, Mission Produce expects adjusted EBITDA for the fourth quarter to be between $52 million and $55 million, driven by stronger sales from Peru and improved margins. The company also raised its synergy target from the Calavo acquisition to more than $30 million. Cash and cash equivalents stood at $47.1 million, down from $64.8 million at the end of October 2025.
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