AVO - Earnings call transcript Q4 2021

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Operator

Good afternoon, and welcome to the Mission Produce Fiscal Fourth Quarter 2021 Conference Call. All participants will be in a listen-only mode. After today’s presentation, there will be an opportunity to ask questions. Please also note, today's event is being recorded. At this time, I'd like to turn the conference over to Jeff Sonnek, Investor Relations at ICR. ahead. go please Sir,

Jeff Sonnek

accompanying current good expectations historical future the Chief are differ management's presentation statements that Giles, Executive the of to are comments materially of results safe are statements statements. based and Officer. and a the All statements and as uncertainties by of statements. XXXX. considered Securities meaning events. Chief be known Litigation cause risks Steve The the unknown in statements concerning the forward-looking beliefs statements call These today's Barnard, Officer; and from number provisions during than contain facts afternoon. you, forward-looking forward-looking will in forward-looking of subject Today's harbor assumptions the hosted well to Financial actual presentation Private discussed could and as Thank other on and of Such results Act Bryan Reform

With the of in these with refer their be directly reconciliations of CEO. release, to and identified investors.missionproduce.com, We'll uncertainties on the the today. comparable are Some discussed our which risks earnings refer included certain tables for measures non-GAAP company's to the SEC. can financial Please like financial measures GAAP to filings the Investor also to website non-GAAP to now Steve Barnard, found Relations that, measures. turn over I'd most in call and

Steve Barnard

XXXX call. fourth for earnings fiscal you for quarter our Thank joining us

farms. Peru. increased combined by smaller of was crop, delayed by supply only Our resulted partially some In about from start congestion has shipping lower-than-expected stretched continues to of California fourth pressure harvest, The nearly expand. the our The normal permission with industry challenge, quarter, trailing the brought anticipated fiscal effects our port fourth been of own fruit turn This with business from the at put in adjusted in inventories on delays margins a presence challenges a our earnings the new per-box on doubled which widespread volumes, remains for global delays age EBITDA a the results. our season. temporary quarter, which long global of adversely, and offset in pressing position our market despite faced our and late some times, fiscal obstacles supply and season especially Peruvian then the the the those combination the the Mexican

a However, market these amid pleased with ability fruit despite variables. our I'm set to complex headwinds, drive of volume

to customers squarely source and Our volume globally. around and food model that is generating service volume focused retail and distributing marketing

our as Our third-party of Peru and unique diversified in utilizing growers volume leveraging this. combination environments valuable particularly such for own source farms is in

to demonstrates of new has From is record production facility owned our expand XXX our a a line that Our the to think and our base. our our buying increase such is be that continues element in industry Laredo, efficiencies highly to the quality our large-scale distribution our competitive long-term mega Texas strategy. when a their key network paired team focus customer not ratio. exceptional easily supply our leadership quality. particularly on brightening farming directly view, the also with and Peru international is an my guarantees is position more in fiscal and benefit of We and representing design higher source, and In of advantage perspective, base. creates from service a This expectations a Expanding piece volumes of key pounds, replicated, our this XX% our network provides valued on global operations assets. to in with customer our global this that in really performed produced million XXXX executing

to starts our strategy we fiscal the of quarter, already seeing are During production the season the hold. benefits take fourth Mexican as

before, said ripening in Laredo capacity changer storage facility the XX% and XX% capacity. us It increase a cold more is I've us. As for provides game

the increase in as perspective, through industry American than leads that about we up around will seasonal the North Bowl, network been only alleviate compared Mission Produce and leading period. X load. excited ramp-up American volume adding as the pressure capacity. to us more capability on event, will especially facilities, capabilities to to allow weeks are to this rebalancing pre-Super moving historically by such our XX% the upcoming The the in distribution seasonal network We our stressed. Super facility North anticipate increase and network Bowl the where our has To This put other new our effectively handle while a the

