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Limoneira Company Announces Third Quarter Fiscal Year 2023 Financial Results

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Limoneira reports Q3 results, with brokered lemons and other lemon sales growing 76% YoY to $8.8M and achieving $5.4M in farm management revenue. Anticipates higher lemon pricing in Q4. Q3 total net revenue was $52.5M, down from $58.9M YoY. Adjusted EBITDA was $2.8M, down from $14.8M YoY. Expects fresh lemon volumes for FY 2023 to be 4.7M-5.0M cartons, down from previous guidance of 5.0M-5.4M cartons. Achieved avocado volume of 3.8M pounds. Debt levels as of July 31, 2023, resulted in a net debt position of $30.2M. Expects total proceeds of $115M from Harvest at Limoneira, LLCB II, and East Area II spread out over seven fiscal years. Conference call scheduled on September 7, 2023, to discuss financial results.
Positive
  • Brokered lemons and other lemon sales grew 76% YoY to $8.8M
  • Anticipates higher lemon pricing in Q4
Negative
  • Q3 total net revenue decreased YoY
  • Adjusted EBITDA decreased YoY
  • Fresh lemon volumes for FY 2023 revised down to 4.7M-5.0M cartons
  • Net debt position of $30.2M
  • Conference call scheduled to discuss financial results

Brokered Lemons and Other Lemon Sales Grew 76% to $8.8 Million Compared to Prior Year and Company Achieved $5.4 Million in Farm Management Revenue in Third Quarter of Fiscal Year 2023

Company Successfully Capitalized on Water Fallowing Conservation Program in Yuma, Arizona; Expects to Receive Approximately $1.3 Million Annually from the Program

Company Achieved Avocado Volume Guidance and Updates Lemon Volume Guidance for Fiscal Year 2023

Company Anticipates Year-Over-Year Pricing Improvement in Fresh Lemons in Fourth Quarter of Fiscal Year 2023

SANTA PAULA, Calif.--(BUSINESS WIRE)-- Limoneira Company (the “Company” or “Limoneira”) (Nasdaq: LMNR), a diversified citrus growing, packing, selling and marketing company with related agribusiness activities and real estate development operations, today reported financial results for the third quarter ended July 31, 2023.

Management Comments

Harold Edwards, President and Chief Executive Officer of the Company, stated, “The success of our strategic shift towards an “asset-lighter” business model is evident in our third quarter results with brokered lemons and other lemon sales growing 76% year-over-year to $8.8 million and achieving farm management revenue of $5.4 million. Additionally, we continue to make headway monetizing water assets with the recently announced water fallowing program in Yuma, Arizona for expected annual proceeds of $1.3 million. We anticipate the sale of our two remaining identified non-strategic assets in the next nine months. Over the past year, we have worked to identify and eliminate unproductive or unprofitable parts of our business including the sale of non-strategic assets, exiting farming operations in Cadiz and terminating our long-term pension plan – all of which we expect to dramatically improve our margins starting in fiscal year 2024.”

Mr. Edwards continued, “Our third quarter results were impacted by lower lemon pricing and lower fresh utilization rates as a result of the heavy rains in California throughout December until May, which delayed a portion of our lemon harvest by two months and led to an industry-wide pest issue that lowered the grade on certain fruit. As a result, lemon pricing remained pressured throughout the quarter. However, as of the beginning of August lemon pricing has steadily been increasing for all grades and sizes with prices up compared to the last few years and at the highest level since 2018. We believe this positions us very well for expected higher lemon pricing in fiscal year 2024.”

Fiscal Year 2023 Third Quarter Results

For the third quarter of fiscal year 2023, total net revenue was $52.5 million, compared to total net revenue of $58.9 million in the third quarter of the previous fiscal year. Agribusiness revenue was $51.1 million, compared to $57.6 million in the third quarter of last fiscal year. Other operations revenue was $1.4 million compared to $1.3 million in the third quarter of fiscal year 2022.

Agribusiness revenue for the third quarter of fiscal year 2023 includes $24.2 million in fresh lemon sales, compared to $27.8 million of fresh lemon sales during the same period of fiscal year 2022. Approximately 1.4 million cartons of U.S. packed fresh lemons were sold in aggregate during the third quarter of fiscal year 2023 at a $17.92 average price per carton, compared to approximately 1.5 million cartons sold at a $18.39 average price per carton during the third quarter of fiscal year 2022. Brokered lemons and other lemon sales were $8.8 million and $5.0 million, for the third quarter of fiscal years 2023 and 2022, respectively.

