Limoneira Company Announces Third Quarter Fiscal Year 2024 Financial Results
Limoneira Company (LMNR) reported strong Q3 FY2024 results, with net revenues growing 21% to $63.3 million. The company achieved significant improvements in fresh lemon and avocado pricing, with avocado revenues surging over 300% to $13.9 million. Operating income for Q3 FY2024 was $9.0 million, compared to a $1.5 million loss in the prior year. Limoneira has increased its avocado volume guidance for FY2024 and is expanding avocado production by 1,000 acres over the next three years. The company's real estate development joint venture, Harvest at Limoneira, is seeing increased momentum with steady home sales. Limoneira continues to explore strategic alternatives to maximize stockholder value.
La Limoneira Company (LMNR) ha riportato risultati solidi per il terzo trimestre dell'anno fiscale 2024, con un aumento del 21% dei ricavi netti, che hanno raggiunto i 63,3 milioni di dollari. L'azienda ha ottenuto miglioramenti significativi nei prezzi dei limoni freschi e degli avocado, con i ricavi degli avocado che sono aumentati di oltre il 300%, raggiungendo i 13,9 milioni di dollari. L'utile operativo per il terzo trimestre dell'anno fiscale 2024 è stato di 9,0 milioni di dollari, rispetto a una perdita di 1,5 milioni di dollari dell'anno precedente. Limoneira ha aumentato la sua previsione di volume di avocado per l'anno fiscale 2024 ed è in fase di espansione della produzione di avocado di 1.000 acri nei prossimi tre anni. La joint venture di sviluppo immobiliare dell'azienda, Harvest at Limoneira, sta guadagnando slancio con vendite di case costanti. Limoneira continua a esplorare alternative strategiche per massimizzare il valore per gli azionisti.
La compañía Limoneira (LMNR) reportó resultados sólidos para el tercer trimestre del año fiscal 2024, con un crecimiento del 21% en los ingresos netos, alcanzando los 63,3 millones de dólares. La empresa logró mejoras significativas en los precios de los limones frescos y los aguacates, con los ingresos por aguacates disparándose más del 300%, totalizando 13,9 millones de dólares. El ingreso operativo para el tercer trimestre del año fiscal 2024 fue de 9,0 millones de dólares, en comparación con una pérdida de 1,5 millones de dólares del año anterior. Limoneira ha aumentado su guía de volumen de aguacates para el año fiscal 2024 y está expandiendo la producción de aguacates en 1,000 acres durante los próximos tres años. La empresa conjunta de desarrollo inmobiliario, Harvest at Limoneira, está viendo un aumento en el impulso con ventas de casas constantes. Limoneira continúa explorando alternativas estratégicas para maximizar el valor para los accionistas.
리모네이라 회사(LMNR)는 2024 회계연도 3분기에 순수익이 21% 증가하여 6,330만 달러에 달했다고 보고했습니다. 회사는 신선한 레몬과 아보카도의 가격에서 상당한 개선을 달성했으며, 아보카도 수익이 300% 이상 급증하여 1,390만 달러에 이르렀습니다. 2024 회계연도 3분기 운영 소득은 900만 달러로, 전년 대비 150만 달러 손실에 비해 증가했습니다. 리모네이라는 2024 회계연도에 대한 아보카도 물량 전망을 증가시켰고, 향후 3년 동안 1,000에이커의 아보카도 생산을 확대하고 있습니다. 회사의 부동산 개발 합작 투자인 Harvest at Limoneira는 안정적인 주택 판매로 증가하는 모멘텀을 보이고 있습니다. 리모네이라는 주주 가치를 극대화하기 위한 전략적 대안을 계속 모색하고 있습니다.
La société Limoneira (LMNR) a annoncé de solides résultats pour le troisième trimestre de l'exercice 2024, avec une augmentation de 21 % des revenus nets, atteignant 63,3 millions de dollars. L'entreprise a enregistré des améliorations significatives des prix des citrons frais et des avocats, avec des revenus d'avocats en hausse de plus de 300 %, totalisant 13,9 millions de dollars. Le résultat d'exploitation pour le troisième trimestre de l'exercice 2024 s'est élevé à 9,0 millions de dollars, comparé à une perte de 1,5 million de dollars l'année précédente. Limoneira a augmenté sa prévision de volume d'avocats pour l'exercice 2024 et prévoit d'élargir sa production d'avocats de 1 000 acres au cours des trois prochaines années. La coentreprise de développement immobilier, Harvest at Limoneira, connaît un élan croissant avec des ventes de maisons constantes. Limoneira continue d'explorer des alternatives stratégiques pour maximiser la valeur pour les actionnaires.
