Business
Limoneira Company Announces Fiscal First Quarter 2022 Financial Results
Achieves 3% Revenue Growth in the First Quarter Fiscal 2022 Compared to Prior Year, Driven by Increased Avocado Volume and Higher Lemon Sales Company
About this update from Limoneira Co
[{"type":"text","content":"\nAchieves 3% Revenue Growth in the First Quarter Fiscal 2022 Compared to Prior Year, Driven by Increased Avocado Volume and Higher Lemon Sales\n\nCompany Reiterates Lemon Volume Guidance and Raises Avocado Volume Guidance for Fiscal 2022\n\nCompany Commences Phase 2 of Harvest at Limoneira\n\nCompany Raises Five Year Cash Flow Projections Beginning FY 2022 by 19% to $95 Million for Harvest at Limoneira\n\n SANTA PAULA, Calif.--(BUSINESS WIRE)--\nLimoneira 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 first quarter ended January 31, 2022.\n\nManagement Comments\n\nHarold Edwards, President and Chief Executive Officer of the Company, stated, “We achieved topline growth in the first quarter with revenue increasing 3% compared to the same period last year, driven by higher avocado volume and pricing and higher lemon sales. We expect these trends to continue throughout fiscal year 2022 and are raising our full year avocado guidance from 5.0 to 6.0 million pounds to 6.0 to 7.0 million pounds. Lemon demand and pricing were challenged in the first quarter as the industry is experiencing a surplus of inventory due to a number of factors including overall tree crops throughout the California and Arizona growing regions being significantly larger this year compared to last year and unfavorable weather conditions on the East Coast combined with the Omicron variant negatively affecting demand for all markets; particularly our Asian markets. We are beginning to experience improved demand domestically but we expect lemon pricing to remain pressured this fiscal year until we see the Asian export market beginning to open again this year. Partially offsetting our overall revenue growth was higher packing costs due to inflationary pressures and higher third-party grower and supplier costs.”\n\nMr. Edwards continued, “We closed Phase 1 of our real estate development project, Harvest at Limoneira, at the end of fiscal year 2021 and commenced Phase 2 this past quarter. Additionally, the joint venture Limoneira Lewis Community Builders “LLCB” (of which Limoneira owns 50%) has signed a letter of intent to purchase an additional 17 acres from Limoneira to pote...