Business
Limoneira Company Announces Third Quarter Fiscal Year 2023 Financial Results
Brokered Lemons and Other Lemon Sales Grew 76% to $8.8 Million Compared to Prior Year and Company Achieved $5.4 Million in Farm Management Revenue in Third
About this update from Limoneira Co
[{"type":"text","content":"\nBrokered Lemons and Other Lemon Sales Grew 76% to $8.8 Million Compared to Prior Year and Company Achieved $5.4 Million in Farm Management Revenue in Third Quarter of Fiscal Year 2023\n\n\nCompany Successfully Capitalized on Water Fallowing Conservation Program in Yuma, Arizona; Expects to Receive Approximately $1.3 Million Annually from the Program\n\n\nCompany Achieved Avocado Volume Guidance and Updates Lemon Volume Guidance for Fiscal Year 2023\n\n\nCompany Anticipates Year-Over-Year Pricing Improvement in Fresh Lemons in Fourth Quarter of Fiscal Year 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 third quarter ended July 31, 2023.\n\n\nManagement Comments\n\n\nHarold Edwards, President and Chief Executive Officer of the Company, stated, “The success of our strategic shift towards an “asset-lighter” business model is evident in our third quarter results with brokered lemons and other lemon sales growing 76% year-over-year to $8.8 million and achieving farm management revenue of $5.4 million. Additionally, we continue to make headway monetizing water assets with the recently announced water fallowing program in Yuma, Arizona for expected annual proceeds of $1.3 million. We anticipate the sale of our two remaining identified non-strategic assets in the next nine months. Over the past year, we have worked to identify and eliminate unproductive or unprofitable parts of our business including the sale of non-strategic assets, exiting farming operations in Cadiz and terminating our long-term pension plan – all of which we expect to dramatically improve our margins starting in fiscal year 2024.”\n\n\nMr. Edwards continued, “Our third quarter results were impacted by lower lemon pricing and lower fresh utilization rates as a result of the heavy rains in California throughout December until May, which delayed a portion of our lemon harvest by two months and led to an industry-wide pest issue that lowered the grade on certain fruit. As a result, lemon pricing remained pressured throughout the quarter. However, as of the beginning of August lemon pricing has steadily been increasing...