Mission Produce Rises In Pre-market Following Q3 Results

(RTTNews) - Shares of Mission Produce, Inc. (AVO), a provider of fruit farming services, were rising more than 18 percent in pre-market on Tuesday to $12.65, after reporting upbeat third-quarter results.

Net income was $12.4 million, or $0.17 per share for the third quarter, higher than o $6.6 million, or $0.09 per share, for the same period last year, mainly helped by growth in revenue.

Excluding one-time items, earnings rose to $16.7 million, or $0.23 per share from $10.3 million, or $0.15 per share last year.

Revenue for the quarter increased 24 percent year-on-year to $324 million, primarily driven by Marketing and Distribution segment, where average per-unit avocado sales prices increased 36 percent.

Mission Produce stock had closed at $10.69 on Monday. It has traded in the range of $8.19 - $13.00 in the last 1 year.