region rates need, the During for focus quarter, source back to bring reinvesting our business, IQ in to which office that help professionals to create capabilities improve and exciting which the and consumers brought a our dominating Netherlands. on the continue quality the direct with markets, long-term facility drive distribution link have to existing additional our opening a this of in our solidified also builds and have industry growth an avocado category, which in that ensuring team we the consumption fiscal customers, We our seasoned as to Through ripening fourth market. more high for service is will consistency we product the European customers us leader. with our paramount drive our they on are help expands and improved of a us upon operations will continued

shopping is to global been support growing patterns. that While intact, variables fluid long-term rather recent our trend per the shifted given pandemic-related has environment consumption capita strategy have consumer

of quarter we we similar this that to the ago retail year's environment quarter fourth of track looks XXXX. years demonstrate In X the fiscal in fact, fourth fiscal in very faced that the that metrics some

upon in units industry the are business our North this year-round key here global to we We environment supporting maintaining today. seeing decidedly penetration, fractions pre-COVID trend as and our capture despite In Europe element mirror own of demand foodservice avocados business XXXX. aim to our in growth and our be for remains favorable. our strategy. be dynamic of The expand to and the conditions. lead key in ensure growth, Investing that a building all customers challenging the Nonetheless, trends summary, so our shopping what America long-term trip frequency, the such to is demographics Asia purchase due sourcing resilient household by driving organic to ability are secular consumer patterns experience retailers supply Mexico's to purchased markets ever-changing and upon consumption we in COVID and continue advantageous and will per and on, variability the production help are of

in Peru record produced with fiscal volumes global our expectations service perform customer our line XXXX in Our owned production and in continues to to base.

of by to of and long-term continuing increasing and We on stay what's enhancing undisputed focused adapt capabilities industry Giles, we our forces. advantage over to commentary. long-term strategy global network and value-added and ahead, to consistent for his growth With pass our value. We're the shareholder with while about capacities assets continue mitigate we drive CFO, call have will believe an market our sustainable Bryan financial to excited share that generating that, I'll

Bryan Giles

October touch our some with to unit by segments. per the XX% our fourth the Avocado sales XX% afternoon million the the to driven offset quarter was Steve, our increase million performance of fresh global a to some quarter quarter. XX, avocados conclude the a within in on in strong and a partially ended but dynamics as thoughts $XXX foodservice XXXX, fourth period. The review average volume. to I'll business Then X% share of start outlook volume that call. moment primarily around in to year I'll I'll reiterate from prior targets is fiscal our touch on a increase by and customers. would good retail drivers to our you, price Total brief of volume provide leverage a in XXXX operating on everyone snapshot drive in our we revenue like our increased revenue presence of and financial price managed X decrease for with $XXX.X position and Thank

with control by the pricing degree forecast something fluctuate of quarter, delayed supply of industry or of given prices impacted the supply fourth by In and any new demand, with influenced certainty. influences negatively abnormal industry continued While increased and size experience the not to The from volatility timing combined which due Mission the from trailing the is harvest start Peru. effects was to and partially can global was supply Mexican fruit, offset pricing. crop, smaller California curves harvested the of

our As profit gross marketer are of and we've sought-after largely insulate value-added these changes. a ripening, by noted as global as position avocados bagging previously, our services price as fresh helps such and distribution unaffected value-added leadership distributor

global the customer balance supply volatility the inventory we can market as problematic are spot we commitments. against be buying in However,

we period that year. realized unit As XX% gross compression period. some prior profit a the were against comparison quarter per last we recognizing in difficult in year to compared margins, up our the same Fourth a decreased result,

Beyond the Laredo rates profit impact our affected incremental volumes, and Marketing Distribution box lower and which impacted per utilization was costs related facility. margins, Mexican segment was our also further infrastructure pressured of within by lower gross by to new the

