Limoneira Company Announces Fiscal Fourth Quarter and Full Year 2023 Financial Results
- 24% growth in brokered lemons and other lemon sales to $30.3 million
- Achievement of avocado and lemon volume guidance
- Expected proceeds from Harvest at Limoneira increased by 14% to $131 million
- Strategic shift towards an 'asset-lighter' business model to improve margins in fiscal year 2024
- Net loss in the fourth quarter of fiscal year 2023
- Total net revenue increased by only 4% to $41.4 million
- Challenges from harsh weather conditions and softer pricing throughout the year
Insights
Reviewing the recent financial disclosure from Limoneira, several key factors stand out. Firstly, the year-over-year improvement in fresh lemon pricing during a seasonally soft quarter is noteworthy, as it indicates a positive pricing power despite broader market conditions. This is coupled with a significant 24% growth in brokered lemons and other lemon sales, contributing to a substantial increase in revenue.
Moreover, the company's strategic move towards an 'asset-lighter' business model is reflected in their divestiture of non-core assets, such as the Northern Properties and the exiting of unprofitable farming operations. This has resulted in a stronger balance sheet and the lowest net debt position since the company's public inception, enhancing financial flexibility.
The real estate development project, Harvest at Limoneira, has been adjusted for increased sales prices, which is expected to yield $131 million over nine fiscal years. This long-term revenue stream could provide stability and growth potential. However, the adjusted EBITDA showing a loss is a point of concern and warrants monitoring in future quarters.
The agricultural sector is highly susceptible to external factors such as weather conditions and supply chain dynamics, both of which were mentioned as impacting the company's performance. The report indicates that despite these challenges, Limoneira managed to achieve its volume guidance for avocados and lemons, which demonstrates resilience and effective risk management in agricultural production.
From an economic perspective, the increase in operating costs leading to a net loss in the fourth quarter raises questions about cost control and efficiency within the company's operations. The sale of the Northern Properties and the water fallowing program are strategic moves that not only improve liquidity but also allow the company to focus on its core competencies.
It's also important to consider the global supply chain and inflationary pressures mentioned in the guidance section, as these will continue to influence the company's cost structure and pricing strategies.
The citrus industry is competitive and subject to fluctuations in supply and demand. Limoneira's performance in the fresh lemon market, especially the increase in average price per carton, suggests a competitive advantage or a favorable market condition that enabled them to command higher prices.
The company's expansion plans in avocado cultivation and the expected increase in production from non-bearing to full-bearing trees will likely contribute to future revenue growth. This organic growth strategy, along with potential acquisitions in a fragmented industry, positions Limoneira for potential market share expansion.
However, the operating loss and the net loss applicable to common stock reported in the fourth quarter could be a red flag for investors and analysts, indicating that despite strategic asset sales and revenue growth in certain segments, profitability challenges remain.
Company Achieved Year-Over-Year Pricing Improvement in Fresh Lemons in Fourth Quarter of Fiscal Year 2023
Full Year Brokered Lemons and Other Lemon Sales Grew
Company Achieved Avocado Volume Guidance and Lemon Volume Guidance for Fiscal Year 2023
Company Increases Expected Proceeds from Harvest at Limoneira by
Company Executing Exploration of Strategic Alternatives Intended to Maximize Stockholder Value
Management Comments
Harold Edwards, President and Chief Executive Officer of the Company, stated, “I am pleased with our performance in fiscal year 2023 as we achieved our full year avocado and revised lemon volume guidance despite harsh weather conditions and softer pricing throughout most of the year. We ended the year with fresh lemon pricing improving year-over-year in the seasonally soft fourth quarter to the highest level since 2019. Additionally, our Company’s strategic shift towards an “asset-lighter” business model progressed this year and is reflected in our latest results with brokered lemons and other lemon sales growing year-over-year for the second quarter in a row in the fourth quarter and our farm management revenue reaching close to