Die Limoneira Company (LMNR) berichtete für das dritte Quartal des Geschäftsjahres 2024 von starken Ergebnissen, mit einem Umsatzwachstum von 21% auf 63,3 Millionen Dollar. Das Unternehmen erzielte bedeutende Verbesserungen bei den Preisen für frische Zitronen und Avocados, wobei die Avocado-Einnahmen um über 300% auf 13,9 Millionen Dollar anstiegen. Das Betriebsergebnis für das dritte Quartal 2024 betrug 9,0 Millionen Dollar, verglichen mit einem Verlust von 1,5 Millionen Dollar im Vorjahr. Limoneira hat seine Prognose für das Avocado-Volumen im Geschäftsjahr 2024 erhöht und plant, die Avocado-Produktion in den nächsten drei Jahren um 1.000 Acres zu erweitern. Das Immobilienentwicklungs-Joint Venture Harvest at Limoneira verzeichnet einen zunehmenden Schwung mit stabilen Hausverkäufen. Limoneira prüft weiterhin strategische Alternativen zur Maximierung des Aktionärswerts.
- Net revenues grew 21% to $63.3 million in Q3 FY2024
- Avocado revenues increased over 300% to $13.9 million in Q3 FY2024
- Operating income improved from a $1.5 million loss to $9.0 million profit in Q3 FY2024
- Increased avocado volume guidance for FY2024 to 14.5-15.5 million pounds
- Plans to expand avocado production by 1,000 acres over the next three years
- Real estate development joint venture seeing increased momentum with steady home sales
- Adjusted net income for Q3 FY2024 was $7.8 million or $0.42 per diluted share
- Non-GAAP adjusted EBITDA increased to $13.8 million in Q3 FY2024 from $2.8 million in Q3 FY2023
- Fresh lemon volume guidance reduced to 4.5-5.0 million cartons for FY2024
- Farm management revenues decreased to $3.2 million in Q3 FY2024 from $5.4 million in Q3 FY2023
- Specialty citrus and other crops revenue decreased to $0.6 million in Q3 FY2024 from $1.9 million in Q3 FY2023
- Expects lower avocado volume and potentially lower pricing in FY2025 due to alternate bearing nature of avocado trees
Insights
Limoneira's Q3 FY2024 results show significant improvement, with net revenues up 21% to
The company's strategic expansion of avocado production by 1,000 acres over the next three years is a smart move given the robust demand. However, investors should note the cyclical nature of avocado crops, with expected lower volumes in FY2025. The real estate segment, Harvest at Limoneira, is also showing promise with increased home sales in a lower interest rate environment.
With a solid balance sheet and net debt of only
Limoneira's Q3 results highlight the volatility and opportunities in specialty crop markets. The avocado segment's performance is particularly noteworthy, with volume increasing from 2.8 million pounds to 8.9 million pounds year-over-year and average price per pound jumping from
The lemon segment also showed resilience, with a slight increase in volume and pricing. However, the orange and specialty citrus segments experienced declines, underscoring the importance of Limoneira's diversified crop portfolio. The company's plan to expand avocado production is strategically sound, given the crop's strong performance and growing consumer popularity.
Investors should monitor weather patterns and water availability, as these factors can significantly impact crop yields and quality in California's agricultural sector. The company's ability to navigate these challenges while expanding production will be important for long-term success.
The progress in Limoneira's Harvest real estate development project is encouraging. The joint venture with Lewis Group has now closed sales on 1,261 residential units, completing Phases 1 and 2. The recent approval to increase the total number of units from 1,500 to 2,050 represents significant additional value potential.
The projected cash flow from Harvest, totaling
Investors should note that real estate development timelines and market conditions can be unpredictable. However, the current low interest rate environment and the project's location in California's housing-starved market bode well for continued success. The strategic mix of for-sale and rental properties also helps mitigate market risks.
