The Situation
Mission Produce Inc (NASDAQ: AVO) shares – a worldwide avocado distributor and marketing business – plunged on Friday as the company announced Q4 results. As of 12:30 PM ET, Mission Produce Inc shares dropped by 14.72%.
AVO Stock Plunged: Here's What Happened
12/23/2022
The Explanation
Mission Produce Inc officially went public on Sep 2020, reaching an all-time high of $22.9 on June 11, 2021, and is now flat overall. The company is down by 21.65% year-to-date at a price of $12.48 as of press time.
The company announced that the average price of avocados dropped by 10%, although volume increased by 6%. This resulted in Mission Produce Inc having a net loss of $42 million, including a non-cash $49.5 million charge related to goodwill impairment.
The company announced a net income of just $16.9 million and an adjusted net income of $9.2 million, down by almost half of the $17 million during the same period of 2021.
See the $AVO chart performance here.
The Effect
Mission Produce Inc reportedly plunged upon the announcement of their fourth-quarter results. The investors' reactions happened despite the company reporting an increase of % in terms of avocado sales volume. Since investors can't know for sure whether the company will become more profitable or if the price of avocados will increase, it is more important to focus on other aspects of the business.
See full $AVO flow at: https://unusualwhales.com/stock/AVO/flow-overview
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