The Company recognized $3.5 million of avocado revenue in the third quarter of fiscal year 2023, compared to $12.6 million in the same period last fiscal year. Approximately 2.8 million pounds of avocados were sold in aggregate during the third quarter of fiscal year 2023 at a $0.99 average price per pound, compared to approximately 5.7 million pounds sold at a $2.21 average price per pound during the third quarter of fiscal year 2022.

The Company recognized $1.3 million of orange revenue in the third quarter of fiscal year 2023, compared to $3.7 million in the same period of fiscal year 2022. Approximately 71,000 cartons of oranges were sold during the third quarter of fiscal year 2023 at a $18.17 average price per carton, compared to approximately 209,000 cartons sold at a $17.88 average price per carton during the third quarter of fiscal year 2022. The decline in volume was primarily due to the sale of the Northern Properties in the first quarter of fiscal year 2023. Specialty citrus and other revenue was $1.9 million for the third quarter of fiscal year 2023, compared to $1.1 million in the same period of fiscal year 2022.

Total costs and expenses for the third quarter of fiscal year 2023 were $54.0 million, compared to $47.9 million in the third quarter of last fiscal year. The increase of $6.1 million was primarily due to increases in growing and packing costs, partially offset by decreases in third-party grower and supplier costs and depreciation and amortization.

Operating loss for the third quarter of fiscal year 2023 was $1.5 million, compared to operating income of $11.1 million in the third quarter of the previous fiscal year, primarily due to lower avocado volume and pricing.

Net loss applicable to common stock, after preferred dividends, for the third quarter of fiscal year 2023 was $1.3 million, compared to net income applicable to common stock of $7.3 million in the third quarter of fiscal year 2022. Net loss per diluted share for the third quarter of fiscal year 2023 was $0.07, compared to net income per diluted share of $0.40 for the same period of fiscal year 2022.

Adjusted net income for diluted EPS in the third quarter of fiscal year 2023 was $0.4 million or $0.02 per diluted share, compared to the third quarter of fiscal year 2022 of $7.9 million or $0.43 per diluted share, based on approximately 17.6 million and 18.3 million, respectively, adjusted weighted average diluted common shares outstanding. A reconciliation of net (loss) income attributable to Limoneira Company to adjusted net income (loss) for diluted EPS is provided at the end of this release.

Adjusted EBITDA was $2.8 million in the third quarter of fiscal year 2023, compared to $14.8 million in the same period of fiscal year 2022. A reconciliation of net (loss) income attributable to Limoneira Company to adjusted EBITDA is provided at the end of this release.

Fiscal Year 2023 First Nine Months Results

For the nine months ended July 31, 2023, revenue was $138.5 million, compared to $144.9 million in the same period last fiscal year. Operating income for the first nine months of fiscal year 2023 was $20.5 million, compared to operating income of $4.1 million in the same period last fiscal year. Net income applicable to common stock was $12.5 million for the first nine months of fiscal year 2023, compared to net income applicable to common stock of $2.0 million in the same period last fiscal year. Net income per diluted share for the first nine months of fiscal year 2023 was $0.69, compared to a net income per diluted share of $0.11 in the same period of fiscal year 2022.

For the first nine months of fiscal year 2023, adjusted net loss for diluted EPS was $5.0 million compared to adjusted net income for diluted EPS of $4.0 million for the same period in fiscal year 2022. In the first nine months of fiscal year 2023, adjusted net loss per diluted share was $0.28 compared to adjusted net income per diluted share of $0.23 for the same period in fiscal year 2022, based on approximately 17.6 million and 17.5 million, respectively, adjusted weighted average diluted common shares outstanding.

Balance Sheet and Liquidity

During the nine months ended July 31, 2023, net cash used in operating activities was $12.6 million, compared to net cash provided by operating activities of $10.9 million in the same period of the prior fiscal year. Net cash provided by investing activities was $92.4 million for the nine months ended July 31, 2023, compared to net cash used in investing activities of $5.3 million in the same period last fiscal year. For the nine months ended July 31, 2023, net cash used in financing activities was $69.6 million, compared to net cash used in financing activities of $4.8 million in the prior fiscal year.