XX for impacts than margin lower increased sales Farming segment first from million company-owned the was as These third-party impact quarter year. primarily prior utilization higher volume we our this recognized International the $X.X to decreased within unit our to growers avocados period. this do generate with $XX.X negative by associated volumes compensation estimate partially IPO gross we our fourth from basis. While non-comparable million decrease expect and higher due per to that our in fiscal basis compared to of impact quarter. year the share-based cost company's the due during was as peaks, rates such points seasonal approximately offset the were SG&A quarter, fourth for prior sales The sold to farms

$XX Excluding status to was a impacted associated growth by $X.XX costs Cost XXXX realize SEC costs, of growth fourth diluted emerging professional or an same for the related to insurance and the $XX.X fourth October large The million the Peru period by SG&A labor company as investment was million this to and our $X.XX compensation, prior Adjusted the partially higher Net last share by filer other period margins last fees, million year the Marketing or $X.XX income volume year. a compared income liability primarily by offset per favorable million for owned equity exclusive the income year, driven continues year. growth the year Distribution in compared same XXXX quarter to period. diluted partially fourth higher compared diluted in million of was period. share-based of our margin volumes of as for of XXXX our for public higher last the same of in within share from XX, anomaly, quarter $XX.X lower strong Blueberry diluted $XX.X company was per with XXXX. share $XX.X to the lower impact period to income quarter movement premiums net $X.XX offset and EBITDA per unit to currency further of accelerated filer $XX.X segment fiscal production gross for & change company. from current the Adjusted foreign share or for was the method per and million or per compared higher being

terms Marketing increased consolidated to segment Marketing drivers, The million that results. are the higher and for company's described and to per segment sales to year period. In our $XXX.X million, of by EBITDA noncomparable to volume IPO costs quarter. lower prior decreased net segment compared similar XX% associated SG&A adjusted our and of the drivers with Distribution for I those compensation for net the XX% Segment and the driven $X.X unit the the margins primarily Distribution share-based the

manage those business primarily owned we segment that of different our dynamics in this represents our and Farming quite Distribution Naturally, International from in Marketing farms the Our Peru. are segment.

to more mitigate Mexican to apparent smaller we're the and strategic is we the value the marketing crop. this are in very exposed a this of work distribution, to we a and for initiative price our fourth to impacts enterprise, in mission California highly compared its segment While volatility as and quarter

and supply keep today's international growing of growing up regions customers can't demand. global key Our year-round base requires with

to made a to our to sell close segment supply we As commitment through presence a Distribution that customers own a ago operations. we to and establish we're where control Marketing result, our a decade able

maturing look be our segment growth we run, by International improvement in dictated the Farming within our As short within yield will orchards. forward,

mature. We be supported acreage will and by come producing subsequently additional expect to growth longer-term that online

EBITDA and from a contribute in a for a Peruvian As fourth harvest through our runs third year. reminder, the and adjusted season quarters segment Farming emerge And April August result, typically see Avocado of the the each significant you International in as farms fashion.

This maturing sales million. volumes our For all point driven quarter, well I'll higher sales managed from volumes, at the International yield unique improved we this our by XX% higher million Despite Steve which was harvest volatility his And industry $XX.X a the growth our farming fourth EBITDA primarily platform. intended increased yields drive initiatives Farming million. record and forecasted noted improved strategic extremely XXX drivers in maintenance revenue shared and resulting partially fruit in the remarks. segment our a clearly own to production Segment quarter, produced were by that is reiterate orchards. the the to accomplishment million a $X.X offset operations GBP demonstrates to of by due strategic with to were advantage adjusted and team $XX Segment by great costs enhancements. associated above,

