Achieved $48.1 Million of Revenue in Second
Quarter Fiscal Year 2023 Despite Challenging Lemon and Avocado
Pricing Environment
Company Successfully Executing Strategic Shift
Toward Higher Margin “Asset-Lighter” Business Model
Net Debt Position Reduced to $31.5 Million at
End of Second Quarter Fiscal Year 2023 from $105.0 Million at End
of Fiscal Year 2022
Company Reiterates Lemon Volume Guidance and
Lowers Avocado Volume Guidance for Fiscal 2023
Limoneira 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, 2023.
Management Comments
Harold Edwards, President and Chief Executive Officer of the
Company, stated, “We decreased our net debt position by 70% since
the beginning of fiscal 2023, driven by our strategic shift towards
our higher margin, “asset-lighter” business model. We now expect
total proceeds of $180 million from the sale of our identified six
non-strategic assets and have successfully closed on the sale of
four of these assets for a total of $130 million over the past nine
months. We have made tremendous progress in a short time, advancing
our strategy to monetize certain non-strategic assets, expand our
One World of Citrus initiative and execute on Harvest at Limoneira.
We expect the transition to an “asset-lighter” business model to be
completed in the next 12 months.”
Mr. Edwards continued, “Results for the second quarter were
impacted in a few of our growth areas by the highly publicized
heavy rains in California delaying a portion of the lemon harvest
into the third quarter, as well as softer pricing for lemons and
avocados as markets continue to work through surplus inventory.
Even with the recent rains, we continue to expect to achieve our
full year fiscal 2023 lemon volume guidance. In addition, we are
seeing increased interest in home sales for the residential
development of our East Area I real estate development project,
Harvest at Limoneira.”
Fiscal Year 2023 Second Quarter Results
For the second quarter of fiscal year 2023, total net revenue
was $48.1 million, compared to total net revenue of $46.8 million
in the second quarter of the previous fiscal year. Agribusiness
revenue increased to $46.7 million, compared to $45.4 million in
the second quarter of last fiscal year. In April 2023, the Company
entered into a settlement agreement with Southern California Edison
Company and Edison International to formally resolve any and all
claims related to the Thomas Fire in fiscal year 2018. Under the
terms of the settlement agreement, the Company was awarded a total
settlement of $9.0 million. In May 2023, the Company received
approximately $6.1 million, net of legal and related costs, of
which $3.8 million was recorded in agribusiness revenues and $2.3
million was recorded in gain on legal settlement in the second
quarter of fiscal year 2023. Other operations revenue was $1.4
million in both the second quarters of fiscal years 2023 and
2022.
Agribusiness revenue for the second quarter of fiscal year 2023
includes $26.6 million in fresh lemon sales, compared to $27.3
million of fresh lemon sales during the same period of fiscal year
2022. Lemon revenues in the second quarter of fiscal year 2023
included settlement proceeds of $1.5 million allocated to lemons.
Approximately 1,547,000 cartons of U.S. packed fresh lemons were
sold in aggregate during the second quarter of fiscal year 2023 at
a $17.23 average price per carton, compared to approximately
1,552,000 cartons sold at a $17.57 average price per carton during
the second quarter of fiscal year 2022. Of the 1,547,000 and
1,552,000 cartons of U.S. packed fresh lemons sold during the
second quarter of fiscal years 2023 and 2022, respectively, 49% and
51%, respectively, were procured from third-party growers.
The Company recognized $3.6 million of avocado revenue in the
second quarter of fiscal year 2023, similar to the same period last
fiscal year. Avocado revenues in the second quarter of fiscal year
2023 included settlement proceeds of $2.4 million allocated to
avocados. Approximately 0.9 million pounds of avocados were sold in
aggregate during the second quarter of fiscal year 2023 at a $1.30
average price per pound, compared to approximately 1.9 million
pounds sold at a $1.90 average price per pound during the second
quarter of fiscal year 2022.
The Company recognized $1.4 million of orange revenue in the
second quarter of fiscal year 2023, compared to $2.6 million in the
same period of fiscal year 2022. Approximately 88,000 cartons of
oranges were sold during the second quarter of fiscal year 2023 at
a $15.72 average price per carton, compared to approximately
328,000 cartons sold at a $7.98 average price per carton during the
second quarter of fiscal year 2022. Specialty citrus and other
revenue was $2.4 million for the second quarter of fiscal year
2023, compared to $1.4 million in the same period of fiscal year
2022.