On January 31, 2023, the Company sold its Northern Properties, which resulted in total net proceeds of $98.4 million. The proceeds were used to pay down all of the Company’s domestic debt except the AgWest Farm Credit $40.0 million non-revolving line of credit with an interest rate that is fixed at 3.57% through July 1, 2025. Long-term debt as of July 31, 2023, was $40.7 million, compared to $104.1 million at the end of fiscal year 2022. Debt levels as of July 31, 2023, less $11.0 million of cash on hand, resulted in a net debt position of $30.2 million at quarter end.

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. At the end of fiscal year 2022, the joint venture had closed the sales of lots representing 586 residential units, thus concluding lot sales in Phase 1 of the development.

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 50% interest to Lewis for approximately $7.9 million in net cash proceeds.

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.

Updated 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 now expects fresh lemon volumes to be in the range of 4.7 million to 5.0 million cartons for fiscal year 2023, compared to previous guidance of 5.0 million to 5.4 million cartons. The Company achieved avocado volume of approximately 3.8 million pounds in fiscal year 2023 compared to previous guidance of 3.0 million to 4.0 million pounds.

The Company expects to receive total proceeds of $115 million from Harvest at Limoneira, LLCB II and East Area II spread out over seven fiscal years, with approximately $8 million received in fiscal year 2022.

Harvest at Limoneira Cash Flow Projections

Fiscal Year

 

2022 Actual

 

2023

 

2024

 

2025

 

2026

 

2027

 

2028

Projected Distributions

 

$8 Million

 

$5 Million

 

$8 Million

 

$17 Million

 

$25 Million

 

$30 Million

 

$22 Million

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. The Company 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 September 7, 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 U.S. International callers can dial (201) 689-8562. A telephone replay will be available approximately two hours after the call concludes and will be available through September 21, 2023, by dialing (844) 512-2921 from the U.S., or (412) 317-6671 from international locations; passcode is 13740482.

About Limoneira Company

Limoneira Company, a 130-year-old international agribusiness headquartered in Santa Paula, California, has grown to become one of the premier integrated agribusinesses in the world. Limoneira (lē moñ âra) is a dedicated sustainability company with 11,100 acres of rich agricultural lands, real estate properties, and water rights in California, Arizona, Chile and Argentina. The Company is a leading producer of lemons, avocados and other crops that are enjoyed throughout the world. For more about Limoneira Company, visit www.limoneira.com.

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 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)

 

July 31, 2023

 

October 31, 2022

Assets

 

 

 

Current assets:

 

 

 

Cash

$

11,007

 

 

$

857

 

Accounts receivable, net

 

18,067

 

 

 

15,651

 

Cultural costs

 

2,618

 

 

 

8,643

 

Prepaid expenses and other current assets

 

6,117

 

 

 

8,496

 

Receivables/other from related parties

 

5,229

 

 

 

3,888

 

Total current assets

 

43,038

 

 

 

37,535

 

Property, plant and equipment, net

 

162,836

 

 

 

222,628

 

Real estate development

 

9,967

 

 

 

9,706

 

Equity in investments

 

73,425

 

 

 

72,855

 

Goodwill

 

1,524

 

 

 

1,506

 

Intangible assets, net

 

6,996

 

 

 

7,317

 

Other assets

 

14,887

 

 

 

16,971

 

Total assets

$

312,673

 

 

$

368,518

 

 

 

 

 

Liabilities, Convertible Preferred Stock and Stockholders' Equity

 

 

 

Current liabilities:

 

 

 

Accounts payable

$

8,985

 

 

$

10,663

 

Growers and suppliers payable

 

7,604

 

 

 

10,740

 

Accrued liabilities

 

8,392

 

 

 

11,060

 

Payables to related parties

 

4,704

 

 

 

4,860

 

Income taxes payable

 

7,175

 

 

 

219

 

Current portion of long-term debt

 

435

 

 

 

1,732

 

Total current liabilities

 

37,295

 

 

 

39,274

 

Long-term liabilities:

 

 

 

Long-term debt, less current portion

 

40,735

 

 

 

104,076

 

Deferred income taxes

 

22,363

 

 

 

23,497

 

Other long-term liabilities

 

6,079

 

 

 

9,807

 

Total liabilities

 

106,472

 

 

 

176,654

 

Commitments and contingencies

 

 

 

 

 

Series B Convertible Preferred Stock – $100.00 par value (50,000 shares authorized: 14,790 shares issued and outstanding at July 31, 2023 and October 31, 2022) (8.75% coupon rate)

 

