Limoneira Company Announces First Quarter Fiscal Year 2025 Financial Results
Limoneira (LMNR) reported Q1 FY2025 financial results showing improved operating performance despite market challenges. Total revenue was $34.3 million, down from $39.7 million in Q1 FY2024. The company's operating loss improved 31% to $5.3 million, while net loss per share was $0.18.
Fresh packed lemon sales reached $21.2 million with 1,147,000 cartons sold at an average price of $18.44 per carton. The company monetized water rights for $1.7 million in proceeds and maintains its guidance for fiscal year 2025, expecting fresh lemon volumes of 5.0-5.5 million cartons and avocado volumes of 7.0-8.0 million pounds.
The company continues its strategic transformation through an asset-lighter business model, land and water monetization, avocado production expansion, and citrus business growth across multiple channels.
Limoneira (LMNR) ha riportato i risultati finanziari del primo trimestre dell'anno fiscale 2025, mostrando un miglioramento delle performance operative nonostante le sfide di mercato. I ricavi totali sono stati di 34,3 milioni di dollari, in calo rispetto ai 39,7 milioni di dollari del primo trimestre dell'anno fiscale 2024. La perdita operativa dell'azienda è migliorata del 31%, attestandosi a 5,3 milioni di dollari, mentre la perdita netta per azione è stata di 0,18 dollari.
Le vendite di limoni freschi confezionati hanno raggiunto 21,2 milioni di dollari, con 1.147.000 cartoni venduti a un prezzo medio di 18,44 dollari per cartone. L'azienda ha monetizzato i diritti idrici per un ricavo di 1,7 milioni di dollari e mantiene le sue previsioni per l'anno fiscale 2025, prevedendo volumi di limoni freschi tra 5,0 e 5,5 milioni di cartoni e volumi di avocado tra 7,0 e 8,0 milioni di libbre.
L'azienda continua la sua trasformazione strategica attraverso un modello di business con meno asset, monetizzazione di terreni e risorse idriche, espansione della produzione di avocado e crescita del business degli agrumi attraverso molteplici canali.
Limoneira (LMNR) reportó los resultados financieros del primer trimestre del año fiscal 2025, mostrando un rendimiento operativo mejorado a pesar de los desafíos del mercado. Los ingresos totales fueron de 34.3 millones de dólares, una disminución respecto a los 39.7 millones de dólares en el primer trimestre del año fiscal 2024. La pérdida operativa de la empresa mejoró un 31% a 5.3 millones de dólares, mientras que la pérdida neta por acción fue de 0.18 dólares.
Las ventas de limones frescos empaquetados alcanzaron 21.2 millones de dólares con 1,147,000 cajas vendidas a un precio promedio de 18.44 dólares por caja. La empresa monetizó derechos de agua por 1.7 millones de dólares en ingresos y mantiene su guía para el año fiscal 2025, esperando volúmenes de limones frescos de 5.0 a 5.5 millones de cajas y volúmenes de aguacate de 7.0 a 8.0 millones de libras.
La empresa continúa su transformación estratégica a través de un modelo de negocio con menos activos, monetización de tierras y agua, expansión de la producción de aguacate y crecimiento del negocio de cítricos a través de múltiples canales.
Limoneira (LMNR)는 2025 회계연도 1분기 재무 결과를 발표하며 시장의 어려움에도 불구하고 운영 성과가 개선되었음을 보여주었습니다. 총 수익은 3,430만 달러로, 2024 회계연도 1분기의 3,970만 달러에서 감소했습니다. 회사의 운영 손실은 31% 개선되어 530만 달러에 달하며, 주당 순손실은 0.18달러였습니다.
신선한 포장 레몬 판매는 2,120만 달러에 도달했으며, 1,147,000상자가 평균 18.44달러에 판매되었습니다. 회사는 170만 달러의 수익으로 수자원 권리를 현금화하였으며, 2025 회계연도에 대한 가이던스를 유지하고 있으며, 신선한 레몬의 물량은 500만에서 550만 상자, 아보카도의 물량은 700만에서 800만 파운드를 예상하고 있습니다.
회사는 자산 경량 비즈니스 모델, 토지 및 수자원 현금화, 아보카도 생산 확대, 다수의 채널을 통한 감귤 사업 성장 등을 통해 전략적 변화를 지속하고 있습니다.