Net Revenues Grew
Operating Income in Third Quarter of Fiscal Year 2024 was
Company Achieved Year-Over-Year Pricing Improvement in Fresh Lemons and Avocados in Third Quarter of Fiscal Year 2024
Avocado Revenues Grew Over
Company Significantly Increases Avocado Volume Guidance for Fiscal Year 2024
Strategic Alternatives Exploration to Maximize Stockholder Value Continues to Progress
Management Comments
Harold Edwards, President and Chief Executive Officer of the Company, stated, “We are extremely pleased with the overall performance of our business this quarter, in particular our avocados experienced robust demand and favorable pricing dynamics. This strong market response positions us to achieve record avocado revenue this fiscal year. Further, we anticipate reaching a milestone as our avocado segment is expected to contribute approximately four million to five million pounds in our seasonably softer fourth quarter for the first time in our company’s history. These results validate our strategic decision to significantly expand our avocado production by 1,000 acres over the next three years. In addition to our agricultural success, our real estate development joint venture, Harvest at Limoneira (“Harvest”), has seen increased momentum in the current lower interest rate environment with steady home sales. The expansion of avocado production, coupled with the ongoing expected earnings from Harvest, reinforces our confidence in achieving strong EBITDA growth into the future. The success across multiple segments of our business underscores our commitment to sustainable growth and value creation for our stockholders.”
Mr. Edwards continued, “Since announcing our exploration of strategic alternatives, we have received interest and are diligently working with our advisors at Stephens, Inc to engage with these and other parties to evaluate potential opportunities. We remain committed to thoroughly exploring all options to maximize stockholder value and will provide updates if the board of directors find that further disclosure is necessary or advisable.”
Fiscal Year 2024 Third Quarter Results
For the third quarter of fiscal year 2024, total net revenue was
Agribusiness revenue in the third 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 third quarter of fiscal year 2024 were
Operating income for the third quarter of fiscal year 2024 was
Net income applicable to common stock, after preferred dividends, for the third quarter of fiscal year 2024 was
Adjusted net income for diluted EPS in the third quarter of fiscal year 2024 was
Non-GAAP adjusted EBITDA was
Fiscal Year 2024 First Nine Months Results
For the nine months ended July 31, 2024, total net revenue was
For the first nine months of fiscal year 2024, adjusted net income for diluted EPS was
Balance Sheet and Liquidity
During the nine months ended July 31, 2024, net cash provided by 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 closed since the project’s inception. In May 2024, the Company announced that the
Updated Guidance
The Company now expects avocado volumes to be in the range of 14.5 million to 15.5 million pounds for fiscal year 2024, compared to previous guidance of 9.0 million to 10.0 million pounds, a more than
The Company now expects fresh lemon volumes to be in the range of 4.5 million to 5.0 million cartons for fiscal year 2024, compared to previous guidance of 5.0 million to 5.5 million cartons, due to lower fresh utilization from late season rains. The lemon harvest for fiscal year 2024 is approximately
The Company continues to expect to receive total future proceeds of
Harvest at Limoneira Cash Flow Projections (in millions)
Fiscal Year |
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2024 |
|
2025 |
|
2026 |
|
2027 |
|
2028 |
|
2029 |
|
2030 |
Projected Distributions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The Company has 600 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, we continue to see a strong EBITDA outlook that is underpinned by plans to expand avocado production by 1,000 acres over the next three years to capitalize on 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 and the Company believes avocado pricing may be slightly lower compared to the current year pricing environment due to international circumstances. These operational results do not take into account expected additional earnings from Harvest at Limoneira.