Mr. Edwards continued, “Heading into fiscal year 2024, we are committed to advancing our strategic shift and believe the actions taken this past year have set us up to improve margins in fiscal year 2024. We also anticipate selling the remaining two identified non-strategic assets this next fiscal year for an expected
Fiscal Year 2023 Fourth Quarter Results
For the fourth quarter of fiscal year 2023, total net revenue increased
Agribusiness revenue in the fourth quarter of fiscal year 2023 includes
The Company recognized no avocado revenue in the fourth quarter of fiscal year 2023, compared to nominal avocado revenue during the same period of fiscal year 2022. The Company recognized
Total costs and expenses in the fourth quarter of fiscal year 2023 were
Operating loss for the fourth quarter of fiscal year 2023 was
Net loss applicable to common stock, after preferred dividends, for the fourth quarter of fiscal year 2023 was
Adjusted net loss for diluted EPS in the fourth quarter of fiscal year 2023 was
Adjusted EBITDA was a loss of
Fiscal Year 2023 Results
For the fiscal year ended October 31, 2023, revenues were
For fiscal year 2023, adjusted net loss for diluted EPS was
Adjusted EBITDA for fiscal year 2023 was a loss of
Balance Sheet and Liquidity
During fiscal year ended October 31, 2023, net cash used in operating activities was
On January 31, 2023, the Company sold its Northern Properties, which resulted in total net proceeds of
Real Estate Development and Property Sales
The Company’s joint venture with The Lewis Group of Companies (“Lewis”) for the residential development of its East Area I real estate development project, named Harvest at Limoneira, is currently expected to have approximately 1,500 total residential units built and sold over the life of the project. In October 2023, the joint venture closed on lot sales representing 121 residential units, thus completing the sell-out of Phase 1 of the development. A total of 707 residential units have closed from the project’s inception to October 31, 2023.
In October 2022, the Company contributed 17 acres, known as the East Area I retained property, to a newly formed development entity, LLCB II, LLC, to potentially develop additional residential units and sold a
In July 2021, the Company entered into a non-binding letter of intent to sell approximately 25 acres of its East Area II property in five staged purchases to an investment company for the purpose of constructing a medical campus consisting of medical office buildings and an acute care hospital. Completion of the transaction is subject to the execution of a purchase and sale agreement and resolution of certain contingencies.
Guidance
The Company’s food service business and industry logistics continue to experience slowdown due to supply chain and inflationary pressures on a global basis.
The Company expects fresh lemon volumes to be in the range of 5.0 million to 5.5 million cartons for fiscal year 2024. Avocado volumes are expected to be in the range of 7.0 million to 8.0 million pounds for fiscal year 2024.
The Company now expects to receive a
Updated Harvest at Limoneira Cash Flow Projections (in millions)
Fiscal Year |
|
2022 Actual |
|
2024 |
|
2025 |
|
2026 |
|
2027 |
|
2028 |
|
2029 |
|
2030 |
Projected Distributions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The Company has 700 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 expand its plantings of avocados over the next three years and also expects to have a steady increase in third-party grower fruit. The foregoing describes organic growth opportunities and does not include potential acquisition opportunities for the Company in its highly fragmented industry.
Conference Call Information
The Company will host a conference call to discuss its financial results on December 21, 2023, 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 130-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,” “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 stockholders, and managing the risks involved in the foregoing; additional impacts from the current COVID-19 pandemic, changes in laws, regulations, rules, quotas, tariffs and import laws; weather conditions that affect production, transportation, storage, import and export of fresh product; 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; inability to engage in certain transactions due to restrictive covenants in debt instruments; 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.