Limoneira (LMNR) a annoncé ses résultats financiers pour le premier trimestre de l'exercice 2025, montrant une amélioration de la performance opérationnelle malgré les défis du marché. Le chiffre d'affaires total s'élevait à 34,3 millions de dollars, en baisse par rapport à 39,7 millions de dollars au premier trimestre de l'exercice 2024. La perte opérationnelle de l'entreprise s'est améliorée de 31 % pour atteindre 5,3 millions de dollars, tandis que la perte nette par action était de 0,18 dollar.
Les ventes de citrons frais emballés ont atteint 21,2 millions de dollars, avec 1 147 000 cartons vendus à un prix moyen de 18,44 dollars par carton. L'entreprise a monétisé des droits d'eau pour un produit de 1,7 million de dollars et maintient ses prévisions pour l'exercice 2025, s'attendant à des volumes de citrons frais de 5,0 à 5,5 millions de cartons et des volumes d'avocat de 7,0 à 8,0 millions de livres.
L'entreprise poursuit sa transformation stratégique à travers un modèle commercial allégé, la monétisation des terres et de l'eau, l'expansion de la production d'avocats et la croissance de son activité agrumicole sur plusieurs canaux.
Limoneira (LMNR) hat die Finanzzahlen für das erste Quartal des Geschäftsjahres 2025 veröffentlicht und zeigt eine verbesserte Betriebsleistung trotz der Marktbedingungen. Der Gesamtumsatz betrug 34,3 Millionen Dollar, ein Rückgang von 39,7 Millionen Dollar im ersten Quartal des Geschäftsjahres 2024. Der operative Verlust des Unternehmens verbesserte sich um 31% auf 5,3 Millionen Dollar, während der Nettoverlust pro Aktie bei 0,18 Dollar lag.
Die Verkäufe von frisch verpackten Zitronen erreichten 21,2 Millionen Dollar, mit 1.147.000 Kartons, die zu einem Durchschnittspreis von 18,44 Dollar pro Karton verkauft wurden. Das Unternehmen monetisierte Wasserrechte mit einem Erlös von 1,7 Millionen Dollar und hält an seiner Prognose für das Geschäftsjahr 2025 fest, mit einer erwarteten Menge von frischen Zitronen zwischen 5,0 und 5,5 Millionen Kartons sowie einer Menge von Avocados zwischen 7,0 und 8,0 Millionen Pfund.
Das Unternehmen setzt seine strategische Transformation durch ein asset-light Geschäftsmodell, Monetarisierung von Land und Wasser, Expansion der Avocado-Produktion und Wachstum des Zitrusgeschäfts über mehrere Kanäle fort.
- Operating loss improved 31% year-over-year
- Agribusiness costs decreased 14%
- Water rights monetization generated $1.7M in proceeds
- 1,000 acres of non-bearing lemons and avocados becoming full bearing in 4-5 years
- Successful completion of Phase 1 and 2 real estate development with 1,261 residential units sold
- Revenue declined 13.6% to $34.3M from $39.7M year-over-year
- Fresh lemon price per carton decreased 12.4% to $18.44
- Farm management revenues decreased 40% to $1.2M
- Net debt position increased to $56.8M from $40.0M at fiscal year-end 2024
Insights
Limoneira's Q1 FY2025 results reveal a 31% improvement in operating loss to $5.3 million despite a 13.6% revenue decline to $34.3 million. This mixed performance demonstrates the company's transition toward an asset-lighter business model is yielding operating efficiencies, with agribusiness costs down 14% year-over-year.
The revenue decline primarily stems from lower lemon pricing, with fresh packed lemons selling at $18.44 per carton versus $21.06 in Q1 FY2024, reflecting what management describes as a "temporary oversupplied lemon market." Despite this headwind, the company maintained stable lemon volume at 1.14 million cartons.
Importantly, Limoneira's diversification strategy shows progress with a $1.5 million gain from water rights monetization and improved orange pricing at $20.91 per carton versus $14.26 last year. The adjusted EBITDA loss narrowed significantly to $2.3 million from $4.8 million.
However, the balance sheet shows increased leverage, with long-term debt rising to $57.9 million from $40.0 million at fiscal year-end 2024, resulting in a net debt position of $56.8 million. This increased leverage warrants monitoring, though the company's joint venture with Lewis maintains substantial liquidity with $62.4 million in cash.