Conference Call Information
The Company will host a conference call to discuss its financial results on September 9, 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) |
|||||||
|
July 31,
|
|
October 31,
|
||||
Assets |
|
|
|
||||
Current assets: |
|
|
|
||||
Cash |
$ |
1,090 |
|
|
$ |
3,631 |
|
Accounts receivable, net |
|
21,398 |
|
|
|
14,458 |
|
Cultural costs |
|
3,302 |
|
|
|
2,334 |
|
Prepaid expenses and other current assets |
|
5,593 |
|
|
|
5,588 |
|
Receivables/other from related parties |
|
4,098 |
|
|
|
4,214 |
|
Total current assets |
|
35,481 |
|
|
|
30,225 |
|
Property, plant and equipment, net |
|
161,625 |
|
|
|
160,631 |
|
Real estate development |
|
10,110 |
|
|
|
9,987 |
|
Equity in investments |
|
80,375 |
|
|
|
78,816 |
|
Goodwill |
|
1,505 |
|
|
|
1,512 |
|
Intangible assets, net |
|
5,386 |
|
|
|
6,657 |
|
Other assets |
|
12,831 |
|
|
|
13,382 |
|
Total assets |
$ |
307,313 |
|
|
$ |
301,210 |
|
|
|
|
|
||||
Liabilities, Convertible Preferred Stock and Stockholders' Equity |
|
|
|
||||
Current liabilities: |
|
|
|
||||
Accounts payable |
$ |
7,416 |
|
|
$ |
9,892 |
|
Growers and suppliers payable |
|
11,456 |
|
|
|
9,629 |
|
Accrued liabilities |
|
12,665 |
|
|
|
8,651 |
|
Payables to related parties |
|
6,080 |
|
|
|
4,805 |
|
Current portion of long-term debt |
|
594 |
|
|
|
381 |
|
Total current liabilities |
|
38,211 |
|
|
|
33,358 |
|
Long-term liabilities: |
|
|
|
||||
Long-term debt, less current portion |
|
40,049 |
|
|
|
40,628 |
|
Deferred income taxes |
|
21,007 |
|
|
|
22,172 |
|
Other long-term liabilities |
|
2,353 |
|
|
|
4,555 |
|
Total liabilities |
|
101,620 |
|
|
|
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 – |
|
181 |
|
|
|
179 |
|
Additional paid-in capital |
|
169,743 |
|
|
|
168,441 |
|
Retained earnings |
|
24,164 |
|
|
|
19,017 |
|
Accumulated other comprehensive loss |
|
(6,380 |
) |
|
|
(5,666 |
) |
Treasury stock, at cost, 250,977 shares at July 31, 2024 and October 31, 2023 |
|
(3,493 |
) |
|
|
(3,493 |
) |
Noncontrolling interest |
|
10,668 |
|
|
|
11,209 |
|
Total stockholders' equity |
|
194,883 |
|
|
|
189,687 |
|
Total liabilities, convertible preferred stock and stockholders' equity |
$ |
307,313 |
|
|
$ |
301,210 |
|
LIMONEIRA COMPANY CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) (in thousands, except per share data) |
|||||||||||||||
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Net revenues: |
|
|
|
|
|
|
|
||||||||
Agribusiness |
$ |
61,849 |
|
|
$ |
51,092 |
|
|
$ |
143,445 |
|
|
$ |
134,296 |
|
Other operations |
|
1,456 |
|
|
|
1,405 |
|
|
|
4,197 |
|
|
|
4,172 |
|
Total net revenues |
|
63,305 |
|
|
|
52,497 |
|
|
|
147,642 |
|
|
|
138,468 |
|
Costs and expenses: |
|
|
|
|
|
|
|
||||||||
Agribusiness |
|
45,437 |
|
|
|
46,845 |
|
|
|
124,987 |
|
|
|
126,275 |
|
Other operations |
|
1,250 |
|
|
|
1,034 |
|
|
|
3,861 |
|
|
|
3,281 |
|
Impairment of intangible asset |
|
643 |
|
|
|
— |
|
|
|
643 |
|
|
|
— |
|
(Gain) loss on disposal of assets, net |