LIMONEIRA COMPANY
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(in thousands, except share and per share data)
|
October 31, |
||||||
|
2023 |
|
2022 |
||||
Assets |
|
|
|
||||
Current assets: |
|
|
|
||||
Cash |
$ |
3,631 |
|
|
$ |
857 |
|
Accounts receivable, net |
|
14,458 |
|
|
|
15,651 |
|
Cultural costs |
|
2,334 |
|
|
|
8,643 |
|
Prepaid expenses and other current assets |
|
5,588 |
|
|
|
8,496 |
|
Receivables/other from related parties |
|
4,214 |
|
|
|
3,888 |
|
Total current assets |
|
30,225 |
|
|
|
37,535 |
|
Property, plant and equipment, net |
|
160,631 |
|
|
|
222,628 |
|
Real estate development |
|
9,987 |
|
|
|
9,706 |
|
Equity in investments |
|
78,816 |
|
|
|
72,855 |
|
Goodwill |
|
1,512 |
|
|
|
1,506 |
|
Intangible assets, net |
|
6,657 |
|
|
|
7,317 |
|
Other assets |
|
13,382 |
|
|
|
16,971 |
|
Total assets |
$ |
301,210 |
$ |
368,518 |
|
||
|
|
|
|
||||
Liabilities, Convertible Preferred Stock and Stockholders' Equity |
|
|
|
||||
Current liabilities: |
|
|
|
||||
Accounts payable |
$ |
9,892 |
|
|
$ |
10,663 |
|
Growers and suppliers payable |
|
9,629 |
|
|
|
10,740 |
|
Accrued liabilities |
|
8,651 |
|
|
|
11,279 |
|
Payables to related parties |
|
4,805 |
|
|
|
4,860 |
|
Current portion of long-term debt |
|
381 |
|
|
|
1,732 |
|
Total current liabilities |
|
33,358 |
|
|
|
39,274 |
|
Long-term liabilities: |
|
|
|
||||
Long-term debt, less current portion |
|
40,628 |
|
|
|
104,076 |
|
Deferred income taxes |
|
22,172 |
|
|
|
23,497 |
|
Other long-term liabilities |
|
4,555 |
|
|
|
9,807 |
|
Total liabilities |
|
100,713 |
|
|
|
176,654 |
|
Commitments and contingencies |
|
— |
|
|
|
— |
|
Series B Convertible Preferred Stock – |
|
1,479 |
|
|
|
1,479 |
|
Series B-2 Convertible Preferred Stock – |
|
9,331 |
|
|
|
9,331 |
|
Stockholders' equity: |
|
|
|
||||
Series A Junior Participating Preferred Stock – |
|
— |
|
|
|
— |
|
Common Stock – |
|
179 |
|
|
|
177 |
|
Additional paid-in capital |
|
168,441 |
|
|
|
165,169 |
|
Retained earnings |
|
19,017 |
|
|
|
15,500 |
|
Accumulated other comprehensive loss |
|
(5,666 |
) |
|
|
(7,908 |
) |
Treasury stock, at cost, 250,977 shares at October 31, 2023 and October 31, 2022 |
|
(3,493 |
) |
|
|
(3,493 |
) |
Noncontrolling interest |
|
11,209 |
|
|
|
11,609 |
|
Total stockholders' equity |
|
189,687 |
|
|
|
181,054 |
|
Total liabilities, convertible preferred stock and stockholders' equity |
$ |
301,210 |
|
|
$ |
368,518 |
|
LIMONEIRA COMPANY
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
(in thousands, except per share data)
|
Three Months Ended October 31, |
|
Years Ended October 31, |
||||||||||||
|
2023 |
|
2022 |
|
2023 |
|
2022 |
||||||||
Net revenues: |
|
|
|
|
|
|
|
||||||||
Agribusiness |
$ |
40,085 |
|
|
$ |
38,235 |
|
|
$ |
174,381 |
|
|
$ |
179,281 |
|
Other operations |
|
1,348 |
|
|
|
1,423 |
|
|
|
5,520 |
|
|
|
5,324 |
|
Total net revenues |
|
41,433 |
|
|
|
39,658 |
|
|
|
179,901 |
|
|
|
184,605 |
|
Costs and expenses: |
|
|
|
|
|
|
|
||||||||
Agribusiness |
|
42,894 |
|
|
|
40,345 |
|
|
|
169,169 |
|
|
|
160,651 |
|
Other operations |
|
1,331 |
|
|
|
1,144 |
|
|
|
4,612 |