Total costs and expenses for the second quarter of fiscal year
2023 were $51.9 million, compared to $44.2 million in the second
quarter of last fiscal year. The increase of $7.8 million was
primarily due to the Cadiz Ranch asset disposal. In April 2023, we
determined that citrus farming operations were economically
unviable on 670 acres of leased agricultural land at the Cadiz
Ranch. As a result, we ceased farming operations, disposed of the
related property, plant and equipment and recorded a loss on
disposal of assets of $9.0 million as of April 30, 2023.
Operating loss for the second quarter of fiscal year 2023 was
$3.9 million, compared to operating income of $2.6 million in the
second quarter of the previous fiscal year.
Net loss applicable to common stock, after preferred dividends,
for the second quarter of fiscal year 2023 was $1.7 million,
compared to net income applicable to common stock of $1.4 million
in the second quarter of fiscal year 2022. Net loss per diluted
share for the second quarter of fiscal year 2023 was $0.10,
compared to net income per diluted share of $0.08 for the same
period of fiscal year 2022.
Adjusted net income for diluted EPS in the second quarter of
fiscal year 2023 was $3.9 million or $0.21 per diluted share,
compared to the second quarter of fiscal year 2022 of $1.9 million
or $0.11 per diluted share. A reconciliation of net (loss) income
attributable to Limoneira Company to adjusted net income (loss) for
diluted EPS is provided at the end of this release.
Adjusted EBITDA was $6.2 million in the second quarter of fiscal
year 2023, similar to the same period of fiscal year 2022. A
reconciliation of net (loss) income attributable to Limoneira
Company to adjusted EBITDA is provided at the end of this
release.
Fiscal Year 2023 First Six Months Results
For the six months ended April 30, 2023, revenue was $86.0
million, similar to the same period last fiscal year. Operating
income for the first six months of fiscal year 2023 was $22.0
million, compared to operating loss of $7.0 million in the same
period last fiscal year. Net income applicable to common stock,
after preferred dividends, was $13.8 million for the first six
months of fiscal year 2023, compared to net loss applicable to
common stock of $5.2 million in the same period last fiscal year.
Net income per diluted share for the first six months of fiscal
year 2023 was $0.75, compared to a net loss per diluted share of
$0.30 in the same period of fiscal year 2022.
For the first six months of fiscal year 2023, adjusted net loss
for diluted EPS was $5.3 million compared to adjusted net loss for
diluted EPS of $3.8 million for the same period in fiscal year
2022. In the first six months of fiscal year 2023, adjusted net
loss per diluted share was $0.30 compared to adjusted net loss per
diluted share of $0.22 for the same period in fiscal year 2022,
based on approximately 17.6 million and 17.5 million, respectively,
adjusted weighted average diluted common shares outstanding.
Balance Sheet and Liquidity
For the first half of fiscal year 2023, net cash used in
operating activities was $18.4 million, compared to $1.2 million in
the same period of the prior fiscal year. Net cash provided by
investing activities was $95.4 million for the first half of fiscal
year 2023, compared to net cash used in investing activities of
$0.4 million in the same period last fiscal year. For the first
half of fiscal year 2023, net cash used in financing activities was
$68.0 million, compared to net cash provided by financing
activities of $2.3 million in the prior fiscal year.
On January 31, 2023, the Company sold its Northern Properties,
which resulted in total net proceeds of $98.4 million. The proceeds
were used to pay down all of the Company’s domestic debt except the
AgWest Farm Credit $40.0 million non-revolving line of credit with
an interest rate that is fixed at 3.57% through July 1, 2025.
Long-term debt as of April 30, 2023, was $40.8 million, compared to
$104.1 million at the end of fiscal year 2022. Debt levels as of
April 30, 2023, less $9.8 million of cash on hand, resulted in a
net debt position of $31.5 million at quarter end.
Real Estate Development and Property Sales
The Company’s joint venture with The Lewis Group of Companies
(“Lewis”) for the residential development of its East Area I real
estate development project, named Harvest at Limoneira, is
currently expected to have approximately 1,500 total residential
units built and sold over the life of the project. At the end of
fiscal year 2022, the joint venture had closed the sales of lots
representing 586 residential units, thus concluding lot sales in
Phase 1 of the development.