in inventory of inventory in Peru year. fruit port per in months our expenditures with experienced cases, same period compared on the combination age nearly acreage the prices quality in primarily the of payables of fruit, XXXX experienced with was the Capital changes for which grower October significant normal ended provided of season in XX, October we hand correlated Capital the late expenditures and guidance of widespread and to time, increases sales factor higher new XX, payables. some XXXX, XX, compared combined doubled primarily have favorable Orchard $XX.X change compared receivable harvest our Favorable port unfavorable year of completing were $XXX returns. related cash farm-related to increases growth equivalents concentrated delays. receivable unit quantities prior net change been issues due The Laredo, in distribution XXXX. fiscal $XX.X due in year pricing for were to experienced million cash Shifting grower Peru facility and to season, productive with position. cost to quarter. shipping fiscal farming due inventory negatively changes working impacted relative Cash in due million delays, some the This which Additionally, by in extended as to a to of $XX.X on for we a million XXXX million offset land farm-related was in the as as unfavorable end XXXX. Mexican compared for fiscal increases to Development in inventory improvements Changes to well in for were was financial year. year. XX our October $XX.X capital, $XX.X working were of fourth higher capital. to million food $XX Guatemala pre the Accounts in were our changes Within Texas. to on were on-hand the operations in rising by were year extension accounts and our by driven partially the inventory fiscal the construction higher of provided operating unit XXXX driven the in during million inventory. by at Mexican million activities as Net sales and last performance The the

we period, sourcing would pricing investments steady on making In prior base further average supply to to and Marketing to in supply expectations on the terms is year-over-year At to as for towards of sequential quarter inform flat reinforces for formal at first our are market providing be year. in a pound industry year your basis. our the similar a to our XX% fluidity in down relatively of conditions point are modeling of the basis, approximately the primarily to expectations our be Distribution versus that compared of are shift on to which imply to we assumptions, due per some back we challenging volumes harvest. point, this expecting the industry our The to due guidance providing with associated near-term the the Mexican not diversify but year-round help the this year the segment. slightly situation outlook, we're practice, first quarter context a prior the increase prior experienced constraints This $X.XX

As at margins in first we EBITDA near-term inflation headwind while to And year within, box a higher Please Q&A. pressure, the and period actions. company business we driving our look creates exposed concludes our issue. costs, fiscal structural the facing are than is coupled environment regards open to less That challenges we quarter. similar at to now is prior the working the public an a but clearly, rate environment, over we are remarks. In are others, to you. volume mitigating call and model Operator, adjusted to operating prepared nonetheless with our per to maintain the

Operator

[Operator Instructions].

first Our Stephens. of question Bienvenu is from

Benjamin Bienvenu

Bryan, just up Yes. pick you may I there. off where left

you that what incremental gross per the strive first consistent there Should On box but in on on as around that sustain higher be associated experiencing SG&A the per seeking a to that the costs, with you pressure pound might you're with mean per margins a year, cost to should $X.XX or we profit last the basis line? in maintain you Or per but say to did interpret and pound we -- inflation might manifest basis, quarter pound year. some headwinds see well? pound last profit

Bryan Giles

Sure, Ben.

of I we the still during lead come relatively think that of the Bowl. quarter -- midpoint as at at to Super point our up we're we're of through does our volume a amount month but this the January significant

significantly certainly exist now can XX. and see we could the that today, January conditions So between but it move

improvement back as during pound segment, distribution performed we've quarter, past of do early on kind from that ranges to see of that target a that but in the our we what of the think is certainly have and we end margin move the I of below we fourth the that saw we in and We quarter mentioned range in kind did part QX. $X.XX marketing our for number.

So QX unit at last think we're year. any will we firm point consistent I that our so end or figures this or where in are part But hope saw that to out. think we of those quarter still guidance with comparable hesitant maintain on per is it left, can again, good the pound that per that margins there's a we give

Benjamin Bienvenu

Yes.

prepared point heard you I'm your the think Okay. That's to about If me in gears to margins headwind a Laredo, understandable basis represented quarter, and enough. correct XX shift fair in that we say it I I wrong. remarks if

about think there improvement the cadence you beyond how whole net what as margin on several As And to next for the quarters, it about get either your will of the it peak expect that, be sounds move as like the you are talk particularly be you the we season improvement? period. we or Can as you then contribution through into neutral to further beneficial move negative? year positive, for expectations it

