Business
Limoneira Company Announces Fiscal Fourth Quarter and Full Year 2022 Financial Results
Revenue Grew 11% to a Record $184.6 Million in Fiscal Year 2022 Compared to Prior Year Driven by Record Avocado and Orange Sales Company Sold $28 Million of
About this update from Limoneira Co
[{"type":"text","content":"\nRevenue Grew 11% to a Record $184.6 Million in Fiscal Year 2022 Compared to Prior Year Driven by Record Avocado and Orange Sales\n\nCompany Sold $28 Million of Assets in Fiscal Year 2022 as Part of Strategic Move Toward “Asset-Lighter” Business Model\n\nCompany Increases Expected Proceeds from Harvest at Limoneira by 21% to $115 Million\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 fiscal fourth quarter and full year ended October 31, 2022.\n\nManagement Comments\n\nHarold Edwards, President and Chief Executive Officer of the Company, stated, “We finished the year strong with seasonally soft fourth quarter revenue increasing 18% over the prior year period and our full year topline growing to a record $184.6 million. Our revenue growth was driven across the agribusiness division, with avocados and oranges experiencing the largest year-over-year increase fueled by strong pricing in fiscal year 2022. We increased annual fresh lemon volume; however, pricing remained challenged for most of the year as the lemon markets both domestically and globally continue to work through a surplus of inventory.”\n\nMr. Edwards continued, “This year we made significant progress in advancing our strategy to monetize certain non-core assets, expand our One World of Citrus initiative and execute on Harvest at Limoneira, while reducing our debt by over 20%. We identified over $150 million of assets for monetization and in quick succession closed the sale of two assets in the fourth quarter for a total $27 million in net cash proceeds. Additionally, during the first quarter of fiscal year 2023, we announced another asset sale for $2.6 million in cash. We have a valuable portfolio of agricultural lands, real estate properties and water rights, along with expertise in packing, marketing and distributing fruit that we are working to better utilize as we move toward an asset-lighter model. This model will enable us to streamline our operations, improve consistency of earnings, increase EBITDA and dividends per share which will ultimately unlock even more value for our shareholders.”\n\nFiscal Year 2022 Fourth ...