In October 2022, the Company contributed 17 acres, known as the
East Area I retained property, to a newly formed development
entity, LLCB II, to potentially develop additional residential
units and sold a 50% interest to Lewis for approximately $7.9
million in net cash proceeds. The Company recorded a gain of
approximately $4.2 million on this transaction in the fourth
quarter of fiscal year 2022.
In July 2021, the Company entered into a non-binding letter of
intent to sell approximately 25 acres of its East Area II property
in five staged purchases to an investment company for the purpose
of constructing a medical campus consisting of medical office
buildings and an acute care hospital. Completion of the transaction
is subject to the execution of a purchase and sale agreement and
resolution of certain contingencies.
Updated Guidance
The Company’s food service business and industry logistics
continue to experience slowdown due to supply chain and
inflationary pressures on a global basis.
The Company continues to expect fresh lemon volumes to be in the
range of 5.0 million to 5.4 million cartons for fiscal year 2023.
The Company now expects avocado volumes to be in the range of 3.0
million to 4.0 million pounds for fiscal year 2023, compared to
previous guidance of 4.0 million to 5.0 million pounds. The
decrease is primary due to weather-related factors adversely
affecting our orchards.
The Company expects to receive total proceeds of $115 million
from Harvest at Limoneira, LLCB II and East Area II spread out over
seven fiscal years, with approximately $8 million received in
fiscal year 2022.
Harvest at Limoneira Cash Flow Projections
Fiscal Year
2022 Actual
2023
2024
2025
2026
2027
2028
Projected Distributions
$8 Million
$5 Million
$8 Million
$17 Million
$25 Million
$30 Million
$22 Million
The Company has 700 acres of non-bearing lemons and avocados
estimated to become full bearing over the next four to five years,
which the Company expects will enable strong organic growth in the
coming years. The Company also expects to have a steady increase in
third-party grower fruit. The foregoing describes organic growth
opportunities and does not include potential acquisition
opportunities for the Company in its highly fragmented
industry.
Conference Call Information
The Company will host a conference call to discuss its financial
results on June 6, 2023, at 1:30 pm Pacific Time (4:30 pm Eastern
Time). Investors interested in participating in the live call can
dial (877) 407-0789 from the U.S. International callers can dial
(201) 689-8562. A telephone replay will be available approximately
two hours after the call concludes and will be available through
June 20, 2023, by dialing (844) 512-2921 from the U.S., or (412)
317-6671 from international locations; passcode is 13737562.
2023 Investor Day & Facilities Tour
The Company will host an in-person Investor Day and Facilities
Tour with financial analysts and institutional investors on June 26
and June 27, 2023.
- Day One – Monday, June 26, 2023: Limoneira will host an
investor presentation and Q&A session beginning at 2:00 pm PT
(5:00 pm ET) and concluding at 3:30 pm PT (6:30 pm ET) at the
Ventura Beach Marriott Hotel in Ventura, California. The investor
presentation will feature Harold Edwards, President and Chief
Executive Officer; Mark Palamountain, Chief Financial Officer; and
John Carter, VP of Citrus Operations.
- Day Two – Tuesday, June 27, 2023: Limoneira will host
tours of the Company’s packing facilities and real estate
development project, Harvest at Limoneira, both located in Santa
Paula, California. The tours are scheduled to begin at 10:30 am PT
(1:30 pm ET) with lunch in-between and conclude before 2:00 pm PT
(5:00 pm ET).
In-person attendance is by invitation only and advance
registration is required. Financial analysts and institutional
investors interested in attending are encouraged to contact
Investor Relations.
About Limoneira Company
Limoneira Company, a 130-year-old international agribusiness
headquartered in Santa Paula, California, has grown to become one
of the premier integrated agribusinesses in the world. Limoneira
(lē moñ âra) is a dedicated sustainability company with 11,100
acres of rich agricultural lands, real estate properties, and water
rights in California, Arizona, Chile and Argentina. The Company is
a leading producer of lemons, avocados, oranges and other crops
that are enjoyed throughout the world. For more about Limoneira
Company, visit www.limoneira.com.