|
(12 |
) |
|
|
1,545 |
|
|
|
(129 |
) |
|
|
(29,199 |
) |
Gain on legal settlement |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(2,269 |
) |
Selling, general and administrative |
|
6,994 |
|
|
|
4,622 |
|
|
|
21,707 |
|
|
|
19,907 |
|
Total costs and expenses |
|
54,312 |
|
|
|
54,046 |
|
|
|
151,069 |
|
|
|
117,995 |
|
Operating income (loss) |
|
8,993 |
|
|
|
(1,549 |
) |
|
|
(3,427 |
) |
|
|
20,473 |
|
Other income (expense): |
|
|
|
|
|
|
|
||||||||
Interest income |
|
27 |
|
|
|
178 |
|
|
|
63 |
|
|
|
248 |
|
Interest expense, net of patronage dividends |
|
(273 |
) |
|
|
(241 |
) |
|
|
(831 |
) |
|
|
(417 |
) |
Equity in earnings of investments, net |
|
483 |
|
|
|
199 |
|
|
|
17,116 |
|
|
|
514 |
|
Other income (expense), net |
|
5 |
|
|
|
(215 |
) |
|
|
224 |
|
|
|
(2,627 |
) |
Total other income (expense) |
|
242 |
|
|
|
(79 |
) |
|
|
16,572 |
|
|
|
(2,282 |
) |
Income (loss) before income tax (provision) benefit |
|
9,235 |
|
|
|
(1,628 |
) |
|
|
13,145 |
|
|
|
18,191 |
|
Income tax (provision) benefit |
|
(3,019 |
) |
|
|
378 |
|
|
|
(4,051 |
) |
|
|
(5,537 |
) |
Net income (loss) |
|
6,216 |
|
|
|
(1,250 |
) |
|
|
9,094 |
|
|
|
12,654 |
|
Net loss attributable to noncontrolling interest |
|
377 |
|
|
|
87 |
|
|
|
481 |
|
|
|
201 |
|
Net income (loss) attributable to Limoneira Company |
|
6,593 |
|
|
|
(1,163 |
) |
|
|
9,575 |
|
|
|
12,855 |
|
Preferred dividends |
|
(125 |
) |
|
|
(125 |
) |
|
|
(376 |
) |
|
|
(376 |
) |
Net income (loss) applicable to common stock |
$ |
6,468 |
|
|
$ |
(1,288 |
) |
|
$ |
9,199 |
|
|
$ |
12,479 |
|
|
|
|
|
|
|
|
|
||||||||
Basic net income (loss) per common share |
$ |
0.36 |
|
|
$ |
(0.07 |
) |
|
$ |
0.51 |
|
|
$ |
0.70 |
|
|
|
|
|
|
|
|
|
||||||||
Diluted net income (loss) per common share |
$ |
0.35 |
|
|
$ |
(0.07 |
) |
|
$ |
0.51 |
|
|
$ |
0.69 |
|
|
|
|
|
|
|
|
|
||||||||
Weighted-average common shares outstanding-basic |
|
17,756 |
|
|
|
17,621 |
|
|
|
17,701 |
|
|
|
17,597 |
|
Weighted-average common shares outstanding-diluted |
|
18,363 |
|
|
|
17,621 |
|
|
|
17,701 |
|
|
|
18,381 |
|
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, impairment of intangible asset, (gain) loss 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
|
|
Nine Months Ended
|
||||||||||||
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Net income (loss) attributable to Limoneira Company |
$ |
6,593 |
|
|
$ |
(1,163 |
) |
|
$ |
9,575 |
|
|
$ |
12,855 |
|
Interest income |
|
(27 |
) |
|
|
(178 |
) |
|
|
(63 |
) |
|
|
(248 |
) |
Interest expense, net of patronage dividends |
|
273 |
|
|
|
241 |
|
|
|
831 |
|
|
|
417 |
|
Income tax provision (benefit) |
|
3,019 |
|
|
|
(378 |
) |
|
|
4,051 |
|
|
|
5,537 |
|
Depreciation and amortization |
|
2,115 |
|
|
|
2,019 |
|
|
|
6,273 |
|
|
|
6,510 |
|
EBITDA |
|
11,973 |
|
|
|
541 |
|
|
|
20,667 |
|
|
|
25,071 |
|
Stock-based compensation |
|
1,204 |
|
|
|
756 |
|
|
|
3,139 |
|
|
|
2,785 |
|
Pension settlement cost |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
