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.
New regulations from the U.S. government may cause the price of electric vehicles to go up.
New data shows job openings fell in October even though hiring remains healthy.
The holiday season is here and it could be a stressful time as people plan shopping, cooking and traveling. Sally Holmes, editor-in-chief of InStyle Magazine, joined Cheddar News to discuss a new social media trend #Treatculture that helps people take a moment to treat themselves and how that is a psychological benefit to relieve stress.
English Wikipedia raked in more than 84 billion views this year, according to numbers released Tuesday by the Wikimedia Foundation, the non-profit behind the free, publicly edited online encyclopedia. And the most popular article was about ChatGPT (yes, the AI chatbot that’s seemingly everywhere today).
Wikipedia has released its list of most viewed articles for 2023 with the site seeing over 84 billion visits. The most searched topic was ChatGPT with nearly 50 billion page views
Closing arguments are happening in a federal trial over whether Jetblue Airways will be allowed to buy Spirit Airlines for $3.8 billion.
Johnson and Johnson is reportedly looking to settle multiple lawsuits claiming that its baby powder causes cancer, according to Bloomberg.
Wells Fargo said it could face nearly $1 billion in severance costs in the fourth quarter.
The Supreme Court on Tuesday dismissed a case surrounding a Maine hotel that could have made it harder for people with disabilities to learn in advance whether a hotel's accommodations meet their needs.
The highly-anticipated trailer for Grand Theft Auto VI is out earlier than expected.