Forward-Looking Statements
This press release contains forward-looking statements,
including guidance for fiscal years 2023 and beyond, within the
meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended.
These forward-looking statements are based on Limoneira’s current
expectations about future events and can be identified by terms
such as “expect,” “may,” “anticipate,” “intend,” “should be,” “will
be,” “is likely to,” “strive to,” and similar expressions referring
to future periods.
Limoneira believes the expectations reflected in the
forward-looking statements are reasonable but cannot guarantee
future results, level of activity, performance or achievements.
Actual results may differ materially from those expressed or
implied in the forward-looking statements. Therefore, Limoneira
cautions you against relying on any of these forward-looking
statements. Factors that may cause future outcomes to differ
materially from those foreseen in forward-looking statements
include, but are not limited to: success in executing the Company’s
business plans and strategies and managing the risks involved in
the foregoing; additional impacts from the current COVID-19
pandemic, changes in laws, regulations, rules, quotas, tariffs and
import laws; weather conditions that affect production,
transportation, storage, import and export of fresh product;
increased pressure from crop disease, insects and other pests;
disruption of water supplies or changes in water allocations;
disruption in the global supply chain; pricing and supply of raw
materials and products; market responses to industry volume
pressures; pricing and supply of energy; changes in interest and
currency exchange rates; availability of financing for land
development activities; political changes and economic crises;
international conflict; acts of terrorism; labor disruptions,
strikes or work stoppages; loss of important intellectual property
rights; inability to pay debt obligations; inability to engage in
certain transactions due to restrictive covenants in debt
instruments; government restrictions on land use; and market and
pricing risks due to concentrated ownership of stock. Other risks
and uncertainties include those that are described in Limoneira’s
SEC filings that are available on the SEC’s website at
http://www.sec.gov. Limoneira undertakes no obligation to
subsequently update or revise the forward-looking statements made
in this press release, except as required by law.
LIMONEIRA COMPANY
CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
($ in thousands, except share
amounts)
April 30, 2023
October 31 2022
Assets
Current assets:
Cash
$
9,833
$
857
Accounts receivable, net
17,766
15,651
Cultural costs
2,744
8,643
Prepaid expenses and other current
assets
11,749
8,496
Receivables/other from related parties
3,245
3,888
Total current assets
45,337
37,535
Property, plant and equipment, net
163,541
222,628
Real estate development
9,858
9,706
Equity in investments
73,445
72,855
Goodwill
1,529
1,506
Intangible assets, net
7,238
7,317
Other assets
15,378
16,971
Total assets
$
316,326
$
368,518
Liabilities and Stockholders'
Equity
Current liabilities:
Accounts payable
$
8,375
$
10,663
Growers and suppliers payable
8,109
10,740
Accrued liabilities
7,940
11,060
Payables to related parties
5,390
4,860
Income taxes payable
8,108
219
Current portion of long-term debt
446
1,732
Total current liabilities
38,368
39,274
Long-term liabilities:
Long-term debt, less current portion
40,837
104,076
Deferred income taxes
21,797
23,497
Other long-term liabilities
6,670
9,807
Total liabilities
107,672
176,654
Commitments and contingencies
—
—
Series B Convertible Preferred Stock –
$100.00 par value (50,000 shares authorized: 14,790 shares issued
and outstanding at April 30, 2023 and October 31, 2022) (8.75%
coupon rate)
1,479
1,479
Series B-2 Convertible Preferred Stock –
$100.00 par value (10,000 shares authorized: 9,300 shares issued
