Why Mission Produce Stock Jumped Today
Shares of Mission Produce (NASDAQ: +) jumped Tuesday after the avocado, mango, and blueberry business reported results for its fiscal 2024 third quarter. As of 1:30 p.m. ET, Mission Produce stock was up by a whopping 19.3%.
Prices for fresh produce can fluctuate greatly, but prices were working in Mission Produce's favor in its fiscal Q3, which ended July 31. During that period, its revenue was predominately generated by its avocados, and sales volume for those was down 10% year over year, which isn't ideal. But avocado prices were up a whopping 36%, which contributed to a 24% boost in the company's revenue -- a greater gain than expected.
Mission Produce's management expects avocado prices to come down in the fourth quarter, although they'll still be higher than in the fourth quarter of last year. This will help boost revenue. Turning from avocados to blueberries, sales volume is expected to grow but prices will be lower, which means blueberries likely won't contribute to revenue growth.
Source Fool.com
