Business
Limoneira Company Announces Fiscal Third Quarter 2022 Financial Results
Revenue Grew 20% to $58.9 Million Compared to Prior Year Driven by Record Avocado Revenues and Strong Fresh Lemon Sales Operating Income Increased Over 200%
About this update from Limoneira Co
[{"type":"text","content":"\nRevenue Grew 20% to $58.9 Million Compared to Prior Year Driven by Record Avocado Revenues and Strong Fresh Lemon Sales\n\nOperating Income Increased Over 200% to $11.1 Million Compared to Prior Year\n\nEarnings Per Share were $0.40, a 100% Increase Compared to Prior Year\n\nCompany Expects to Receive $8 million in Proceeds during the Fiscal Fourth Quarter 2022 from 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 fiscal third quarter ended July 31, 2022.\n\nManagement Comments\n\nHarold Edwards, President and Chief Executive Officer of the Company, stated, “Operating income increased over 200% and our top line by 20%, driven by record avocado revenues and increased fresh lemon sales in the third quarter of fiscal 2022. Our strategic approach to fresh utilization enabled our sales and marketing team to successfully market our fresh lemons throughout the year. In addition, our avocado segment has continued to outperform expectations this fiscal year with pricing almost doubling year-over-year resulting in record avocado revenues of $12.6 million in the third quarter of 2022. Lemon pricing remained challenged in the third quarter as the domestic and global lemon markets continue to work through a surplus of inventory. Our industry continued to face rising labor costs and higher packing and supplier costs, but our strong top line and more efficient marketing and selling plans more than offset these cost increases.”\n\nMr. Edwards continued, “Our new strategic plan to expand One World of Citrus, increase our avocado plantings and strategically sell certain assets to dramatically increase our cash flow in the near future is progressing as expected. As an example, in the fiscal fourth quarter of 2022, we expect to generate $8.0 million in cash proceeds from the sale of 17 acres to Limoneira Lewis Community Builders, LLC (“LLCB”) to potentially develop additional residential units. We will continue to develop “best in class” grower services to recruit additional grower partners. We have over 15,400 acres of rich agricultural lands, real estate properties, and water right...