|
|
|
4,438 |
|
Loss (gain) on disposal of assets, net |
|
350 |
|
|
|
(5,003 |
) |
|
|
(28,849 |
) |
|
|
(4,500 |
) |
Gain on legal settlement |
|
— |
|
|
|
— |
|
|
|
(2,269 |
) |
|
|
— |
|
Selling, general and administrative |
|
6,548 |
|
|
|
5,059 |
|
|
|
26,455 |
|
|
|
21,815 |
|
Total costs and expenses |
|
51,123 |
|
|
|
41,545 |
|
|
|
169,118 |
|
|
|
182,404 |
|
Operating (loss) income |
|
(9,690 |
) |
|
|
(1,887 |
) |
|
|
10,783 |
|
|
|
2,201 |
|
Other income (expense): |
|
|
|
|
|
|
|
||||||||
Interest income |
|
116 |
|
|
|
— |
|
|
|
364 |
|
|
|
53 |
|
Interest expense, net of patronage dividends |
|
(77 |
) |
|
|
(1,039 |
) |
|
|
(494 |
) |
|
|
(2,291 |
) |
Equity in earnings of investments, net |
|
4,808 |
|
|
|
660 |
|
|
|
5,322 |
|
|
|
1,341 |
|
Other income (expense), net |
|
16 |
|
|
|
(1,061 |
) |
|
|
(2,611 |
) |
|
|
(955 |
) |
Total other income (expense) |
|
4,863 |
|
|
|
(1,440 |
) |
|
|
2,581 |
|
|
|
(1,852 |
) |
(Loss) income before income tax benefit (provision) |
|
(4,827 |
) |
|
|
(3,327 |
) |
|
|
13,364 |
|
|
|
349 |
|
Income tax benefit (provision) |
|
1,290 |
|
|
|
562 |
|
|
|
(4,247 |
) |
|
|
(823 |
) |
Net (loss) income |
|
(3,537 |
) |
|
|
(2,765 |
) |
|
|
9,117 |
|
|
|
(474 |
) |
Net loss attributable to noncontrolling interest |
|
82 |
|
|
|
109 |
|
|
|
283 |
|
|
|
238 |
|
Net (loss) income attributable to Limoneira Company |
|
(3,455 |
) |
|
|
(2,656 |
) |
|
|
9,400 |
|
|
|
(236 |
) |
Preferred dividends |
|
(125 |
) |
|
|
(125 |
) |
|
|
(501 |
) |
|
|
(501 |
) |
Net (loss) income applicable to common stock |
$ |
(3,580 |
) |
|
$ |
(2,781 |
) |
|
$ |
8,899 |
|
|
$ |
(737 |
) |
|
|
|
|
|
|
|
|
||||||||
Basic net (loss) income per common share |
$ |
(0.20 |
) |
|
$ |
(0.16 |
) |
|
$ |
0.50 |
|
|
$ |
(0.04 |
) |
|
|
|
|
|
|
|
|
||||||||
Diluted net (loss) income per common share |
$ |
(0.20 |
) |
|
$ |
(0.16 |
) |
|
$ |
0.50 |
|
|
$ |
(0.04 |
) |
|
|
|
|
|
|
|
|
||||||||
Weighted-average common shares outstanding-basic |
|
17,622 |
|
|
|
17,540 |
|
|
|
17,603 |
|
|
|
17,513 |
|
Weighted-average common shares outstanding-diluted |
|
17,622 |
|
|
|
17,540 |
|
|
|
17,603 |
|
|
|
17,513 |
|
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, named executive officer cash severance, pension settlement cost, loss (gain) on disposal of assets, net, cash bonus related to sale of assets and gain on legal settlement 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) income 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):
|
Three Months Ended October 31, |
|
Years Ended October 31, |
||||||||||||
|
2023 |
|
2022 |
|
2023 |
|
2022 |
||||||||
Net (loss) income attributable to Limoneira Company |
$ |
(3,455 |
) |
|
$ |
(2,656 |
) |
|
$ |
9,400 |
|
|
$ |
(236 |
) |
Interest income |
|
(116 |
) |
|
|
— |
|
|
|
(364 |
) |
|
|
(53 |
) |
Interest expense, net of patronage dividends |
|
77 |
|
|
|
1,039 |
|
|
|
494 |
|
|
|
2,291 |
|
Income tax (benefit) provision |
|
(1,290 |
) |
|
|
(562 |
) |
|
|
4,247 |
|
|
|
823 |
|
Depreciation and amortization |
|
2,066 |
|
|
|
2,366 |
|
|
|
8,576 |
|
|
|
9,798 |
|
EBITDA |
|
(2,718 |
) |
|
|
187 |
|
|
|