Bryan Giles

times and be QX to tend to And support. the volume designed system. Certainly, coming year that what Sure. the is QX through facility is for Laredo our Mexican really of peak

that So increases during expect first year. improvement volume we the do as of X quarters the

As the that sourcing that do the the during through in we volumes to facility be in to of the half and from of fruit concentrated Peru run Peru tends or decline. move year back California,

on we're in the of through amount of facility facility doesn't heavily same We day facility. when think type the opened. that the But function. that introduced I capacity that is a amount on of really, grow of moving of step X and performance dependent volume that cost necessarily volume that absorption significant

the will during in us, to driving facility. costs. up for I puts of believe overhead it's position prime the the for volume of third-party look logistical in pains a work do to growing facility term, fill an to the near I that off times some benefit to I other that industry. absorb the through think year that do that our made -- term, But is think in we've going just and really us long investment

'XX. frame fiscal I the were this think that as QX when start-up and in time of fiscal QX move we'll gain through we kind of to traction on as in opposed year we

QX financial do move next think through perspective year infrastructure QX and XXXX I than we impact will from of how things QX So better I the be results. as better QX. And our and think QX of QX costs will Laredo's and of look

Benjamin Bienvenu

for have for that with a of incremental me, Okay. X of And that I having bringing in for coming U.S. would between if those to specifically be more for the do weeks the could. avocados operations U.S.? the heard any of broadly Jalisco opening ago couple into in versus U.S. terms beneficial the in think quick means more Or something X announcement around trade What the to co that's the implications We that the industry? lease the industry the volumes meaningful industry you

Steve Barnard

been Well, Asia -- several this product probably until in or Europe for next is to now. or decades Steve. that has April. of we've been is not couple that been allowed Most of in operating here Jalisco We've going Canada and

I of supply. think lower what the Mexican really probably it will it'll mean variability

will it out and big They Michoacán down and overloads spikes different and would leaving stabilize bit pricing rather these little be than bit and we of not which And each don't probably a think in the experienced. it'll think think, little they're are -- -- there, shutdowns Jalisco everything mirror other. seasons the thing. I a I that, States times, good at else peak it'll I the a

table. bring think good it So for be overall, will It stability the I industry. some to will the

Operator

Palmer is Tom question next JPMorgan. from Our of

Thomas Palmer

wanted on issues. I just the maybe to focus first port

to spoiled extent, to shifting understand and And your to does more Mexico reduce affecting just I have first higher trucking? off, we you delays sourcing, and about the they're you so the Or think as a the this So are shrink what your want can really quarter, faster? Is towards to find causing business. how product? shift I first discount we products home make exposure sure

Steve Barnard

many the we port was during late. our coming have of volume And late Well, X of that That's out The and in things season. crop new X the Mexico's And time. weeks. product history. delays, Peru a period happened most product was lot and on didn't elsewhere fixed product for top too, a the And of And season. make were buy that having a generally we go shorting fill A lot of to it those product contracts, fill if quarter. and in then you that, compared the late out to customers cases, is have to to buy during those delayed this X was contracts, it. of of on stuff crop to loss. perishable and they're at needs

was We in kind cases double get away of throw unloaded. it had sitting was we a outside So a supply then whammy. product for and had to need there product out to the trying to to some the product, that fill

was So it of kind a...

Bryan Giles

but Tom, probably bit of I fruit. perspective, was we kind had We can some that the of it little weren't wasn't to that. I we of a able because you a ideal it certainly, was fruit mean, delays said. into fruit I able that literally markets, other on dumped quality to elaborate had But of we both were I mean Yes, market. think what it from get the market.

