Business
Limoneira Company Announces Fiscal Fourth Quarter and Full Year 2023 Financial Results
Company Achieved Year-Over-Year Pricing Improvement in Fresh Lemons in Fourth Quarter of Fiscal Year 2023 Full Year Brokered Lemons and Other Lemon Sales
About this update from Limoneira Co
[{"type":"text","content":"\nCompany Achieved Year-Over-Year Pricing Improvement in Fresh Lemons in Fourth Quarter of Fiscal Year 2023\n\n\nFull Year Brokered Lemons and Other Lemon Sales Grew 24% to $30.3 Million Compared to Prior Year and Company Achieved $9.9 Million in Farm Management Revenue in Fiscal Year 2023\n\n\nCompany Achieved Avocado Volume Guidance and Lemon Volume Guidance for Fiscal Year 2023\n\n\nCompany Increases Expected Proceeds from Harvest at Limoneira by 14% to $131 Million\n\n\nCompany Executing Exploration of Strategic Alternatives Intended to Maximize Stockholder Value\n\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, 2023.\n\n\nManagement Comments\n\n\nHarold Edwards, President and Chief Executive Officer of the Company, stated, “I am pleased with our performance in fiscal year 2023 as we achieved our full year avocado and revised lemon volume guidance despite harsh weather conditions and softer pricing throughout most of the year. We ended the year with fresh lemon pricing improving year-over-year in the seasonally soft fourth quarter to the highest level since 2019. Additionally, our Company’s strategic shift towards an “asset-lighter” business model progressed this year and is reflected in our latest results with brokered lemons and other lemon sales growing year-over-year for the second quarter in a row in the fourth quarter and our farm management revenue reaching close to $10 million this fiscal year. We made progress monetizing or eliminating certain non-strategic assets, with the sale of our Northern Properties for $98 million in net cash proceeds, extending a water fallowing program in Yuma, AZ for expected annual proceeds of $1.3 million and exiting our unprofitable farming operations in Cadiz. All of these actions have positioned our Company to be in a much stronger financial position with our balance sheet rightsized and our year-end net debt position at the lowest level since becoming a publicly traded company. This has led us to commence the exploration of a range of strategic alternatives that management and the board ...