Mission Produce has its eyes set on avocado growth, with shares closing up on the day after its initial public offering on the Nasdaq Thursday.
Avocados have become both a superfood staple and a millennial classic. According to the Hass Avocado Board, the U.S. Hass avocado industry had a total market value of $6.5 billion in 2019. That number is expected to hit more than $8 billion in 2023.
Mission Produce has seen continued consumption growth within the U.S., but its future plans aren't limited to the domestic market. Bryan Giles, chief financial officer of Mission Produce, told Cheddar that potential investors appeared interested when the company spoke about "where this avocado revolution is tracking towards."
"We have very aggressive plans in Europe and Asia to grow this category globally," Giles said. "In many cases, these markets are decades behind where the U.S. is at, and they're growing at a fast rate today. And, we really see opportunities for consumption growth going forward."
Considered an essential business, operations have continued during the coronavirus. Giles said Mission Produce was proactive at the beginning of the pandemic with new entry protocols and social distancing and has not had to shut down any of its facilities.
"Our retail customer base has been very strong and business has picked up since COVID," Giles said. "While food services is off a little bit, it's a small part of our business and it has rebounded strongly over the last few months."
Mission Produce priced its IPO at $12 per share. The stock closed at $13.80 on Thursday afternoon.
San Francisco 49ers president Al Guido discusses what goes into preparing for Super Bowl LVIII, building a championship-ready team, and how Taylor Swift and streaming are both bringing new fans to the NFL.
A $1 billion loss from a six-week strike did not crash GM's net income last year, which instead rose 12% — and the automaker expects improvement in 2024, too.
Accrue CEO and founder Michael Hershfield explains why Americans' credit card delinquencies are on the rise, advice on what can help, and the key difference between Boomers and Gen Z when it comes to money.
Senior Economist at Morning Consult Kayla Bruun shares thoughts on what to expect from the Fed's January meeting and where monetary policy is headed, as well as how consumers are faring.
Former Medtronic CEO and author of 'True North' Bill George explains the steps Boeing leadership must take to regain client and consumer trust after 737 Max 9 production was stopped.
Amazon blamed "regulatory hurdles" for calling off its proposed acquisition of robot vacuum maker iRobot. Not even a Roomba could clean up the deal's antitrust scrutiny.
To celebrate Flutter Entertainment's debut on the NYSE, FanDuel CEO Amy Howe shares her thoughts on the company's plans for growth, the future of online sportsbetting, and Super Bowl Sunday.
Investopedia's Caleb Silver shares thoughts on the upcoming Fed meeting, why individual investors are still slightly skeptical, and what he's looking for from mega cap tech earnings.
Season's greetings! Tax season, that is. January 29 is the first day you can file your tax return. We walk you through each step — plus a checklist you can download.