The continued execution of residential unit sales in their real estate development and water rights monetization demonstrates progress in their asset monetization pipeline, potentially providing future cash flow to strengthen the balance sheet.
Limoneira's Q1 results highlight both structural improvements and ongoing agricultural market challenges. The 31% reduction in operating losses demonstrates meaningful progress in operational efficiency despite facing an oversupplied lemon market.
The company's strategic shift toward an asset-lighter model is showing tangible benefits in their cost structure. Their multi-channel approach to the citrus business, particularly expanding relationships with quick-service restaurants, provides valuable diversification beyond traditional produce markets which typically experience higher volatility.
The early-stage avocado revenue (
Particularly noteworthy is Limoneira's monetization of water rights at
The reduction in farm management revenues to
Operating Loss Improved
Agribusiness Operating Loss Improved
Monetized Portion of Premium Water Rights for Total Proceeds of
Reiterates Lemon and Avocado Volume Guidance for Fiscal Year 2025
Management Comments
Harold Edwards, President and Chief Executive Officer of the Company, stated, “The benefits of optimizing our revenue mix and transitioning to an asset-lighter model are evident in our financial results through decreased operating expenses and year-over-year financial improvement even though our first quarter revenue reflects the temporary oversupplied lemon market. Our multi-faceted approach – an asset-lighter business model, land and water monetization, expansion of avocado production, and growing our citrus business through multiple channels including quick serve restaurants – has strengthened our financial structure. This quarter’s results validate our longstanding commitment to a balanced portfolio that is designed to withstand temporary volatility in the lemon market.”
Mr. Edwards continued, “Through our exploration of strategic alternatives, we’re gaining valuable insights that are sharpening our focus on key value drivers for sustainable stockholder value. This evaluation exercise is enabling us to implement improvements across our entire operation. For example, we’re actively repositioning our farm management services division as the industry’s premier technology and expertise partner, offering cutting-edge agriculture solutions that enhance rather than compete with farm management service providers – which will expand our market reach and build stronger collaborative relationships throughout the agricultural ecosystem. Additionally, we’re building strong momentum this year with our land use conversion and water monetization initiatives. This is demonstrated by our January announcement of three separate water rights monetization transactions, with additional water monetization opportunities expected to materialize later this year. We anticipate further growth through enhanced sourcing of third-party lemons and expansion of avocado production, alongside the continued monetization of our water and real estate assets. Our compelling portfolio of agriculture and real estate assets, together with our valuable water resources and strong balance sheet, create multiple pathways to build lasting stockholder value.”
Fiscal Year 2025 First Quarter Results
For the first quarter of fiscal year 2025, total net revenue was
Agribusiness revenue in the first quarter of fiscal year 2025 includes
The Company recognized
The Company recognized
Specialty citrus and wine grape revenue was
Farm management revenues were
Total costs and expenses in the first quarter of fiscal year 2025 were
Operating loss for the first quarter of fiscal year 2025 was
Net loss applicable to common stock, after preferred dividends, for the first quarter of fiscal year 2025 was
Adjusted net loss for diluted EPS in the first quarter of fiscal year 2025 was
Non-GAAP adjusted EBITDA was a loss of
Balance Sheet and Liquidity
During the first quarter of fiscal year 2025, net cash used in operating activities was
Long-term debt as of January 31, 2025, was
Real Estate Development and Water Transactions
In October 2023, the Company’s joint venture completed the sell-out of Phase 1 of the development. In April 2024, the joint venture closed on lot sales representing 554 residential units, thus completing the sell-out of Phase 2 of the development. Total lot sales of 1,261 residential units closed since the project’s inception. In May 2024, the Company announced that the
In January 2025, the Company sold water pumping rights in the
Guidance
The Company continues to expect fresh lemon volumes to be in the range of 5.0 million to 5.5 million cartons for fiscal year 2025. The Company continues to expect avocado volumes to be in the range of 7.0 million to 8.0 million pounds for fiscal year 2025.
