Limoneira Company Announces Second Quarter Fiscal Year 2024 Financial Results
Limoneira Company (Nasdaq: LMNR) announced its second quarter fiscal year 2024 results, highlighting significant milestones in real estate and agribusiness. The company closed Phase 2 of its Harvest at Limoneira real estate venture, adding 554 homesites. The Santa Paula City Council approved an additional 550 lots for the project, raising expected future proceeds by 46% to $180 million over seven years. For Q2 2024, Limoneira reported total net revenue of $44.6 million, down from $48.1 million in Q2 2023. Agribusiness revenue was $43.3 million, with fresh lemon sales at $25.8 million. Despite an operating loss of $4.7 million, net income was $6.4 million, or $0.35 per diluted share. Non-GAAP adjusted EBITDA more than doubled to $16.6 million. Limoneira increased its avocado volume guidance for FY 2024 and plans to expand avocado plantings by 1,000 acres over three years.
- Closed Phase 2 of Harvest at Limoneira project, adding 554 homesites.
- Santa Paula City Council approved an additional 550 lots, increasing total to 2,050.
- Expected future proceeds from Harvest increased by 46% to $180 million.
- Q2 2024 net income of $6.4 million, up from a net loss in Q2 2023.
- Non-GAAP adjusted EBITDA of $16.6 million, more than double the prior year.
- Increased avocado volume guidance for FY 2024 from 7-8 million pounds to 9-10 million pounds.
- Total net revenue decreased to $44.6 million from $48.1 million in Q2 2023.
- Agribusiness revenue fell to $43.3 million from $46.7 million in Q2 2023.
- Fresh packed lemon sales decreased to $25.8 million from $26.6 million.
- Operating loss increased to $4.7 million from $3.9 million in Q2 2023.
- Avocado revenue fell to $2.3 million from $3.6 million.
- Total costs and expenses were $49.3 million, down slightly from $51.9 million.
Insights
Limoneira Company's recent financial report presents a mix of positive and negative signals for investors. Despite a decrease in total net revenue from
The joint venture real estate development with the Lewis Group of Companies, which resulted in an additional 554 homesites and Santa Paula City Council's approval for 550 more lots, stands out as a major development. This has raised expected proceeds from the project by
Operating losses increased year-over-year, which might concern some investors. However, the notable increase in net income per diluted share from a loss of
For retail investors, while the real estate projects provide substantial future revenue potential, the observed drop in agribusiness revenue and the historical operating losses are critical. It’s essential to monitor how the company manages its dual focus on agribusiness and real estate development to ensure sustainable growth.
The real estate development segment of Limoneira is progressing impressively. The completion of Phase 2 with an additional 554 residential homesites and the approval for 550 more lots reflects strong momentum. The strategic partnership with the Lewis Group of Companies is generating substantial value, as evidenced by the revised projection of
Such developments are likely to enhance Limoneira's long-term revenue stability and cash flow generation. The phased approach in lot sales, now with 1,261 units closed, reflects prudent project management and market demand responsiveness.
The joint venture’s plan to construct additional multi-family rental homes further diversifies the project’s portfolio, catering to different market segments and potentially enhancing revenue streams. Investors should note that real estate developments often involve long-term horizons and while these moves are promising, the actual value realization will unfold over several years.
Key considerations for investors include the impact of market conditions on property sales and the execution risks associated with large-scale developments. However, with strategic approvals and partnerships in place, the real estate segment appears well-positioned for growth.
Limoneira's agribusiness performance shows mixed results. While total net revenue decreased, the company is taking steps to enhance future revenue streams through planned expansions in avocado production. The increase in avocado volume guidance for FY2024 from 7-8 million pounds to 9-10 million pounds aligns with consumer demand trends and could drive future growth.
Despite the revenue dip in fresh packed lemon sales and avocado revenues excluding legal settlements, the average prices per unit have increased, which is a positive indicator of market positioning and pricing power. For instance, the average price per pound of avocados rose from
The expansion plan to plant 1,000 additional acres of avocados over the next three years and the maturing of non-bearing lemon and avocado acres indicate a forward-looking strategy that can enhance production capacity and revenue potential.
