Mission Produce (AVO) Q2 FY26 earnings call

An unusually large Mexican crop drove avocado prices to multi-year lows and, compounded by an April size-curve mismatch, compressed per-unit margins that management frames as temporary and already recovering. The thesis pivots forward: a normalizing supply mix into California and Peru, a stronger back half, and the just-closed Calavo deal that adds packing scale and a higher-margin prepared-foods adjacency.