1,479

 

 

 

1,479

 

Series B-2 Convertible Preferred Stock – $100.00 par value (10,000 shares authorized: 9,300 shares issued and outstanding at July 31, 2023 and October 31, 2022) (4% dividend rate on liquidation value of $1,000 per share)

 

9,331

 

 

 

9,331

 

Stockholders' equity:

 

 

 

Series A Junior Participating Preferred Stock – $0.01 par value (20,000 shares authorized: zero issued or outstanding at July 31, 2023 and October 31, 2022)

 

 

 

 

 

Common Stock – $0.01 par value (39,000,000 shares authorized: 18,229,887 and 17,935,292 shares issued and 17,978,910 and 17,684,315 shares outstanding at July 31, 2023 and October 31, 2022, respectively)

 

180

 

 

 

177

 

Additional paid-in capital

 

167,925

 

 

 

165,169

 

Retained earnings

 

23,945

 

 

 

15,500

 

Accumulated other comprehensive loss

 

(4,496

)

 

 

(7,908

)

Treasury stock, at cost, 250,977 shares at July 31, 2023 and October 31, 2022

 

(3,493

)

 

 

(3,493

)

Noncontrolling interest

 

11,330

 

 

 

11,609

 

Total stockholders' equity

 

195,391

 

 

 

181,054

 

Total liabilities, convertible preferred stock and stockholders' equity

$

312,673

 

 

$

368,518

 

 

LIMONEIRA COMPANY

CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
(in thousands, except per share data)

 

Three Months Ended

July 31,

 

Nine Months Ended

July 31,

 

 

2023

 

 

 

2022

 

 

 

2023

 

 

 

2022

 

Net revenues:

 

 

 

 

 

 

 

Agribusiness

$

51,092

 

 

$

57,594

 

 

$

134,296

 

 

$

141,046

 

Other operations

 

1,405

 

 

 

1,329

 

 

 

4,172

 

 

 

3,901

 

Total net revenues

 

52,497

 

 

 

58,923

 

 

 

138,468

 

 

 

144,947

 

Costs and expenses:

 

 

 

 

 

 

 

Agribusiness

 

46,845

 

 

 

41,463

 

 

 

126,275

 

 

 

120,306

 

Other operations

 

1,034

 

 

 

1,127

 

 

 

3,281

 

 

 

3,294

 

Loss (gain) on disposal of assets, net

 

1,545

 

 

 

242

 

 

 

(29,199

)

 

 

503

 

Gain on legal settlement

 

 

 

 

 

 

 

(2,269

)

 

 

 

Selling, general and administrative

 

4,622

 

 

 

5,031

 

 

 

19,907

 

 

 

16,756

 

Total costs and expenses

 

54,046

 

 

 

47,863

 

 

 

117,995

 

 

 

140,859

 

Operating (loss) income

 

(1,549

)

 

 

11,060

 

 

 

20,473

 

 

 

4,088

 

Other (expense) income:

 

 

 

 

 

 

 

Interest income

 

178

 

 

 

6

 

 

 

248

 

 

 

54

 

Interest expense, net of patronage dividends

 

(241

)

 

 

(772

)

 

 

(417

)

 

 

(1,253

)

Equity in earnings of investments, net

 

199

 

 

 

331

 

 

 

514

 

 

 

681

 

Other (expense) income, net

 

(215

)

 

 

13

 

 

 

(2,627

)

 

 

106

 

Total other expense

 

(79

)

 

 

(422

)

 

 

(2,282

)

 

 

(412

)

(Loss) income before income tax benefit (provision)

 

(1,628

)

 

 

10,638

 

 

 

18,191

 

 

 

3,676

 

Income tax benefit (provision)

 

378

 

 

 

(3,313

)

 

 

(5,537

)

 

 

(1,385

)

Net (loss) income

 

(1,250

)

 

 

7,325

 

 

 

12,654

 

 

 

2,291

 

Net loss attributable to noncontrolling interest

 

87

 

 

 

52

 

 

 

201

 

 

 

129

 

Net (loss) income attributable to Limoneira Company

 

(1,163

)

 

 

7,377

 

 

 

12,855

 

 

 

2,420

 

Preferred dividends

 

(125

)

 

 

(125

)

 

 

(376

)

 

 

(376

)

Net (loss) income applicable to common stock

$

(1,288

)

 

$

7,252

 

 

$

12,479

 

 

$

2,044

 