22,353 |
|
|
|
12,623 |
|
Stock-based compensation |
|
1,057 |
|
|
|
739 |
|
|
|
3,841 |
|
|
|
2,732 |
|
Named executive officer cash severance |
|
— |
|
|
|
(338 |
) |
|
|
— |
|
|
|
432 |
|
Pension settlement cost |
|
— |
|
|
|
607 |
|
|
|
2,700 |
|
|
|
607 |
|
Loss (gain) on disposal of assets, net |
|
350 |
|
|
|
(5,003 |
) |
|
|
(28,849 |
) |
|
|
(4,500 |
) |
Cash bonus related to sale of assets |
|
— |
|
|
|
— |
|
|
|
2,000 |
|
|
|
— |
|
Gain on legal settlement |
|
— |
|
|
|
— |
|
|
|
(2,269 |
) |
|
|
— |
|
Adjusted EBITDA |
$ |
(1,311 |
) |
|
$ |
(3,808 |
) |
|
$ |
(224 |
) |
|
$ |
11,894 |
|
The following is a reconciliation of net (loss) income attributable to Limoneira Company to adjusted net loss for diluted EPS (in thousands, except per share data):
|
Three Months Ended October 31, |
|
Years Ended October 31, |
||||||||||||
|
2023 |
|
2022 |
|
2023 |
|
2022 |
||||||||
Net (loss) income attributable to Limoneira Company |
$ |
(3,455 |
) |
|
$ |
(2,656 |
) |
|
$ |
9,400 |
|
|
$ |
(236 |
) |
Effect of preferred stock and unvested, restricted stock |
|
(152 |
) |
|
|
(133 |
) |
|
|
(589 |
) |
|
|
(551 |
) |
Stock-based compensation |
|
1,057 |
|
|
|
739 |
|
|
|
3,841 |
|
|
|
2,732 |
|
Named executive officer cash severance |
|
— |
|
|
|
(338 |
) |
|
|
— |
|
|
|
432 |
|
Pension settlement cost |
|
— |
|
|
|
607 |
|
|
|
2,700 |
|
|
|
607 |
|
Loss (gain) on disposal of assets, net |
|
350 |
|
|
|
(5,003 |
) |
|
|
(28,849 |
) |
|
|
(4,500 |
) |
Cash bonus related to sale of assets |
|
— |
|
|
|
— |
|
|
|
2,000 |
|
|
|
— |
|
Gain on legal settlement |
|
— |
|
|
|
— |
|
|
|
(2,269 |
) |
|
|
— |
|
Tax effect of adjustments at federal and state rates |
|
(386 |
) |
|
|
1,088 |
|
|
|
6,193 |
|
|
|
199 |
|
Adjusted net loss for diluted EPS |
$ |
(2,586 |
) |
|
$ |
(5,696 |
) |
|
$ |
(7,573 |
) |
|
$ |
(1,317 |
) |
|
|
|
|
|
|
|
|
||||||||
Diluted net (loss) income per common share |
$ |
(0.20 |
) |
|
$ |
(0.16 |
) |
|
$ |
0.50 |
|
|
$ |
(0.04 |
) |
Adjusted diluted net loss per common share |
$ |
(0.15 |
) |
|
$ |
(0.32 |
) |
|
$ |
(0.43 |
) |
|
$ |
(0.08 |
) |
|
|
|
|
|
|
|
|
||||||||
Weighted-average common shares outstanding - diluted |
|
17,622 |
|
|
|
17,540 |
|
|
|
17,603 |
|
|
|
17,513 |
|
Adjusted weighted-average common shares outstanding - diluted |
|
17,622 |
|
|
|
17,540 |
|
|
|
17,603 |
|
|
|
17,513 |
|
Supplemental Information
(in thousands, except acres and average price amounts):
|
Agribusiness Segment Information for the Three Months Ended October 31, 2023 |
|||||||||||||||||
|
Fresh Lemons |
Lemon Packing |
Eliminations |
Avocados |
Other Agribusiness |
Total Agribusiness |
||||||||||||
Revenues from external customers |
$ |
26,624 |
$ |
3,030 |
$ |
— |
|
$ |
— |
$ |
10,431 |
$ |
40,085 |
|
||||
Intersegment revenue |
|
— |
|
|
3,725 |
|
|
(3,725 |
) |
|
— |
|
|
— |
|
|
— |
|
Total net revenues |
|
26,624 |
|
|
6,755 |
|
|
(3,725 |
) |
|
— |
|
|
10,431 |
|
|
40,085 |
|
Costs and expenses |
|
26,459 |
|
|
9,121 |
|
|
(3,725 |
) |
|
— |
|
|
9,326 |
|
|
41,181 |
|
Depreciation and amortization |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
1,713 |
|
