Business
Limoneira Provides Fiscal Year 2019 Business Update and Initial Fiscal Year 2020 Financial Guidance
-Company Expects to Achieve Record Revenue in Fiscal Year 2019- -Company Provides Initial Fiscal Year 2020 Adjusted EBITDA and Lemon Volume Guidance- -The
About this update from Limoneira Co
[{"type":"text","content":"\n -Company Expects to Achieve Record Revenue in Fiscal Year 2019-\n\n\n-Company Provides Initial Fiscal Year 2020 Adjusted EBITDA and Lemon Volume Guidance-\n\n\n-The Board of Directors Announces Quarterly Dividend of $0.075 Per Share-\n\n\n-Company Announces Date of Fiscal Fourth Quarter 2019 Earnings Conference Call-\n\n SANTA PAULA, Calif.--(BUSINESS WIRE)--\nLimoneira Company (the “Company” or “Limoneira”) (NASDAQ: LMNR), a diversified citrus packing, sales and marketing company with related agribusiness activities and real estate development operations, today announced a business and guidance update for its fiscal year ending October 31, 2019 and provided initial guidance for its fiscal year ending October 31, 2020. In addition, on December 17, 2019, the Board of Directors announced a cash dividend of $0.075 per common share payable on January 15, 2020, to stockholders of record on December 30, 2019.\n\n\nFiscal Year 2019 Business Update and Initial Fiscal Year 2020 Guidance\n\n\nDomestically, the power outages related to the recent California fires delayed four days of lemon shipments at the end of the fourth quarter of fiscal year 2019 and into the first quarter of fiscal year 2020. The Company experienced normal shifting of shipment timing, which delayed a few shipments into the first quarter of fiscal year 2020. In addition, the final wine grape yields were as expected; however, market pricing was lower than anticipated. A portion of the harvest timing was delayed until the first quarter of fiscal year 2020, instead of the fourth quarter of fiscal year 2019. Internationally, in the fourth quarter of fiscal year 2019, lemon shipments from Chile realized a lower freight on board (“FOB”) price at market than previously expected. Based on these events, the Company is updating its fiscal year 2019 guidance and providing initial fiscal year 2020 adjusted EBITDA and lemon volume guidance. Fiscal year 2019 guidance is based on preliminary results and subject to completion of audit procedures.\n\n\nFor fiscal year 2019, the Company expects revenue to increase approximately 31% to $170 million and expects net loss per diluted share applicable to common stock, after preferred dividends, to be in the range of $(0.39) to $(0.43). Excluding the non-cash $2.4 million unrealized loss on stock in Calavo, $1.0 million gain on sale of pr...