The Company expects to receive total proceeds of
Harvest at Limoneira Cash Flow Projections (in millions)
Fiscal Year |
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2024 Actual |
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2025 |
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2026 |
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2027 |
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2028 |
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2029 |
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2030 |
Projected Distributions |
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The Company has 1,000 acres of non-bearing lemons and avocados estimated to become full bearing over the next four to five years, which the Company expects will enable strong organic growth in the coming years. Additionally, the Company plans to continue expanding its plantings of avocados over the next three years and expects to have an increase in third-party grower lemons. The foregoing describes organic growth opportunities and does not include potential acquisition opportunities for the Company in its highly fragmented industry.
Looking ahead, we continue to see a strong EBITDA outlook that is underpinned by plans to expand avocado production by 1,000 acres through fiscal year 2027 to capitalize on expected robust consumer demand trends. During this transition, the Company expects fiscal year 2025 avocado volume to be lower compared to fiscal year 2024 due to the alternate bearing nature of avocado trees. These operational results do not take into account anticipated additional gains from asset monetization.
Conference Call Information
The Company will host a conference call to discuss its financial results on March 12, 2025, at 1:30 pm Pacific Time (4:30 pm Eastern Time). Investors interested in participating in the live call can dial (877) 407-0789 from the
About Limoneira Company
Limoneira Company, a 132-year-old international agribusiness headquartered in
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are based on Limoneira’s current expectations about future events and can be identified by terms such as “expect,” “may,” “anticipate,” "outlook," "plans," “intend,” “should be,” “will be,” “is likely to,” “strive to,” and similar expressions referring to future periods.
Limoneira believes the expectations reflected in the forward-looking statements are reasonable but cannot guarantee future results, level of activity, performance or achievements. Actual results may differ materially from those expressed or implied in the forward-looking statements. Therefore, Limoneira cautions you against relying on any of these forward-looking statements. Factors that may cause future outcomes to differ materially from those foreseen in forward-looking statements include, but are not limited to: success in executing the Company’s business plans and strategies including the review and evaluation of strategic transactions; the process by which the Company engages in its evaluation of strategic transactions; the outcome of potential future strategic transactions and the terms thereof; the possibility that the evaluation of potential strategic transactions will not realize any additional value to our stockholder, and managing the risks involved in the foregoing; changes in laws, regulations, rules, quotas, tariffs and import laws; weather conditions that affect production, transportation, storage, import and export of fresh produce; increased pressure from crop disease, insects and other pests; disruption of water supplies or changes in water allocations; disruption in the global supply chain; pricing and supply of raw materials and products; market responses to industry volume pressures; pricing and supply of energy; changes in interest and currency exchange rates; availability of financing for land development activities; political changes and economic crises; international conflict; acts of terrorism; labor disruptions, strikes or work stoppages; loss of important intellectual property rights; inability to pay debt obligations; ability to maintain compliance with debt covenants under our loan agreement; government restrictions on land use; and market and pricing risks due to concentrated ownership of stock. Other risks and uncertainties include those that are described in Limoneira’s SEC filings that are available on the SEC’s website at http://www.sec.gov. Limoneira undertakes no obligation to subsequently update or revise the forward-looking statements made in this press release, except as required by law.