Operating income (loss) |
$ |
165 |
|
$ |
(2,366 |
) |
$ |
— |
|
$ |
— |
|
$ |
1,105 |
|
$ |
(2,809 |
) |
|
Agribusiness Segment Information for the Three Months Ended October 31, 2022 |
|||||||||||||||||
|
Fresh Lemons |
Lemon Packing |
Eliminations |
Avocados |
Other Agribusiness |
Total Agribusiness |
||||||||||||
Revenues from external customers |
$ |
26,470 |
$ |
3,128 |
|
$ |
— |
|
$ |
411 |
|
$ |
8,226 |
|
$ |
38,235 |
|
|
Intersegment revenue |
|
— |
|
|
4,159 |
|
|
(4,159 |
) |
|
— |
|
|
— |
|
|
— |
|
Total net revenues |
|
26,470 |
|
|
7,287 |
|
|
(4,159 |
) |
|
411 |
|
|
8,226 |
|
|
38,235 |
|
Costs and expenses |
|
23,136 |
|
|
8,846 |
|
|
(4,159 |
) |
|
(24 |
) |
|
10,486 |
|
|
38,285 |
|
Depreciation and amortization |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
2,060 |
|
Operating income (loss) |
$ |
3,334 |
|
$ |
(1,559 |
) |
$ |
— |
|
$ |
435 |
|
$ |
(2,260 |
) |
$ |
(2,110 |
) |
Lemons |
Q4 2023 |
Q4 2022 |
|
Lemon Packing |
Q4 2023 |
Q4 2022 |
||||||||
|
|
|
|
Cartons packed and sold |
|
549 |
|
|
679 |
|
||||
Acres harvested |
|
2,000 |
|
3,600 |
|
Revenue |
$ |
6,755 |
|
$ |
7,287 |
|
||
Limoneira cartons sold |
|
208 |
|
|
300 |
|
|
Direct costs |
|
9,121 |
|
|
8,846 |
|
Third-party grower cartons sold |
|
341 |
|
|
379 |
|
|
Operating loss |
$ |
(2,366 |
) |
$ |
(1,559 |
) |
Average price per carton |
$ |
20.39 |
|
$ |
19.33 |
|
|
|
|
|
||||
|
|
|
|
Avocados |
Q4 2023 |
Q4 2022 |
||||||||
|
|
|
|
Pounds sold |
|
— |
|
|
215 |
|
||||
Lemon revenue |
$ |
1,100 |
|
$ |
300 |
|
|
Average price per pound |
$ |
— |
|
$ |
— |
|
40-pound carton equivalents |
|
316 |
|
|
87 |
|
|
|
|
|
||||
|
|
|
|
Other Agribusiness |
Q4 2023 |
Q4 2022 |
||||||||
Other: |
|
|
|
Orange cartons sold |
|
69 |
|
|
86 |
|
||||
Lemon shipping and handling |
$ |
3,000 |
|
$ |
3,100 |
|
|
Average price per carton |
$ |
28.32 |
|
$ |
31.22 |
|
Lemon by-product sales |
$ |
— |
|
$ |
300 |
|
|
Specialty citrus cartons sold |
|
75 |
|
|
68 |
|
Brokered lemons and other lemon sales |
$ |
14,400 |
|
$ |
12,700 |
|
|
Average price per carton |
$ |
32.64 |
|
$ |
34.50 |
|
|
|
|
|
Farm management |
$ |
3,144 |
|
$ |
— |
|
||||
Agribusiness costs and expenses |
Q4 2023 |
Q4 2022 |
|
|
|
|
||||||||
Packing costs |
$ |
9,629 |
|
$ |
9,428 |
|
|
|
|
|
||||
Harvest costs |
|
2,039 |
|
|
3,736 |
|
|
|
|
|
||||
Growing costs |
|
9,193 |
|
|
5,037 |
|
|
|
|
|
||||
Third-party grower and supplier costs |
|
20,320 |
|
|
20,084 |
|
|
|
|
|
||||
Depreciation and amortization |
|
1,713 |
|
|
2,060 |
|
|
|
|
|
||||
Agribusiness costs and expenses |
$ |
42,894 |
|
$ |
40,345 |
|
|
|
|
|
||||
View source version on businesswire.com: https://www.businesswire.com/news/home/20231221222245/en/
Investors
John Mills
Managing Partner
ICR 646-277-1254
Source: Limoneira Company
FAQ
What is the total net revenue for Limoneira Company in fiscal year 2023?
How much did the brokered lemons and other lemon sales grow in fiscal year 2023?
What is the expected increase in proceeds from Harvest at Limoneira?
What is the ticker symbol for Limoneira Company?
When is the conference call to discuss the financial results?