Retail investors should consider the inherent risks in agribusiness, such as climate impact and market price volatility. However, the company’s proactive measures in expanding and managing its agribusiness portfolio suggest preparedness to capitalize on favorable market conditions.
Company Closes Significant Real Estate Development Joint Venture Deal with The Lewis Group of Companies with an Additional 554 Residential Homesites at Harvest at Limoneira
Harvest at Limoneira Approved for an Additional 550 Entitled Lots from 1,500 to 2,050
Company Increases Expected Proceeds from Harvest at Limoneira by
Company Raises Avocado Volume Guidance for Fiscal Year 2024
Management Comments
Harold Edwards, President and Chief Executive Officer of the Company, stated, “We recently achieved two significant milestones related to Harvest at Limoneira (“Harvest”), our real estate development joint venture with the Lewis Group of Companies (“Lewis”). First, the joint venture closed an additional 554 homesites, completing Phase 2 of the project. Second, the
Fiscal Year 2024 Second Quarter Results
For the second quarter of fiscal year 2024, total net revenue was
Agribusiness revenue in the second quarter of fiscal year 2024 includes
The Company recognized
The Company recognized
Specialty citrus and other crops revenue was
Farm management revenues were
Total costs and expenses in the second quarter of fiscal year 2024 were
Operating loss for the second quarter of fiscal year 2024 was
Net income applicable to common stock, after preferred dividends, for the second quarter of fiscal year 2024 was
Adjusted net income for diluted EPS in the second quarter of fiscal year 2024 was
Non-GAAP adjusted EBITDA was
Fiscal Year 2024 First Six Months Results
For the six months ended April 30, 2024, total net revenue was
For the first six months of fiscal year 2024, adjusted net income for diluted EPS was
Balance Sheet and Liquidity
For the first half of fiscal year 2024, 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 Lewis for the residential development of its Harvest real estate development project was previously approved for 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. 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 have closed since the project’s inception. In May 2024, the Company announced that the
Updated 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 2024.
The Company now expects avocado volumes to be in the range of 9.0 million to 10.0 million pounds for fiscal year 2024, compared to previous guidance of 7.0 million to 8.0 million pounds.
Due to the additional lots and the increased value of the overall projects, the Company now expects to receive total future proceeds of
Updated Harvest at Limoneira Cash Flow Projections (in millions)
Fiscal Year |
|
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 expects to have an 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.
Looking ahead, the Company is raising its outlook for non-GAAP EBITDA accretion to a range of
Conference Call Information