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LIMONEIRA COMPANY CONSOLIDATED BALANCE SHEETS (UNAUDITED) (in thousands, except share and per share data) |
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January 31,
|
|
October 31,
|
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Assets |
|
|
|
||||
Current assets: |
|
|
|
||||
Cash |
$ |
1,133 |
|
|
$ |
2,996 |
|
Accounts receivable, net |
|
15,927 |
|
|
|
14,734 |
|
Cultural costs |
|
2,123 |
|
|
|
1,877 |
|
Prepaid expenses and other current assets |
|
5,300 |
|
|
|
3,849 |
|
Receivables/other from related parties |
|
3,986 |
|
|
|
2,390 |
|
Total current assets |
|
28,469 |
|
|
|
25,846 |
|
Property, plant and equipment, net |
|
163,854 |
|
|
|
162,046 |
|
Real estate development |
|
10,306 |
|
|
|
10,201 |
|
Equity in investments |
|
81,871 |
|
|
|
81,546 |
|
Goodwill |
|
1,501 |
|
|
|
1,504 |
|
Intangible assets, net |
|
4,796 |
|
|
|
5,221 |
|
Other assets |
|
10,573 |
|
|
|
12,451 |
|
Total assets |
$ |
301,370 |
|
|
$ |
298,815 |
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|
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Liabilities, Convertible Preferred Stock and Stockholders’ Equity |
|
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|
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Current liabilities: |
|
|
|
||||
Accounts payable |
$ |
10,116 |
|
|
$ |
7,260 |
|
Growers and suppliers payable |
|
2,004 |
|
|
|
8,960 |
|
Accrued liabilities |
|
9,195 |
|
|
|
12,483 |
|
Payables to related parties |
|
5,806 |
|
|
|
5,542 |
|
Current portion of long-term debt |
|
96 |
|
|
|
559 |
|
Total current liabilities |
|
27,217 |
|
|
|
34,804 |
|
Long-term liabilities: |
|
|
|
||||
Long-term debt, less current portion |
|
57,868 |
|
|
|
40,031 |
|
Deferred income taxes |
|
17,677 |
|
|
|
20,084 |
|
Other long-term liabilities |
|
1,254 |
|
|
|
1,395 |
|
Total liabilities |
|
104,016 |
|
|
|
96,314 |
|
Commitments and contingencies |
|
— |
|
|
|
— |
|
Series B Convertible Preferred Stock – |
|
1,479 |
|
|
|
1,479 |
|
Series B-2 Convertible Preferred Stock – |
|
9,331 |
|
|
|
9,331 |
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Stockholders’ equity: |
|
|
|
||||
Series A Junior Participating Preferred Stock – |
|
— |
|
|
|
— |
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Common Stock – |
|
180 |
|
|
|
180 |
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Additional paid-in capital |
|
169,951 |
|
|
|
170,243 |
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Retained earnings |
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16,274 |
|
|
|
20,826 |
|
Accumulated other comprehensive loss |
|
(6,881 |
) |
|
|
(6,614 |
) |
Treasury stock, at cost, 250,977 shares at January 31, 2025 and October 31, 2024 |
|
(3,493 |
) |
|
|
(3,493 |
) |
Noncontrolling interest |
|
10,513 |
|
|
|
10,549 |
|
Total stockholders' equity |
|
186,544 |
|
|
|
191,691 |
|
Total liabilities, convertible preferred stock and stockholders’ equity |
$ |
301,370 |
|
|
$ |
298,815 |
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LIMONEIRA COMPANY CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) (in thousands, except per share data) |
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Three Months Ended
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2025 |
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|
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2024 |
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Net revenues: |
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|
|
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Agribusiness |
$ |
32,852 |
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|
$ |
38,339 |
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Other operations |
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1,453 |
