Limoneira Co - LMNR STOCK NEWS

Limoneira Company (NASDAQ: LMNR) announced the successful sale of its Northern Properties for approximately $99 million in net cash proceeds. This sale, part of a strategic plan initiated in 2022, is expected to enhance EBITDA and earnings per share. With $130 million of the $150 million in non-strategic assets sold in three months, the company aims to reduce its overall debt significantly. Limoneira will maintain operational ties through agreements in farming, packing, and marketing with PAI for the property. A conference call regarding the transaction is scheduled for February 1, 2023.

Limoneira Company (LMNR) will present at the 25th Annual ICR Conference from January 9-11, 2023, at JW Marriot Orlando Grande Lakes, Orlando, Florida. CEO Harold Edwards and CFO Mark Palamountain will deliver the investor presentation on January 10, 2023, at 9:30 am ET. The presentation will be available via live webcast on the Limoneira website under the 'Investor' tab. Limoneira, based in Santa Paula, California, is a leading integrated agribusiness focused on sustainability, owning 15,400 acres across California, Arizona, Chile, and Argentina, primarily producing citrus and avocados.

Limoneira Company (LMNR) reported a strong fiscal year 2022, achieving a record revenue of $184.6 million, an 11% increase from the previous year. The growth was primarily driven by avocado and orange sales, despite challenges in lemon pricing. The company sold $28 million in assets as part of its strategy to transition to an asset-lighter model, targeting $115 million in proceeds from its Harvest at Limoneira initiative. The company reduced debt by over 20% and expects improved performance in fiscal year 2023, with projected fresh lemon volumes of 5.0 to 5.4 million cartons.

On December 20, 2022, Limoneira Company (NASDAQ: LMNR) declared a quarterly cash dividend of $0.075 per common share. This dividend will be payable on January 13, 2023, to stockholders of record as of January 3, 2023. Limoneira is a leading agribusiness with a 129-year history, specializing in citrus production and boasting 15,400 acres of agricultural land across California, Arizona, Chile, and Argentina.

Limoneira Company (NASDAQ: LMNR) will release its financial results for the fourth quarter and full fiscal year ended October 31, 2022, on December 22, 2022, after market close. A conference call to discuss these results is scheduled for the same day at 1:30 pm PT (4:30 pm ET). Investors can join the call by dialing the provided numbers or listening via a live webcast on the company's website.

Limoneira, a 129-year-old agribusiness based in Santa Paula, California, specializes in citrus production and sustainable agriculture.

Limoneira Company announced the successful sale of its Sevilla real estate property in Santa Maria, California, for approximately $2.6 million in cash. This transaction aligns with the company's asset-light strategy and aims to enhance shareholder value through the selective monetization of non-core assets. CEO Harold Edwards expressed satisfaction with closing the sale by year-end 2022 and mentioned plans to use the proceeds to reduce debt. The company recorded an immaterial loss in the fiscal first quarter of 2023.

Limoneira Company (LMNR) has successfully closed the sale of its Oxnard Lemon Packing Facility for $20 million. This transaction is part of the company's asset-light strategy aimed at enhancing stockholder value through selective monetization of non-core assets. The sale is expected to yield an approximate gain of $900,000 in Q4 2022, and the proceeds will be used to reduce overall debt. Limoneira anticipates further monetization opportunities, with over $150 million identified in potential asset sales.

Limoneira Company (NASDAQ: LMNR) announced the resignation of Robert M. Sawyer from the Board of Directors, effective November 1, 2022, and appointed Barbara Carbone as his successor. Carbone brings extensive finance and auditing experience and will also join the Audit and Finance Committee and Risk Management Committee. This change follows earlier enhancements to the Board, including Scott S. Slater as Chairperson. With these moves, the Board now consists of nine directors, eight of whom are independent, strengthening corporate governance as Limoneira aims to grow sustainably amid expanding operations.

Limoneira Company (NASDAQ: LMNR) will have its CEO, Harold Edwards, and CFO, Mark Palamountain, participate in a fireside chat at the Stephens Annual Investment Conference from November 15-17, 2022, in Nashville, TN. The chat is scheduled for November 16, 2022, at 10:00 am PT and can be accessed live via webcast on the company's website. Limoneira, based in Santa Paula, California, boasts 15,400 acres across various regions and is a leading producer of lemons and other crops.