Business
Limoneira Company Announces Second Quarter Fiscal Year 2024 Financial Results
Company Closes Significant Real Estate Development Joint Venture Deal with The Lewis Group of Companies with an Additional 554 Residential Homesites at
About this update from Limoneira Co
[{"type":"text","content":"\nCompany Closes Significant Real Estate Development Joint Venture Deal with The Lewis Group of Companies with an Additional 554 Residential Homesites at Harvest at Limoneira\n\n\nHarvest at Limoneira Approved for an Additional 550 Entitled Lots from 1,500 to 2,050\n\n\nCompany Increases Expected Proceeds from Harvest at Limoneira by 46% to $180 Million\n\n\nCompany Raises Avocado Volume Guidance for Fiscal Year 2024\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, 2024.\n\n\nManagement Comments\n\n\nHarold Edwards, President and Chief Executive Officer of the Company, stated, “We recently achieved two significant milestones related to Harvest at Limoneira (“Harvest”), our real estate development joint venture with the Lewis Group of Companies (“Lewis”). First, the joint venture closed an additional 554 homesites, completing Phase 2 of the project. Second, the Santa Paula City Council approved the joint venture’s proposal to increase the total number of entitled lots for the project by 550, or 37%, unlocking further value creation opportunities. Based on these events and continued increase in the value of land associated with this project, we have increased our cash flow projections from the joint venture by 46% and now expect to receive $180 million in total future proceeds spread out over the next seven years, with approximately $18 million expected in fiscal year 2024. Our non-GAAP Adjusted EBITDA of $16.6 million for the second quarter represents more than double that of the prior year period, highlighting the continued momentum in Harvest. Additionally, as part of enhancing stockholder value, we plan to expand our avocado plantings by 1,000 acres over the next three years to 2,000 acres, with 223 acres planted in fiscal year 2024. We expect earnings from Harvest and this planned expansion of our avocado production will increase our longer-term non-GAAP EBITDA to a range of $45 million to $55 million by fiscal year 2030, compared to the previous target of $30 million.”\n\n\nFiscal Year 2024 Second Quarter Results\n\n\nFor the second quarter of fiscal...