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|
|
1,392 |
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Total net revenues |
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34,305 |
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|
|
39,731 |
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Costs and expenses: |
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|
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Agribusiness |
|
33,499 |
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|
|
39,114 |
|
Other operations |
|
1,171 |
|
|
|
1,182 |
|
Gain on sales of water rights |
|
(1,488 |
) |
|
|
— |
|
Gain on disposal of assets, net |
|
(6 |
) |
|
|
(165 |
) |
Selling, general and administrative |
|
6,475 |
|
|
|
7,345 |
|
Total costs and expenses |
|
39,651 |
|
|
|
47,476 |
|
Operating loss |
|
(5,346 |
) |
|
|
(7,745 |
) |
Other (expense) income: |
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Interest income |
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15 |
|
|
|
22 |
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Interest expense, net of patronage dividends |
|
(260 |
) |
|
|
(207 |
) |
Equity in earnings of investments, net |
|
102 |
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|
41 |
|
Other income, net |
|
11 |
|
|
|
22 |
|
Total other expense |
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(132 |
) |
|
|
(122 |
) |
Loss before income tax benefit |
|
(5,478 |
) |
|
|
(7,867 |
) |
Income tax benefit |
|
2,407 |
|
|
|
4,190 |
|
Net loss |
|
(3,071 |
) |
|
|
(3,677 |
) |
Net (gain) loss attributable to noncontrolling interest |
|
(3 |
) |
|
|
92 |
|
Net loss attributable to Limoneira Company |
|
(3,074 |
) |
|
|
(3,585 |
) |
Preferred dividends |
|
(125 |
) |
|
|
(125 |
) |
Net loss applicable to common stock |
$ |
(3,199 |
) |
|
$ |
(3,710 |
) |
|
|
|
|
||||
Basic net loss per common share |
$ |
(0.18 |
) |
|
$ |
(0.21 |
) |
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|
|
|
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Diluted net loss per common share |
$ |
(0.18 |
) |
|
$ |
(0.21 |
) |
|
|
|
|
||||
Weighted-average common shares outstanding-basic |
|
17,791 |
|
|
|
17,627 |
|
Weighted-average common shares outstanding-diluted |
|
17,791 |
|
|
|
17,627 |
|
Non-GAAP Financial Measures
Due to significant depreciable assets associated with the nature of the Company’s operations and interest costs associated with our capital structure, management believes that earnings before interest, income taxes, depreciation and amortization ("EBITDA") and adjusted EBITDA, which excludes stock-based compensation and gain on disposal of assets, net are important measures to evaluate our results of operations between periods on a more comparable basis. Such measurements are not prepared in accordance with
EBITDA and adjusted EBITDA are summarized and reconciled to net loss attributable to Limoneira Company, which management considers to be the most directly comparable financial measure calculated and presented in accordance with GAAP, as follows (in thousands):
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Three Months Ended
|
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|
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2025 |
|
|
|
2024 |
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Net loss attributable to Limoneira Company |
$ |
(3,074 |
) |
|
$ |
(3,585 |
) |
Interest income |
|
(15 |
) |
|
|
(22 |
) |
Interest expense, net of patronage dividends |
|
260 |
|
|
|
207 |
|
Income tax benefit |
|
(2,407 |
) |
|
|
(4,190 |
) |
Depreciation and amortization |
|
2,016 |
|
|
|
2,058 |
|
EBITDA |
|
(3,220 |
) |
|
|
(5,532 |
) |
Stock-based compensation |
|
932 |
|
|
|
864 |
|
Gain on disposal of assets, net |
|
(6 |
) |
|
|
(165 |
) |
Adjusted EBITDA |
$ |
(2,294 |
) |
|
$ |
(4,833 |
) |
The following is a reconciliation of net loss attributable to Limoneira Company to adjusted net loss for diluted EPS (in thousands, except per share data):
|
Three Months Ended
|
||||||
|
|
2025 |
|
|
|
2024 |
|
Net loss attributable to Limoneira Company |
$ |
(3,074 |
) |
|
$ |
(3,585 |
) |
Effect of preferred stock and unvested, restricted stock |
|
(144 |
