Business
Limoneira Company Announces Fiscal Fourth Quarter and Full Year 2021 Financial Results
Achieved Strong Fresh Lemon Utilization in Fiscal Year 2021 and Brokered Fruit Revenue more than Doubled Compared to Fiscal Year 2020 Anticipates Pricing
About this update from Limoneira Co
[{"type":"text","content":"\nAchieved Strong Fresh Lemon Utilization in Fiscal Year 2021 and Brokered Fruit Revenue more than Doubled Compared to Fiscal Year 2020\n\nAnticipates Pricing Improvement in Fresh Lemon Cartons in Fiscal Year 2022 Compared to Prior Year\n\nCompany Closed Sales of 232 Harvest at Limoneira Lots During Fiscal Year 2021: Completing Phase 1 of Harvest at Limoneira\n\n554 Lot Sales for Phase 2 of Harvest at Limoneira Beginning in Fiscal Year 2022\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 fourth quarter and full fiscal year ended October 31, 2021.\n\nManagement Comments\n\nHarold Edwards, President and Chief Executive Officer of the Company, stated, “Fourth quarter of fiscal year 2021 revenue, in our seasonally slower quarter, increased 13% compared to the same period last year. These results were driven by higher lemon prices and very strong brokered fruit revenue which more than doubled compared to last year. Lemon pricing improved in the back half of fiscal year 2021 and we expect this trend to continue throughout fiscal year 2022. We achieved our solid top line results even as the widely publicized global logistical delays continue to affect the entire agriculture industry and reduce exports to Asia. Specifically, due to these shipping delays and spoilage occurring in the fourth quarter, we expect to receive insurance compensation in the first quarter of calendar year 2022.”\n\nMr. Edwards continued, “Throughout fiscal year 2021, we made great strides in expanding our One World of Citrus™ initiative and improving our long-term growth opportunities. We continued to focus on expanding our grocery opportunities as well as strengthening our foodservice relationships as many restaurants began to open again after closures due to the COVID-19 pandemic. We made a strategic decision to dramatically expand our brokered fruit business which offset seasonally lower domestic volumes in the fourth quarter providing supplemental fruit for our global customers. Lastly, our real estate development project, Harvest at Limoneira, continues to perform very well and has now closed 586 lots since incepti...