The Company will host a conference call to discuss its financial results on June 6, 2024, 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 131-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) |
|||||||
|
April 30, 2024 |
|
October 31, 2023 |
||||
Assets |
|
|
|
||||
Current assets: |
|
|
|
||||
Cash |
$ |
1,402 |
|
|
$ |
3,631 |
|
Accounts receivable, net |
|
22,516 |
|
|
|
14,458 |
|
Cultural costs |
|
3,430 |
|
|
|
2,334 |
|
Prepaid expenses and other current assets |
|
4,539 |
|
|
|
5,588 |
|
Receivables/other from related parties |
|
2,943 |
|
|
|
4,214 |
|
Total current assets |
|
34,830 |
|
|
|
30,225 |
|
Property, plant and equipment, net |
|
160,683 |
|
|
|
160,631 |
|
Real estate development |
|
9,995 |
|
|
|
9,987 |
|
Equity in investments |
|
95,669 |
|
|
|
78,816 |
|
Goodwill |
|
1,505 |
|
|
|
1,512 |
|
Intangible assets, net |
|
6,210 |
|
|
|
6,657 |
|
Other assets |
|
13,293 |
|
|
|
13,382 |
|
Total assets |
$ |
322,185 |
|
|
$ |
301,210 |
|
|
|
|
|
||||
Liabilities, Convertible Preferred Stock and Stockholders' Equity |
|
|
|
||||
Current liabilities: |
|
|
|
||||
Accounts payable |
$ |
9,934 |
|
|
$ |
9,892 |
|
Growers and suppliers payable |
|
10,566 |
|
|
|
9,629 |
|
Accrued liabilities |
|
11,258 |
|
|
|
8,651 |
|
Payables to related parties |
|
5,139 |
|
|
|
4,805 |
|
Current portion of long-term debt |
|
626 |
|
|
|
381 |
|
Total current liabilities |
|
37,523 |
|
|
|
33,358 |
|
Long-term liabilities: |
|
|
|
||||
Long-term debt, less current portion |
|
59,503 |
|
|
|
40,628 |
|
Deferred income taxes |
|
21,378 |
|
|
|
22,172 |
|
Other long-term liabilities |
|
4,019 |
|
|
|
4,555 |
|
Total liabilities |
|
122,423 |
|
|
|
100,713 |
|
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 – |
|
180 |
|
|
|
179 |
|
Additional paid-in capital |
|
168,540 |
|
|
|
168,441 |
|
Retained earnings |
|
19,050 |
|
|
|
19,017 |
|
Accumulated other comprehensive loss |
|
(6,370 |
) |
|
|
(5,666 |
) |
Treasury stock, at cost, 250,977 shares at April 30, 2024 and October 31, 2023 |
|
(3,493 |
) |
|
|
(3,493 |
) |
Noncontrolling interest |
|
11,045 |
|
|
|
11,209 |
|
Total stockholders' equity |
|
188,952 |
|
|
|
189,687 |
|
Total liabilities, convertible preferred stock and stockholders' equity |
$ |
322,185 |
|
|
$ |
301,210 |
|
LIMONEIRA COMPANY
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) (in thousands, except per share data) |
|||||||||||||||
|
Three Months Ended April 30, |
|
Six Months Ended April 30, |
||||||||||||
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Net revenues: |
|
|
|
|
|
|
|
||||||||
Agribusiness |
$ |
43,257 |
|
|
$ |
46,676 |
|
|
$ |
81,596 |
|
|
$ |
83,204 |
|
Other operations |
|
1,349 |
|
|
|
1,394 |
|
|
|
2,741 |
|
|
|
2,767 |
|
Total net revenues |
|
44,606 |
|
|
|
48,070 |
|
|
|
84,337 |
|
|
|
85,971 |
|
Costs and expenses: |
|
|
|
|
|
|
|
||||||||
Agribusiness |
|
40,436 |
|
|
|
38,189 |
|
|
|
79,550 |
|
|
|
79,430 |
|
Other operations |
|
1,429 |
|
|
|
1,009 |
|
|
|
2,611 |
|
|
|
2,247 |
|
Loss (gain) on disposal of assets, net |
|
48 |
|
|
|
8,998 |
|
|
|
(117 |
) |
|
|
(30,744 |
) |
