Business
Limoneira Company Announces Third Quarter Fiscal Year 2024 Financial Results
Net Revenues Grew 21% to $63.3 Million in Third Quarter of Fiscal Year 2024 Compared to Prior Year Operating Income in Third Quarter of Fiscal Year 2024 was
About this update from Limoneira Co
[{"type":"text","content":"\nNet Revenues Grew 21% to $63.3 Million in Third Quarter of Fiscal Year 2024 Compared to Prior Year\n\nOperating Income in Third Quarter of Fiscal Year 2024 was $9.0 Million, Compared to Operating Loss of $1.5 Million in Prior Year\n\nCompany Achieved Year-Over-Year Pricing Improvement in Fresh Lemons and Avocados in Third Quarter of Fiscal Year 2024\n\nAvocado Revenues Grew Over 300% to $13.9 Million in Third Quarter of Fiscal Year 2024\n\nCompany Significantly Increases Avocado Volume Guidance for Fiscal Year 2024\n\nStrategic Alternatives Exploration to Maximize Stockholder Value Continues to Progress\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, 2024.\n\nManagement Comments\n\nHarold Edwards, President and Chief Executive Officer of the Company, stated, “We are extremely pleased with the overall performance of our business this quarter, in particular our avocados experienced robust demand and favorable pricing dynamics. This strong market response positions us to achieve record avocado revenue this fiscal year. Further, we anticipate reaching a milestone as our avocado segment is expected to contribute approximately four million to five million pounds in our seasonably softer fourth quarter for the first time in our company’s history. These results validate our strategic decision to significantly expand our avocado production by 1,000 acres over the next three years. In addition to our agricultural success, our real estate development joint venture, Harvest at Limoneira (“Harvest”), has seen increased momentum in the current lower interest rate environment with steady home sales. The expansion of avocado production, coupled with the ongoing expected earnings from Harvest, reinforces our confidence in achieving strong EBITDA growth into the future. The success across multiple segments of our business underscores our commitment to sustainable growth and value creation for our stockholders.”\n\nMr. Edwards continued, “Since announcing our exploration of strategic alternatives, we have received interest and are diligently working with our advisors at Ste...