Business
Limoneira Company Announces Second Quarter Fiscal Year 2023 Financial Results
Achieved $48.1 Million of Revenue in Second Quarter Fiscal Year 2023 Despite Challenging Lemon and Avocado Pricing Environment Company Successfully Executing
About this update from Limoneira Co
[{"type":"text","content":"\nAchieved $48.1 Million of Revenue in Second Quarter Fiscal Year 2023 Despite Challenging Lemon and Avocado Pricing Environment\n\n\nCompany Successfully Executing Strategic Shift Toward Higher Margin “Asset-Lighter” Business Model\n\n\nNet Debt Position Reduced to $31.5 Million at End of Second Quarter Fiscal Year 2023 from $105.0 Million at End of Fiscal Year 2022\n\n\nCompany Reiterates Lemon Volume Guidance and Lowers Avocado Volume Guidance for Fiscal 2023\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 second quarter ended April 30, 2023.\n\n\nManagement Comments\n\n\nHarold Edwards, President and Chief Executive Officer of the Company, stated, “We decreased our net debt position by 70% since the beginning of fiscal 2023, driven by our strategic shift towards our higher margin, “asset-lighter” business model. We now expect total proceeds of $180 million from the sale of our identified six non-strategic assets and have successfully closed on the sale of four of these assets for a total of $130 million over the past nine months. We have made tremendous progress in a short time, advancing our strategy to monetize certain non-strategic assets, expand our One World of Citrus initiative and execute on Harvest at Limoneira. We expect the transition to an “asset-lighter” business model to be completed in the next 12 months.”\n\n\nMr. Edwards continued, “Results for the second quarter were impacted in a few of our growth areas by the highly publicized heavy rains in California delaying a portion of the lemon harvest into the third quarter, as well as softer pricing for lemons and avocados as markets continue to work through surplus inventory. Even with the recent rains, we continue to expect to achieve our full year fiscal 2023 lemon volume guidance. In addition, we are seeing increased interest in home sales for the residential development of our East Area I real estate development project, Harvest at Limoneira.”\n\n\nFiscal Year 2023 Second Quarter Results\n\n\nFor the second quarter of fiscal year 2023, total net revenue was $48.1 million, compared to total net revenue of $46.8 mill...