and outstanding at April 30, 2023 and October 31, 2022) (4%
dividend rate on liquidation value of $1,000 per share)
9,331
9,331
Stockholders' Equity:
Series A Junior Participating Preferred
Stock – $0.01 par value (20,000 shares authorized: zero issued or
outstanding at April 30, 2023 and October 31, 2022)
—
—
Common Stock – $0.01 par value (39,000,000
shares authorized: 18,229,887 and 17,935,292 shares issued and
17,978,910 and 17,684,315 shares outstanding at April 30, 2023 and
October 31, 2022, respectively)
180
177
Additional paid-in capital
167,169
165,169
Retained earnings
26,582
15,500
Accumulated other comprehensive loss
(4,011
)
(7,908
)
Treasury stock, at cost, 250,977 shares at
April 30, 2023 and October 31, 2022
(3,493
)
(3,493
)
Noncontrolling interest
11,417
11,609
Total stockholders' equity
197,844
181,054
Total liabilities and stockholders'
equity
$
316,326
$
368,518
LIMONEIRA COMPANY
CONSOLIDATED STATEMENTS OF
OPERATIONS (UNAUDITED)
($ in thousands, except share
amounts)
Three Months Ended
April 30,
Six Months Ended April
30,
2023
2022
2023
2022
Net revenues:
Agribusiness
$
46,676
$
45,369
$
83,204
$
83,452
Other operations
1,394
1,381
2,767
2,572
Total net revenues
48,070
46,750
85,971
86,024
Costs and expenses:
Agribusiness
38,189
37,599
79,430
78,843
Other operations
1,009
1,093
2,247
2,167
Loss (gain) on disposal of assets, net
8,998
346
(30,744
)
261
Gain on legal settlement
(2,269
)
—
(2,269
)
—
Selling, general and administrative
6,005
5,126
15,285
11,725
Total costs and expenses
51,932
44,164
63,949
92,996
Operating (loss) income
(3,862
)
2,586
22,022
(6,972
)
Other income (expense):
Interest income
62
27
70
48
Interest (expense), net of patronage
dividends
996
(696
)
(176
)
(481
)
Equity in earnings of investments, net
62
299
315
350
Other income (expense), net
200
78
(2,412
)
93
Total other income (expense)
1,320
(292
)
(2,203
)
10
(Loss) income before income tax benefit
(provision)
(2,542
)
2,294
19,819
(6,962
)
Income tax benefit (provision)
912
(722
)
(5,915
)
1,928
Net (loss) income
(1,630
)
1,572
13,904
(5,034
)
Net loss (income) attributable to
noncontrolling interest
17
(11
)
114
77
Net (loss) income attributable to
Limoneira Company
(1,613
)
1,561
14,018
(4,957
)
Preferred dividends
(126
)
(126
)
(251
)
(251
)
Net (loss) income applicable to common
stock
$
(1,739
)
$
1,435
$
13,767
$
(5,208
)
Basic net (loss) income per common
share
$
(0.10
)
$
0.08
$
0.77
$
(0.30
)
Diluted net (loss) income per common
share
$
(0.10
)
$
0.08
$
0.75
$
(0.30
)
Weighted-average common shares
outstanding-basic
17,597,000
17,511,000
17,587,000
17,461,000
Weighted-average common shares
outstanding-diluted
17,597,000
17,511,000
18,328,000
17,461,000
Non-GAAP Financial Measures
Due to significant depreciable assets associated with the nature
of the Company's operations and interest costs associated with our
capital structure, management believes that earnings before
interest, income taxes, depreciation and amortization ("EBITDA")
and adjusted EBITDA, which excludes stock-based compensation, named
executive officer cash severance, pension settlement cost, loss
(gain) on disposal of assets, net, cash bonus related to the sale
of assets and gain on legal settlement are important measures to
evaluate our results of operations between periods on a more
comparable basis. Adjusted EBITDA in previous periods did not
exclude stock-based compensation which has now been excluded as
management believes this is a better representation of cash
generated by operations and is consistent with peer company
reporting. Adjusted EBITDA for prior periods has been restated to
conform to the current presentation. Such measurements are not
prepared in accordance with U.S. generally accepted accounting
principles ("GAAP") and should not be construed as an alternative
to reported results determined in accordance with GAAP. The
non-GAAP information provided is unique to the Company and may not
be consistent with methodologies used by other companies.
