Business
Limoneira Company Announces Third Quarter Fiscal Year 2021 Financial Results
Achieves Strong Fresh Lemon Utilization in the Third Quarter Fiscal Year 2021; Implementing Digital Transformation Plan Expected to Increase Yields and
About this update from Limoneira Co
[{"type":"text","content":"\nAchieves Strong Fresh Lemon Utilization in the Third Quarter Fiscal Year 2021; Implementing Digital Transformation Plan Expected to Increase Yields and Operational Efficiencies While Reducing Water Usage \n\nOperating Income Increased 86% in the Third Quarter Fiscal 2021 Compared to Prior Year\n\nCompany Closed Sales of 92 Harvest at Limoneira Lots During Third Quarter Fiscal 2021\n\nCompany Expects Stronger One World of Citrus Growth Next Fiscal 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 third fiscal quarter ended July 31, 2021.\n\nManagement Comments\n\nHarold Edwards, President and Chief Executive Officer of the Company, stated, “Lemon pricing and fresh utilization was strong for the third quarter and we are well positioned for solid lemon growth in fiscal year 2022. Our results were partially offset by the reduced sizing of our avocado fruit due to lack of rainfall. Driven primarily by fresh lemon utilization, we increased operating income by 86% during the third quarter even with the widely publicized global logistical delays that are affecting the entire agriculture industry and reduced exports to Asia due to COVID-19. We do believe these logistical challenges will improve in fiscal year 2022 and with the expectation of reduced exports we are very confident in domestic pricing improvements in fiscal year 2022.”\n\nMr. Edwards continued, “We are implementing a digital information system we call our “Farm to Table via Tablet” initiative. This innovative program will monitor daily tree health and fruit growth along with tying together the entire distribution chain from tree to customer. This real time information system will combine the entire One World of Fresh Citrus™ worldwide team together on one accessible platform to raise yields and quality while increasing the efficiencies of farming, harvest, packing and sales. Lastly, our real estate development project, Harvest at Limoneira, continues to perform very well and has now closed 556 lots since inception, including 92 new lot closings in the third quarter of fiscal year 2021. We are confident in the timing of the ex...