Gain on legal settlement |
|
— |
|
|
|
(2,269 |
) |
|
|
— |
|
|
|
(2,269 |
) |
Selling, general and administrative |
|
7,368 |
|
|
|
6,005 |
|
|
|
14,713 |
|
|
|
15,285 |
|
Total costs and expenses |
|
49,281 |
|
|
|
51,932 |
|
|
|
96,757 |
|
|
|
63,949 |
|
Operating (loss) income |
|
(4,675 |
) |
|
|
(3,862 |
) |
|
|
(12,420 |
) |
|
|
22,022 |
|
Other income (expense): |
|
|
|
|
|
|
|
||||||||
Interest income |
|
14 |
|
|
|
62 |
|
|
|
36 |
|
|
|
70 |
|
Interest (expense), net of patronage dividends |
|
(351 |
) |
|
|
996 |
|
|
|
(558 |
) |
|
|
(176 |
) |
Equity in earnings of investments, net |
|
16,592 |
|
|
|
62 |
|
|
|
16,633 |
|
|
|
315 |
|
Other income (expense), net |
|
197 |
|
|
|
200 |
|
|
|
219 |
|
|
|
(2,412 |
) |
Total other income (expense) |
|
16,452 |
|
|
|
1,320 |
|
|
|
16,330 |
|
|
|
(2,203 |
) |
Income (loss) before income tax (provision) benefit |
|
11,777 |
|
|
|
(2,542 |
) |
|
|
3,910 |
|
|
|
19,819 |
|
Income tax (provision) benefit |
|
(5,222 |
) |
|
|
912 |
|
|
|
(1,032 |
) |
|
|
(5,915 |
) |
Net income (loss) |
|
6,555 |
|
|
|
(1,630 |
) |
|
|
2,878 |
|
|
|
13,904 |
|
Net loss attributable to noncontrolling interest |
|
12 |
|
|
|
17 |
|
|
|
104 |
|
|
|
114 |
|
Net income (loss) attributable to Limoneira Company |
|
6,567 |
|
|
|
(1,613 |
) |
|
|
2,982 |
|
|
|
14,018 |
|
Preferred dividends |
|
(126 |
) |
|
|
(126 |
) |
|
|
(251 |
) |
|
|
(251 |
) |
Net income (loss) applicable to common stock |
$ |
6,441 |
|
|
$ |
(1,739 |
) |
|
$ |
2,731 |
|
|
$ |
13,767 |
|
|
|
|
|
|
|
|
|
||||||||
Basic net income (loss) per common share |
$ |
0.36 |
|
|
$ |
(0.10 |
) |
|
$ |
0.15 |
|
|
$ |
0.77 |
|
|
|
|
|
|
|
|
|
||||||||
Diluted net income (loss) per common share |
$ |
0.35 |
|
|
$ |
(0.10 |
) |
|
$ |
0.15 |
|
|
$ |
0.75 |
|
|
|
|
|
|
|
|
|
||||||||
Weighted-average common shares outstanding-basic |
|
17,707 |
|
|
|
17,597 |
|
|
|
17,677 |
|
|
|
17,587 |
|
Weighted-average common shares outstanding-diluted |
|
18,362 |
|
|
|
17,597 |
|
|
|
17,677 |
|
|
|
18,328 |
|
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, pension settlement cost, loss (gain) on disposal of assets, net, cash bonus related to sale of assets, gain on legal settlement and severance benefits 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 income (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):
|
Three Months Ended April 30, |
|
Six Months Ended April 30, |
||||||||||||
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Net income (loss) attributable to Limoneira Company |
$ |
6,567 |
|
|
$ |
(1,613 |
) |
|
$ |
2,982 |
|
|
$ |
14,018 |
|
Interest income |
|
(14 |
) |
|
|
(62 |
) |
|
|
(36 |
) |
|
|
(70 |
) |
Interest expense, (net of patronage dividends) |
|
351 |
|
|
|
(996 |
) |
|
|
558 |
|
|
|
176 |
|
Income tax provision (benefit) |
|
5,222 |
|
|
|
(912 |
) |
|
|
1,032 |
|
|
|
5,915 |
|
Depreciation and amortization |
|
2,100 |
|
|
|
2,044 |
|
|
|
4,158 |
|
|
|
4,491 |
|
EBITDA |
|
14,226 |
|
|
|
(1,539 |
) |
|
|
8,694 |
|
|
|
24,530 |
|
Stock-based compensation |
|
1,071 |
|
|
|
965 |
|
|
|
1,935 |
|
|
|
2,029 |
|