concern of managing and in that error harvest chain. season. the for in think less fruit I is matures later it's margin There's supply the terms as

earlier So have in it much bigger that makes difference that's the an extra less made mature. that a weeks fruit would X season season late

to potentially able to as fruit retail programs we want it late to and take we because the programs had didn't this go that partially partially for weren't get out, into So those bad. X we it pointed was customers could risk and our of into go because putting of Steve fruit into,

that of not So at some fourth got QX that Again, of just on literally we out fruit through of of top good out in just year. of sold slippage QX quarter. was ideal the there sale the but of that, stretched have and that impact fruit was did pricing, this some profit

Thomas Palmer

Great. for or first Mexico? And then, of on sets of that the given just more the sourcing quarter how reduced just that in of terms kind exposure up same

Bryan Giles

brought majority industry Laredo border a the perspective, down the we facility for from the vast and Mexico or truck through as exposure in border that through fruit reduced via ocean much from of It's the North in our it's is an America, market marketed whole. Texas the across

So during much on ocean less time reliance this the year. of cargo

Thomas Palmer

going for isn't if And didn't shipping. pass you Is to easier and X Or cost Okay. the it more, year part through of on just much I to that the ask factor that much is to then margin? this something keep hear side on this a of in but note around just as therefore, sorry customers, the there could I topic, is to in of coming it? maybe

Steve Barnard

the carriers several that sure of basis season, is annualized freight all an all not Well, -- I'm where on cutoff different is, for different pre-contracted that by was the and destinations. several and

and going whatnot too this sure. season, us higher rate So some expect ocean affect bills on with freights didn't fuel got that coming much Truck the bills course. for these then we And forward, they for obviously, freight. did once here, of

Bryan Giles

agree year them impact We're price countries really cargo Steve the maybe because would to negotiations, some seeing we but other rates much see I increases the we of the XXXX so not started of didn't see our on with with origin this escalations. yet, our in do ocean to Yes, preliminary And ocean most that. Peru year. We negotiated of there. for before freight some with starting we are on

sell we're that product bit has the move point, changes we've to we demand Because as into XXXX, our it already that, I manage. trucking higher there's that rates, in the feeling seen no there we customers been in some of some that dynamic. because through a of freight ocean the for year. as pricing us this costs doubt the support it ancillary we will costs. a But to little and Steve's need move of other supply to easier be made used To pricing we've just going when volatility where think move forward, to

through. I pretty some But cases, erosion. job do rates we've would the didn't think many it able prior. to on XX% that think that in are of part, a I what probably most have impact been saw margin But effective XX% we naive pushing year our higher be to for a it to think than

Operator

[Operator Instructions].

Our Sweeney Capital. next question of is from Gerry ROTH

Gerard Sweeney

of ask a of variability patterns just little a on will some And of add in if is Jalisco size was that question and longer Mexico. and to of the Or harvest wanted price? And is bit I quality? some function I and maybe fruit that that picking keeping the managing and a part you improve does bit, trees about second situation will? little -- a fruits curious, a the function of more more that

Steve Barnard

me on that they yes. a part. it'll delayed months that there stabilize last normally rain. had new a for of -- volatility. just was crop answer I down a think They get lot answer bit. is Let The The forward going little drought help That's

So Europe. here to they just smaller. demand they short. fruit, the mind, tend in fruit was good, as were the and in get and any Prices grow And but because was keep the with grower delayed size continues between don't was would. was to U.S. the so And price X% crop the wait of small it XX% production, good the and

their it for well, it and nature some hurts temporary, demand got if it usually kind cases, have you we've a agreements retail shorter got more you've We we're they with so in gap. $X.XX and for it's human because happening. created that today, and what's paying selling but a might it up dragged that and end it's product tomorrow, the bigger crop, and $X so of a somewhat -- now And feet

Bryan Giles

It's not what probably of the Yes, did sizing boots last was think than Gerry, trees on in on year it I general more there year. year. that ground hearing Mexico there's the way last is the up from the just fruit this we're sense our

smaller coming it So that's off. fruit is

of to that that pounds amount So overall harvesting. the impacts going we're be

I down. slightly But on still we're enough think a general, look flat period, difficult have crop volume because existed going -- year is and conditions at in in still it's think where size what we're I it's maybe like. at pinpoint early the of where with in we're not base grower the the that during drought production we flat Mexico, where the looking it's a fragmented season exactly to to overall -- year looking these to

forward, better the Bowl a see remains we harvest how time have X- that we'll move we heavy particularly that to to kind next feel through to up X-week as of as think I move frame. these Super

