Business
Limoneira Company Announces Fiscal Second Quarter 2022 Financial Results
Strategic Decision to Expand One World of Citrus and to Explore Sale of Certain Assets for “Asset Lighter” Business Model 4% Revenue Growth in the Second
About this update from Limoneira Co
[{"type":"text","content":"\nStrategic Decision to Expand One World of Citrus and to Explore Sale of Certain Assets for “Asset Lighter” Business Model\n\n4% Revenue Growth in the Second Quarter Fiscal 2022 Compared to PY, Driven by Increased Avocado and Orange Revenues\n\nStrong Avocado Profitability for First Six Months of Fiscal 2022; Expect Higher Pricing to Continue Driving Avocado Profitability for Third Quarter of FY 2022\n\nAnnounced Fallowing Program in Yuma, AZ, Resulting in More Than 1.3 Billion Gallons of Water Saved and a $1.0 Million Increase in Operating Results Over Last Year\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 second quarter ended April 30, 2022.\n\nManagement Comments\n\nHarold Edwards, President and Chief Executive Officer of the Company, stated, “We enter the second half of fiscal year 2022 with an improving topline driven by increased revenues for avocados, oranges and specialty citrus in the second quarter of fiscal year 2022. Our avocado segment has continued to outperform expectations this fiscal year with pricing over 50% higher year-over-year in the second quarter and strong demand leading us to expect continued strong profitability for the third quarter of fiscal year 2022. Lemon pricing remained challenged in the second quarter as the domestic lemon market works through a surplus of inventory; however, we were encouraged to see the lemon export market begin to slowly return to normal. The topline improvement in the second quarter was partially offset by the cost side of our business, as our industry continues to face rising labor costs and higher packing and supplier costs.”\n\nMr. Edwards continued, “In order to unlock the value of our many assets and better leverage our leading global citrus position, our Board of Directors has formulated a strategic plan to expand One World of Citrus, increase our avocado plantings and sell certain assets to dramatically increase our cash flow in the near future. We expect to increase our One World of Citrus business by focusing on growth of “asset lighter” sales using more GROWER PARTNER fruit in order to reduce the impact of pricing vo...