2,741 |
|
Impairment of intangible asset |
|
643 |
|
|
|
— |
|
|
|
643 |
|
|
|
— |
|
(Gain) loss on disposal of assets, net |
|
(12 |
) |
|
|
1,545 |
|
|
|
(129 |
) |
|
|
(29,199 |
) |
Cash bonus related to sale of assets |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
2,000 |
|
Gain on legal settlement |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(2,269 |
) |
Severance benefits |
|
(17 |
) |
|
|
— |
|
|
|
1,198 |
|
|
|
— |
|
Adjusted EBITDA |
$ |
13,791 |
|
|
$ |
2,842 |
|
|
$ |
25,518 |
|
|
$ |
1,129 |
|
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
|
|
Nine Months Ended
|
||||||||||||
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Net income (loss) attributable to Limoneira Company |
$ |
6,593 |
|
|
$ |
(1,163 |
) |
|
$ |
9,575 |
|
|
$ |
12,855 |
|
Effect of preferred stock and unvested, restricted stock |
|
(115 |
) |
|
|
(152 |
) |
|
|
(212 |
) |
|
|
(439 |
) |
Stock-based compensation |
|
1,204 |
|
|
|
756 |
|
|
|
3,139 |
|
|
|
2,785 |
|
Pension settlement cost |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
2,741 |
|
Impairment of intangible asset |
|
643 |
|
|
|
— |
|
|
|
643 |
|
|
|
— |
|
(Gain) loss on disposal of assets, net |
|
(12 |
) |
|
|
1,545 |
|
|
|
(129 |
) |
|
|
(29,199 |
) |
Cash bonus related to sale of assets |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
2,000 |
|
Gain on legal settlement |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(2,269 |
) |
Severance benefits |
|
(17 |
) |
|
|
— |
|
|
|
1,198 |
|
|
|
— |
|
Tax effect of adjustments at federal and state rates |
|
(499 |
) |
|
|
(628 |
) |
|
|
(1,331 |
) |
|
|
6,539 |
|
Adjusted net income (loss) for diluted EPS |
$ |
7,797 |
|
|
$ |
358 |
|
|
$ |
12,883 |
|
|
$ |
(4,987 |
) |
|
|
|
|
|
|
|
|
||||||||
Diluted net income (loss) per common share |
$ |
0.35 |
|
|
$ |
(0.07 |
) |
|
$ |
0.51 |
|
|
$ |
0.69 |
|
Adjusted diluted net income (loss) per common share |
$ |
0.42 |
|
|
$ |
0.02 |
|
|
$ |
0.70 |
|
|
$ |
(0.28 |
) |
|
|
|
|
|
|
|
|
||||||||
Weighted-average common shares outstanding - diluted |
|
18,363 |
|
|
|
17,621 |
|
|
|
17,701 |
|
|
|
18,381 |
|
Effect of preferred stock |
|
— |
|
|
|
— |
|
|
|
607 |
|
|
|
(784 |
) |
Adjusted weighted-average common shares outstanding - diluted |
|
18,363 |
|
|
|
17,621 |
|
|
|
18,308 |
|
|
|
17,597 |
|
Supplemental Information
|
||||||||||||||||||
|
Agribusiness Segment Information for the Three Months Ended July 31, 2024 |
|||||||||||||||||
|
Fresh
|
Lemon
|
Eliminations |
Avocados |
Other
|
Total
|
||||||||||||
Revenues from external customers |
$ |
36,746 |
$ |
5,200 |
$ |
— |
|
$ |
13,897 |
$ |
6,006 |
$ |
61,849 |
|||||
Intersegment revenue |
|
— |
|
10,499 |
|
(10,499 |
) |
|
— |
|
— |
|
— |
|||||
Total net revenues |
|
36,746 |
|
15,699 |
|
(10,499 |
) |
|
13,897 |
|
6,006 |
|
61,849 |
|||||
Costs and expenses |
|
32,977 |
|
11,144 |
|
(10,499 |
) |
|
4,104 |
|
5,912 |
|
43,638 |
|||||
Depreciation and amortization |
|
— |
|
— |
|
— |
|
|
— |
|
— |
|
1,799 |