Steve Barnard

have X change of this fruit, flowers as the we to to location year before elevation, but it was same if you smaller will crop, but the same. the bearing probably outgrow opposite as you and after far early X and they timing they because crop, have pay did be early on even late the -- like the more have we'll they're of what flowers or the be tendency they because to an mid- we a crop last on to year, year it just it have depending different early a still alternate have a heavy and mid-summer summer kind tree, and And tend late probably

Bryan Giles

part that. Colombia of be mean I Gerry, again, I'd in of countries very this and opportunity like to drive why origins is Guatemala invested harvest use we've have Certainly, have home to countries And to that just season other reason Mexico. a of the aligns multiple integrated. vertically to closely sources have to kind like this

provide up, volatility So -- just near opening alleviates Jalisco maybe term. in which beyond the

others where the today other and think be fruit longer-term sourcing going investments to well. as solution making are I from is these we're in markets

Steve Barnard

with finally, even extend the trying limited California, rain. to Peruvian on cover which would season, our pretty Mexico. early we're that's of the but here their they're getting part And rain production

at we least said, and time. we're X Bryan some want at same for as cases So of shooting in supply, the X sources

Gerard Sweeney

side, supply, us a Peru, to speaking And we this into year And year had from maybe a on it. in under production obviously, update you next acreage can year? give food ago nature in make quick maybe Got about that and also alternate bearing in terms to challenging bit doing all we and things just a how that's little of takes. developing? acreage have mother But comparison best our

Steve Barnard

don't exact I Yes. what know se the industry are. growth the per numbers

down. slowed think has I it

piece just trying loan we've the season and XXX its be the in later latitudes -- improve but XXX later and that there. got to higher between there, just plant of the got because a because anticipate property entire in not the elevation or than year, cooler we we And bought to hectares will we've out in a and there. that's the the assets spread we're harvest continue same of up country team We elevations a

So and out. peak we're it. it to We gets we want whole the speak, the to be hit peak not spread want trying else to to so spread hit our with that out everyone where the edges, on but X load, not

long, of the particular but help X of -- the to it do this limited. which it can't going add we're to We we're year, the maybe end it's season. very weeks to time Peruvian So is

Bryan Giles

got of the hectares. for XXX I production from we hand, the perspective, Gerry. that mean at by into accounting an some moved amount I've And data increased of about -- acreage XXXX,

So very increase to in that acreage mature our X% low total of fruit or yields arm. new relative in production still a that about at Peru. a Again, moves X% is

year-over-year what somewhere neighborhood kilos about at our number blended came a from across yields in as of XXXX. the running think in farms. XX,XXX I in we in of per terms of average XXXX saw per we per hectare, hectare, all were kilos in XX,XXX That

we think well. still think new coming don't yet. are online our that have production farms peak We I reached as on farms still we've

that grow. that it if only our believe anticipate a don't these production So production I think know again are to I yet. we farms own But will I we farms be -- next full year. necessarily think Albeit, from rate will growth not at at continue XX% don't

Operator

Barnard over I'd at for like questions. gentlemen, showing this turn Ladies conference end time, to to the I'm Mr. call question-and-answer and any remarks. closing session further no the back and

Steve Barnard

for improve continue thank their your I'd and forward and just in move Thank we'll our everybody to interest position. Mission time. like to you for Well, Produce

Operator

Ladies and attending. call. today's you We for thank do gentlemen, concludes that conference

disconnect now lines, great You your may and have a day.

Mission Produce (AVO) 22 Dec 212021 Q4 Earnings call transcript