 

 

 

 

 

 

 

 

Basic net (loss) income per common share

$

(0.07

)

 

$

0.41

 

 

$

0.70

 

 

$

0.11

 

 

 

 

 

 

 

 

 

Diluted net (loss) income per common share

$

(0.07

)

 

$

0.40

 

 

$

0.69

 

 

$

0.11

 

 

 

 

 

 

 

 

 

Weighted-average common shares outstanding-basic

 

17,621

 

 

 

17,529

 

 

 

17,597

 

 

 

17,481

 

Weighted-average common shares outstanding-diluted

 

17,621

 

 

 

18,334

 

 

 

18,381

 

 

 

17,481

 

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 the sale of assets and gain on legal settlement are important measures to evaluate our results of operations between periods on a more comparable basis. Adjusted EBITDA in previous periods did not exclude stock-based compensation which has now been excluded as management believes this is a better representation of cash generated by operations and is consistent with peer company reporting. Adjusted EBITDA for prior periods has been restated to conform to the current presentation. Such measurements are not prepared in accordance with U.S. generally accepted accounting principles ("GAAP") and should not be construed as an alternative to reported results determined in accordance with GAAP. The non-GAAP information provided is unique to the Company and may not be consistent with methodologies used by other companies.

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

July 31,

 

Nine Months Ended

July 31,

 

 

2023

 

 

 

2022

 

 

 

2023

 

 

 

2022

 

Net (loss) income attributable to Limoneira Company

$

(1,163

)

 

$

7,377

 

 

$

12,855

 

 

$

2,420

 

Interest income

 

(178

)

 

 

(6

)

 

 

(248

)

 

 

(54

)

Interest expense, net of patronage dividends

 

241

 

 

 

772

 

 

 

417

 

 

 

1,253

 

Income tax (benefit) provision

 

(378

)

 

 

3,313

 

 

 

5,537

 

 

 

1,385

 

Depreciation and amortization

 

2,019

 

 

 

2,469

 

 

 

6,510

 

 

 

7,432

 

EBITDA

 

541

 

 

 

13,925

 

 

 

25,071

 

 

 

12,436

 

Stock-based compensation

 

756

 

 

 

618

 

 

 

2,785

 

 

 

1,993

 

Named executive officer cash severance

 

 

 

 

 

 

 

 

 

 

432

 

Pension settlement cost

 

 

 

 

 

 

 

2,741

 

 

 

 

Loss (gain) on disposal of assets, net

 

1,545

 

 

 

242

 

 

 

(29,199

)

 

 

503

 

Cash bonus related to sale of assets

 

 

 

 

 

 

 

2,000

 

 

 

 

Gain on legal settlement

 

 

 

 

 

 

 

(2,269

)

 

 

 

Adjusted EBITDA

$

2,842

 

 

$

14,785

 

 

$

1,129

 

 

$

15,364

 

The following is a reconciliation of net (loss) income attributable to Limoneira Company to adjusted net income (loss) for diluted EPS (in thousands, except per share data):

 

Three Months Ended

July 31,

 

Nine Months Ended

July 31,

 

 

2023

 

 

 

2022

 

 

 

2023

 

 

 

2022

 

Net (loss) income attributable to Limoneira Company

$

(1,163

)

 

$

7,377

 

 

$

12,855

 

 

$

2,420

 

Effect of preferred stock and unvested, restricted stock

 

(152

)

 

 

(79

)

 

 

(439

)

 

 

(418

)

Stock-based compensation

 

756

 

 

 

618

 

 

 

2,785

 

 

 

1,993

 

Named executive officer cash severance

 

 

 

 

 

 

 

 

 

 

432

 

Pension settlement cost

 

 

 

 

 

 

 

2,741

 

 

 

 

Loss (gain) on disposal of assets, net

 

1,545

 

 

 

242

 

 

 

(29,199

)

 

 

503

 

Cash bonus related to sale of assets

 

 

 

 

 

 

 

2,000

 

 

 

 

Gain on legal settlement

 

 

 

 

 

 

 

(2,269

)

 

 

 

Tax effect of adjustments at federal and state rates

 

(628

)

 

 

(251

)

 

 

6,539

 

 

 

(853

)

Adjusted net income (loss) for diluted EPS

$

358

 

 

$

7,907

 

 

$

(4,987

)

 

$

4,077

 

 

 

 

 

 

 

 

 