Pension settlement cost |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
2,741 |
|
Loss (gain) on disposal of assets, net |
|
48 |
|
|
|
8,998 |
|
|
|
(117 |
) |
|
|
(30,744 |
) |
Cash bonus related to sale of assets |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
2,000 |
|
Gain on legal settlement |
|
— |
|
|
|
(2,269 |
) |
|
|
— |
|
|
|
(2,269 |
) |
Severance benefits |
|
1,215 |
|
|
|
— |
|
|
|
1,215 |
|
|
|
— |
|
Adjusted EBITDA |
$ |
16,560 |
|
|
$ |
6,155 |
|
|
$ |
11,727 |
|
|
$ |
(1,713 |
) |
The following is a reconciliation of net income (loss) attributable to Limoneira Company to adjusted net income (loss) for diluted EPS (in thousands, except per share data):
|
Three Months Ended April 30, |
|
Six Months Ended April 30, |
||||||||||||
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Net income (loss) attributable to Limoneira Company |
$ |
6,567 |
|
|
$ |
(1,613 |
) |
|
$ |
2,982 |
|
|
$ |
14,018 |
|
Effect of preferred stock and unvested, restricted stock |
|
(127 |
) |
|
|
(66 |
) |
|
|
(335 |
) |
|
|
(288 |
) |
Stock-based compensation |
|
1,071 |
|
|
|
965 |
|
|
|
1,935 |
|
|
|
2,029 |
|
Pension settlement cost |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
2,741 |
|
Loss (gain) on disposal of assets, net |
|
48 |
|
|
|
8,998 |
|
|
|
(117 |
) |
|
|
(30,744 |
) |
Cash bonus related to sale of assets |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
2,000 |
|
Gain on legal settlement |
|
— |
|
|
|
(2,269 |
) |
|
|
— |
|
|
|
(2,269 |
) |
Severance benefits |
|
1,215 |
|
|
|
— |
|
|
|
1,215 |
|
|
|
— |
|
Tax effect of adjustments at federal and state rates |
|
(640 |
) |
|
|
(2,101 |
) |
|
|
(832 |
) |
|
|
7,168 |
|
Adjusted net income (loss) for diluted EPS |
$ |
8,134 |
|
|
$ |
3,914 |
|
|
$ |
4,848 |
|
|
$ |
(5,345 |
) |
|
|
|
|
|
|
|
|
||||||||
Diluted net income (loss) per common share |
$ |
0.35 |
|
|
$ |
(0.10 |
) |
|
$ |
0.15 |
|
|
$ |
0.75 |
|
Adjusted diluted net income (loss) per common share |
$ |
0.44 |
|
|
$ |
0.21 |
|
|
$ |
0.27 |
|
|
$ |
(0.30 |
) |
|
|
|
|
|
|
|
|
||||||||
Weighted-average common shares outstanding - diluted |
|
18,362 |
|
|
|
17,597 |
|
|
|
17,677 |
|
|
|
18,328 |
|
Effect of preferred stock |
|
— |
|
|
|
741 |
|
|
|
— |
|
|
|
(741 |
) |
Adjusted weighted-average common shares outstanding - diluted |
|
18,362 |
|
|
|
18,338 |
|
|
|
17,677 |
|
|
|
17,587 |
|
Supplemental Information
(in thousands, except acres and average price amounts):
|
Agribusiness Segment Information for the Three Months Ended April 30, 2024 |
||||||||||||||||||
|
Fresh Lemons |
Lemon Packing |
Eliminations |
Avocados |
Other Agribusiness |
Total Agribusiness |
|||||||||||||
Revenues from external customers |
$ |
30,841 |
$ |
4,964 |
$ |
— |
|
$ |
2,348 |
$ |
5,104 |
|
$ |
43,257 |
|||||
Intersegment revenue |
|
— |
|
10,914 |
|
(10,914 |
) |
|
— |
|
— |
|
|
— |
|||||
Total net revenues |
|
30,841 |
|
15,878 |
|
(10,914 |
) |
|
2,348 |
|
5,104 |
|
|
43,257 |
|||||
Costs and expenses |
|
28,869 |
|
13,588 |
|
(10,914 |
) |
|
1,425 |
|
5,680 |
|
|
38,648 |
|||||
Depreciation and amortization |
