Business
Limoneira Company Announces Fiscal Year 2019 Financial Results and Reiterates Fiscal Year 2020 Guidance
-Achieves Record Revenue in FY 2019 of $171.4 Million, an increase of 32% Compared to Prior Year- -Company Reiterates Previous Fiscal Year 2020 Guidance
About this update from Limoneira Co
[{"type":"text","content":"\n-Achieves Record Revenue in FY 2019 of $171.4 Million, an increase of 32% Compared to Prior Year-\n\n\n-Company Reiterates Previous Fiscal Year 2020 Guidance Metrics-\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, 2019.\n\n\nManagement Comments \n\n\nHarold Edwards, President and Chief Executive Officer of the Company, stated, “We achieved record revenue and expanded our market share in fiscal year 2019. However, the uncontrollable weather aspect of our business affected lemon and orange pricing throughout the year and dramatically reduced our avocado crop. Even with these temporary challenges, we generated positive EBITDA and adjusted EBITDA, closed a strategic acquisition and are very well positioned to continue our market share growth and return to strong EBITDA and adjusted EBITDA results in fiscal 2020.”\n\n\nMr. Edwards continued, “As we enter fiscal year 2020, we expect a meaningful improvement in our operational efficiencies during the year, increase in bottom line contributions from lemons, oranges and avocados and additional equity earnings from our real estate development, Harvest at Limoneira.”\n\n\nAlex Teague, Senior Vice President, stated, \"Our strategic joint venture and land acquisition in Argentina with FGF Trapani completed in fiscal 2019 expands our global client reach and enables us to provide our customers with a year-round supply of citrus. This new relationship is a perfect fit with our One World of Citrus™ initiative and is instrumental in growing our international and domestic customer base.”\n\n\nFiscal Year 2019 Fourth Quarter Results\n\n\nFor the fourth quarter of fiscal year 2019, total net revenue was $36.5 million, compared to total net revenue of $14.7 million in the fourth quarter of the previous fiscal year. Agribusiness revenue was $35.3 million, compared to $13.5 million in the fourth quarter last year. The increase was primarily due to higher lemon volume offset by lower fresh lemon prices and lower fresh utilization. Rental operations revenue was $1.2 million in fiscal year 2019, similar to ...