Diluted net (loss) income per common share

$

(0.07

)

 

$

0.40

 

 

$

0.69

 

 

$

0.11

 

Adjusted diluted net income (loss) per common share

$

0.02

 

 

$

0.43

 

 

$

(0.28

)

 

$

0.23

 

 

 

 

 

 

 

 

 

Weighted-average common shares outstanding - diluted

 

17,621

 

 

 

18,334

 

 

 

18,381

 

 

 

17,481

 

Effect of preferred stock

 

 

 

 

 

 

 

(784

)

 

 

 

Adjusted weighted-average common shares outstanding - diluted

 

17,621

 

 

 

18,334

 

 

 

17,597

 

 

 

17,481

 

 

Supplemental Information
(in thousands, except acres and average price amounts):

 

Agribusiness Segment Information for the Three Months Ended July 31, 2023

 

Fresh

Lemons

Lemon

Packing

Eliminations

 

Avocados

Other

Agribusiness

Total

Agribusiness

Revenues from external customers

$

33,585

$

5,472

$

 

$

3,462

$

8,573

$

51,092

Intersegment revenue

 

 

9,684

 

(9,684

)

 

 

 

Total net revenues

 

33,585

 

15,156

 

(9,684

)

 

3,462

 

8,573

 

51,092

Costs and expenses

 

30,758

 

13,140

 

(9,684

)

 

3,030

 

7,866

 

45,110

Depreciation and amortization

 

 

 

 

 

 

 

1,735

Operating income (loss)

$

2,827

$

2,016

$

 

$

432

$

707

$

4,247

 

Agribusiness Segment Information for the Three Months Ended July 31, 2022

 

Fresh

Lemons

Lemon

Packing

Eliminations

 

Avocados

Other

Agribusiness

Total

Agribusiness

Revenues from external customers

$

33,823

$

6,337

$

 

$

12,578

$

4,856

$

57,594

Intersegment revenue

 

 

9,696

 

(9,696

)

 

 

 

Total net revenues

 

33,823

 

16,033

 

(9,696

)

 

12,578

 

4,856

 

57,594

Costs and expenses

 

32,600

 

11,953

 

(9,696

)

 

3,154

 

1,280

 

39,291

Depreciation and amortization

 

 

 

 

 

 

 

2,172

Operating income (loss)

$

1,223

$

4,080

$

 

$

9,424

$

3,576

$

16,131

Lemons

Q3 2023

Q3 2022

 

Lemon Packing

Q3 2023

Q3 2022

United States:

 

 

 

Cartons packed and sold

 

1,352

 

1,512

Acres harvested

 

2,300

 

3,600

 

Revenue

$

15,156

$

16,033

Limoneira cartons sold

 

758

 

817

 

Direct costs

 

13,140

 

11,953

Third-party grower cartons sold

 

594

 

695

 

Operating income

$

2,016

$

4,080

Average price per carton

$

17.92

$

18.39

 

 

 

 

 

 

 

 

Avocados

Q3 2023

Q3 2022

Chile:

 

 

 

Pounds sold

 

2,822

 

5,694

Lemon revenue

$

500

$

400

 

Average price per pound

$

0.99

$

2.21

40-pound carton equivalents

 

292

 

87

 

 

 

 

 

 

 

 

Other Agribusiness

Q3 2023

Q3 2022

Other:

 

 

 

Orange cartons sold

 

71

 

209

Lemon shipping and handling

$

5,500

$

6,300

 

Average price per carton

$

18.17

$

17.88

Lemon by-product sales

$

600

$

1,100

 

Specialty citrus cartons sold

 

70

 

61

Brokered fruit and other lemon sales

$

8,300

$

4,600

 

Average price per carton

$

25.88

$

18.34

 

 

 

 

Farm management

$

5,383

$

Agribusiness costs and expenses

Q3 2023

Q3 2022

 

 

 

 

Packing costs

$

13,780

$

12,463

 

 

 

 

Harvest costs

 

6,189

 

6,219

 

 

 

 

Growing costs

 

10,566

 

4,965

 

 

 

 

Third-party grower and supplier costs

 

14,575

 

15,644

 

 

 

 

Depreciation and amortization

 

1,735

 

2,172

 

 

 

 

Agribusiness costs and expenses

$

46,845

$

41,463

 

 

 

 

 

Investors

John Mills

Managing Partner

ICR 646-277-1254

Source: Limoneira Company

Limoneira Co

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