) |
|
|
(152 |
) |
Stock-based compensation |
|
932 |
|
|
|
864 |
|
Gain on disposal of assets, net |
|
(6 |
) |
|
|
(165 |
) |
Tax effect of adjustments at federal and state rates |
|
(255 |
) |
|
|
(192 |
) |
Adjusted net loss for diluted EPS |
$ |
(2,547 |
) |
|
$ |
(3,230 |
) |
|
|
|
|
||||
Diluted net loss per common share |
$ |
(0.18 |
) |
|
$ |
(0.21 |
) |
Adjusted diluted net loss per common share |
$ |
(0.14 |
) |
|
$ |
(0.18 |
) |
|
|
|
|
||||
Weighted-average common shares outstanding - diluted |
|
17,791 |
|
|
|
17,627 |
|
Adjusted weighted-average common shares outstanding - diluted |
|
17,791 |
|
|
|
17,627 |
|
Supplemental Information
(in thousands, except acres and average price amounts):
|
Agribusiness Segment Information for the Three Months Ended January 31, 2025 |
|||||||||||||||||
|
Fresh Lemons |
Lemon Packing |
Eliminations |
Avocados |
Other Agribusiness |
Total Agribusiness |
||||||||||||
Revenues from external customers |
$ |
23,716 |
|
$ |
4,545 |
|
$ |
— |
|
$ |
162 |
|
$ |
4,429 |
|
$ |
32,852 |
|
Intersegment revenues |
|
— |
|
|
7,270 |
|
|
(7,270 |
) |
|
— |
|
|
— |
|
|
— |
|
Total net revenues |
|
23,716 |
|
|
11,815 |
|
|
(7,270 |
) |
|
162 |
|
|
4,429 |
|
|
32,852 |
|
Costs and expenses |
|
24,429 |
|
|
10,591 |
|
(7,270 |
) |
|
37 |
|
3,938 |
|
31,725 |
|
|||
Depreciation and amortization |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
1,774 |
|
Operating (loss) income |
$ |
(713 |
) |
$ |
1,224 |
|
$ |
— |
|
$ |
125 |
|
$ |
491 |
|
$ |
(647 |
) |
|
Agribusiness Segment Information for the Three Months Ended January 31, 2024 |
|||||||||||||||||
|
Fresh Lemons |
Lemon Packing |
Eliminations |
Avocados |
Other Agribusiness |
Total Agribusiness |
||||||||||||
Revenues from external customers |
$ |
27,384 |
|
$ |
5,592 |
|
$ |
— |
|
$ |
— |
|
$ |
5,363 |
|
$ |
38,339 |
|
Intersegment revenues |
|
— |
|
|
6,716 |
|
(6,716 |
) |
|
— |
|
— |
|
— |
|
|||
Total net revenues |
|
27,384 |
|
|
12,308 |
|
|
(6,716 |
) |
|
— |
|
|
5,363 |
|
|
38,339 |
|
Costs and expenses |
|
28,841 |
|
|
10,718 |
|
|
(6,716 |
) |
|
— |
|
|
4,527 |
|
|
37,370 |
|
Depreciation and amortization |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
1,744 |
|
Operating (loss) income |
$ |
(1,457 |
) |
$ |
1,590 |
|
$ |
— |
|
$ |
— |
|
$ |
836 |
|
$ |
(775 |
) |
Lemons |
Q1 2025 |
Q1 2024 |
|
Lemon Packing |
Q1 2025 |
Q1 2024 |
||||||||
|
|
|
|
Cartons packed and sold |
|
1,147 |
|
1,137 |
||||||
Acres harvested |
|
1,600 |
|
|
1,900 |
|
|
Revenue |
$ |
11,815 |
|
$ |
12,308 |
|
Limoneira cartons sold |
|
194 |
|
185 |
|
Direct costs |
$ |
10,591 |
|
$ |
10,718 |
|
||
Third-party grower cartons sold |
|
953 |
|
|
952 |
|
|
Operating income |
$ |
1,224 |
|
$ |
1,590 |
|
Average price per carton |
$ |
18.44 |
|
$ |
21.06 |
|
|
|
|
|
||||
|
|
|
|
Avocados |
Q1 2025 |
Q1 2024 |
||||||||
|
|
|
|
Pounds sold |
|
73 |
|
|
— |
|
||||
Lemon revenue |
$ |
1,263 |
|
$ |
1,021 |
|
|
Average price per pound |
$ |
2.25 |
|
$ |
— |
|
40-pound carton equivalents |
|
113 |
|
|
162 |
|
|
|
|
|
||||
|
|
|
|
Other Agribusiness |
Q1 2025 |
Q1 2024 |
||||||||
Other: |
|
|
|
Orange cartons sold |
|
75 |
|
|
80 |
|
||||
Lemon packing |
$ |
4,545 |
|
$ |
5,592 |
|
|
Average price per carton |
$ |
20.91 |
|
$ |
14.26 |
|
Lemon by-product sales |
$ |
356 |
|
$ |
490 |
|
|
Specialty citrus cartons sold |
|
17 |
|
|
17 |
|
Brokered lemons and other lemon sales |
$ |
945 |
|
$ |
1,926 |
|
|
Average price per carton |
$ |
29.59 |
|
$ |
28.88 |
|
|
|
|
|
Farm management |
$ |
1,181 |
|
$ |
2,048 |
|
||||
Agribusiness costs and expenses |
Q1 2025 |
Q1 2024 |
|
Other |
$ |
1,177 |
|
$ |
1,683 |
|
||||
Packing costs |
$ |
10,591 |
|
$ |
10,718 |
|
|
|
|
|
||||
Harvest costs |
|
1,821 |
|
|
1,933 |
|
|
|
|
|
||||
Growing costs |
|
4,262 |
|
|
6,192 |
|
|
|
|
|
||||
Third-party grower and supplier costs |
|
14,352 |
|
|
17,723 |
|
|
|
|
|
||||
Other costs |
|
699 |
|
|
804 |
|
|
|
|
|
||||
Depreciation and amortization |
|
1,774 |
|
|
1,744 |
|
|
|
|
|
||||
Agribusiness costs and expenses |
$ |
33,499 |
|
$ |
39,114 |
|
|
|
|
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20250312730311/en/
Investors
John Mills
Managing Partner
ICR 646-277-1254
Source: Limoneira Company