|||||
Operating income |
$ |
3,769 |
$ |
4,555 |
$ |
— |
|
$ |
9,793 |
$ |
94 |
$ |
16,412 |
|||||
|
Agribusiness Segment Information for the Three Months Ended July 31, 2023 |
|||||||||||||||||
|
Fresh
|
Lemon
|
Eliminations |
Avocados |
Other
|
Total
|
||||||||||||
Revenues from external customers |
$ |
32,739 |
$ |
5,472 |
$ |
— |
|
$ |
3,462 |
$ |
9,419 |
$ |
51,092 |
|||||
Intersegment revenue |
|
— |
|
9,684 |
|
(9,684 |
) |
|
— |
|
— |
|
— |
|||||
Total net revenues |
|
32,739 |
|
15,156 |
|
(9,684 |
) |
|
3,462 |
|
9,419 |
|
51,092 |
|||||
Costs and expenses |
|
30,118 |
|
13,140 |
|
(9,684 |
) |
|
3,030 |
|
8,506 |
|
45,110 |
|||||
Depreciation and amortization |
|
— |
|
— |
|
— |
|
|
— |
|
— |
|
1,735 |
|||||
Operating income |
$ |
2,621 |
$ |
2,016 |
$ |
— |
|
$ |
432 |
$ |
913 |
$ |
4,247 |
|||||
Lemons |
Q3 2024 |
Q3 2023 |
|
Lemon Packing |
Q3 2024 |
Q3 2023 |
|||||||
|
|
|
|
Cartons packed and sold |
|
1,400 |
|
1,352 |
|||||
Acres harvested |
|
1,900 |
|
2,300 |
|
Revenue |
$ |
15,699 |
$ |
15,156 |
|||
Limoneira cartons sold |
|
531 |
|
758 |
|
Direct costs |
|
11,144 |
|
13,140 |
|||
Third-party grower cartons sold |
|
869 |
|
594 |
|
Operating income |
$ |
4,555 |
$ |
2,016 |
|||
Average price per carton |
$ |
18.43 |
$ |
17.92 |
|
|
|
|
|||||
|
|
|
|
Avocados |
Q3 2024 |
Q3 2023 |
|||||||
|
|
|
|
Pounds sold |
|
8,855 |
|
2,822 |
|||||
Lemon revenue |
$ |
300 |
$ |
500 |
|
Average price per pound |
$ |
1.57 |
$ |
0.99 |
|||
40-pound carton equivalents |
|
134 |
|
292 |
|
|
|
|
|||||
|
|
|
|
Other Agribusiness |
Q3 2024 |
Q3 2023 |
|||||||
Other: |
|
|
|
Orange cartons sold |
|
43 |
|
71 |
|||||
Lemon packing |
$ |
5,200 |
$ |
5,500 |
|
Average price per carton |
$ |
26.98 |
$ |
18.17 |
|||
Lemon by-product sales |
$ |
1,200 |
$ |
600 |
|
Specialty citrus cartons sold |
|
25 |
|
70 |
|||
Brokered lemons and other lemon sales |
$ |
9,500 |
$ |
7,500 |
|
Average price per carton |
$ |
22.00 |
$ |
25.88 |
|||
|
|
|
|
Farm management |
$ |
3,202 |
$ |
5,383 |
|||||
Agribusiness costs and expenses |
Q3 2024 |
Q3 2023 |
|
Other |
$ |
1,094 |
$ |
846 |
|||||
Packing costs |
$ |
11,144 |
$ |
13,140 |
|
|
|
|
|||||
Harvest costs |
|
4,330 |
|
6,189 |
|
|
|
|
|||||
Growing costs |
|
7,650 |
|
10,566 |
|
|
|
|
|||||
Third-party grower and supplier costs |
|
19,860 |
|
14,575 |
|
|
|
|
|||||
Other costs |
|
654 |
|
640 |
|
|
|
|
|||||
Depreciation and amortization |
|
1,799 |
|
1,735 |
|
|
|
|
|||||
Agribusiness costs and expenses |
$ |
45,437 |
$ |
46,845 |
|
|
|
|
|||||
View source version on businesswire.com: https://www.businesswire.com/news/home/20240909543754/en/
Investors
John Mills
Managing Partner
ICR 646-277-1254
Source: Limoneira Company
FAQ
What was Limoneira's net revenue for Q3 FY2024?
How much did Limoneira's avocado revenue grow in Q3 FY2024?
What is Limoneira's updated avocado volume guidance for FY2024?
How many acres of avocado production does Limoneira plan to expand?
What was Limoneira's operating income for Q3 FY2024?