|
— |
|
— |
|
— |
|
|
— |
|
— |
|
|
1,788 |
|||||
Operating income (loss) |
$ |
1,972 |
$ |
2,290 |
$ |
— |
|
$ |
923 |
$ |
(576 |
) |
$ |
2,821 |
|||||
|
Agribusiness Segment Information for the Three Months Ended April 30, 2023 |
|||||||||||||||||
|
Fresh Lemons |
Lemon Packing |
Eliminations |
Avocados |
Other Agribusiness |
Total Agribusiness |
||||||||||||
Revenues from external customers |
$ |
31,942 |
$ |
6,423 |
$ |
— |
|
$ |
3,603 |
$ |
4,708 |
$ |
46,676 |
|||||
Intersegment revenue |
|
— |
|
10,309 |
|
(10,309 |
) |
|
— |
|
— |
|
— |
|||||
Total net revenues |
|
31,942 |
|
16,732 |
|
(10,309 |
) |
|
3,603 |
|
4,708 |
|
46,676 |
|||||
Costs and expenses |
|
29,219 |
|
12,075 |
|
(10,309 |
) |
|
1,023 |
|
4,441 |
|
36,449 |
|||||
Depreciation and amortization |
|
— |
|
— |
|
— |
|
|
— |
|
— |
|
1,740 |
|||||
Operating income |
$ |
2,723 |
$ |
4,657 |
$ |
— |
|
$ |
2,580 |
$ |
267 |
$ |
8,487 |
|||||
Lemons |
Q2 2024 |
Q2 2023 |
|
Lemon Packing |
Q2 2024 |
Q2 2023 |
||||||
|
|
|
|
Cartons packed and sold |
|
1,446 |
|
1,547 |
||||
Acres harvested |
|
1,900 |
|
3,600 |
|
Revenue |
$ |
15,878 |
$ |
16,732 |
||
Limoneira cartons sold |
|
347 |
|
782 |
|
Direct costs |
|
13,588 |
|
12,075 |
||
Third-party grower cartons sold |
|
1,099 |
|
765 |
|
Operating income |
$ |
2,290 |
$ |
4,657 |
||
Average price per carton |
$ |
17.85 |
$ |
17.23 |
|
|
|
|
||||
|
|
|
|
Avocados |
Q2 2024 |
Q2 2023 |
||||||
|
|
|
|
Pounds sold |
|
1,595 |
|
941 |
||||
Lemon revenue |
$ |
1,900 |
$ |
2,500 |
|
Average price per pound |
$ |
1.47 |
$ |
1.30 |
||
40-pound carton equivalents |
|
189 |
|
390 |
|
|
|
|
||||
|
|
|
|
Other Agribusiness |
Q2 2024 |
Q2 2023 |
||||||
Other: |
|
|
|
Orange cartons sold |
|
66 |
|
88 |
||||
Lemon packing |
$ |
5,000 |
$ |
6,400 |
|
Average price per carton |
$ |
17.58 |
$ |
15.72 |
||
Lemon by-product sales |
$ |
1,200 |
$ |
1,300 |
|
Specialty citrus cartons sold |
|
29 |
|
41 |
||
Brokered lemons and other lemon sales |
$ |
1,900 |
$ |
1,400 |
|
Average price per carton |
$ |
29.24 |
$ |
24.78 |
||
|
|
|
|
Farm management |
$ |
2,046 |
$ |
1,404 |
||||
Agribusiness costs and expenses |
Q2 2024 |
Q2 2023 |
|
Other |
$ |
1,059 |
$ |
905 |
||||
Packing costs |
$ |
13,588 |
$ |
12,075 |
|
|
|
|
||||
Harvest costs |
|
2,878 |
|
6,307 |
|
|
|
|
||||
Growing costs |
|
5,462 |
|
5,949 |
|
|
|
|
||||
Third-party grower and supplier costs |
|
15,939 |
|
11,360 |
|
|
|
|
||||
Other costs |
|
781 |
|
758 |
|
|
|
|
||||
Depreciation and amortization |
|
1,788 |
|
1,740 |
|
|
|
|
||||
Agribusiness costs and expenses |
$ |
40,436 |
$ |
38,189 |
|
|
|
|
||||
View source version on businesswire.com: https://www.businesswire.com/news/home/20240606352364/en/
Investors
John Mills
Managing Partner
ICR 646-277-1254
Source: Limoneira Company
FAQ
What are Limoneira's Q2 2024 financial results?
What significant real estate developments did Limoneira announce?
How has Limoneira's avocado volume guidance changed?
What were Limoneira's fresh lemon sales in Q2 2024?
What is Limoneira's projected future proceeds from Harvest at Limoneira?