EBITDA and adjusted EBITDA are summarized and reconciled to net
(loss) income attributable to Limoneira Company, which management
considers to be the most directly comparable financial measure
calculated and presented in accordance with GAAP, as follows (in
thousands):
Three Months Ended
April 30,
Six Months Ended April
30,
2023
2022
2023
2022
Net (loss) income attributable to
Limoneira Company
$
(1,613
)
$
1,561
$
14,018
$
(4,957
)
Interest income
(62
)
(27
)
(70
)
(48
)
Interest expense, net of patronage
dividends
(996
)
696
176
481
Income tax (benefit) provision
(912
)
722
5,915
(1,928
)
Depreciation and amortization
2,044
2,483
4,491
4,963
EBITDA
(1,539
)
5,435
24,530
(1,489
)
Stock-based compensation
965
378
2,029
1,375
Named executive officer cash severance
—
—
—
432
Pension settlement cost
—
—
2,741
—
Loss (gain) on disposal of assets, net
8,998
346
(30,744
)
261
Cash bonus related to sale of assets
—
—
2,000
—
Gain on legal settlement
(2,269
)
—
(2,269
)
—
Adjusted EBITDA
$
6,155
$
6,159
$
(1,713
)
$
579
The following is a reconciliation of net (loss) income
attributable to Limoneira Company to adjusted net income (loss) for
diluted EPS (in thousands, except share amounts):
Three Months Ended
April 30,
Six Months Ended April
30,
2023
2022
2023
2022
Net (loss) income attributable to
Limoneira Company
$
(1,613
)
$
1,561
$
14,018
$
(4,957
)
Effect of preferred stock and unvested,
restricted stock
(66
)
(146
)
(288
)
(281
)
Stock-based compensation
965
378
2,029
1,375
Named executive officer cash severance
—
—
—
432
Pension settlement cost
—
—
2,741
—
Loss (gain) on disposal of assets, net
8,998
346
(30,744
)
261
Cash bonus related to sale of assets
—
—
2,000
—
Gain on legal settlement
(2,269
)
—
(2,269
)
—
Tax effect of adjustments at federal and
state rates
(2,101
)
(211
)
7,168
(603
)
Adjusted net income (loss) for diluted
EPS
$
3,914
$
1,928
$
(5,345
)
$
(3,773
)
Diluted net (loss) income per common
share
$
(0.10
)
$
0.08
$
0.75
$
(0.30
)
Adjusted diluted net income (loss) per
common share
$
0.21
$
0.11
$
(0.30
)
$
(0.22
)
Weighted-average common shares outstanding
- diluted
17,597,000
17,511,000
18,328,000
17,461,000
Effect of preferred stock
741,000
—
(741,000
)
—
Adjusted weighted-average common shares
outstanding - diluted
18,338,000
17,511,000
17,587,000
17,461,000
Supplemental Information
(in thousands, except acres and average
price amounts):
Agribusiness Segment
Information for the Three Months Ended April 30, 2023
Fresh Lemons
Lemon Packing
Eliminations
Avocados
Other
Agribusiness
Total
Agribusiness
Revenues from external customers
$
32,847
$
6,423
$
—
$
3,603
$
3,803
$
46,676
Intersegment revenue
—
10,309
(10,309)
—
—
—
Total net revenues
32,847
16,732
(10,309)
3,603
3,803
46,676
Costs and expenses
29,977
12,075
(10,309)
1,023
3,683
36,449
Depreciation and amortization
—
—
—
—
—
1,740
Operating income (loss)
$
2,870
$
4,657
$
—
$
2,580
$
120
$
8,487
Agribusiness Segment
Information for the Three Months Ended April 30, 2022
Fresh Lemons
Lemon Packing
Eliminations
Avocados
Other
Agribusiness
Total
Agribusiness
Revenues from external customers
$
30,992
$
6,743
$
—
$
3,576
$
4,058
$
45,369
Intersegment revenue
—
9,373
(9,373)
—
—
—
Total net revenues
30,992
16,116
(9,373)
3,576
4,058
45,369
Costs and expenses
27,222
11,662
(9,373)
2,073
3,828
35,412
Depreciation and amortization
—
—
—
—
—
2,187
Operating income (loss)
$
3,770
$
4,454
$
—
$
1,503
$
230
$
7,770
Lemons
Q2 2023
Q2 2022
Lemon Packing
Q2 2023
Q2 2022
United States:
Cartons packed and sold
1,547
1,552
Acres harvested
3,600
3,600
Revenue
$
16,732
$
16,116
Limoneira cartons sold
782
757
Direct costs
12,075
11,662
Third-party grower cartons sold
765
795
Operating income
$
4,657
$
4,454
Average price per carton
$
17.23
$
17.57
Avocados
Q2 2023
Q2 2022
Chile:
Pounds sold
941
1,877
Lemon revenue
$
2,500
$
2,400
Average price per pound
$
1.30
$
1.90
40-pound carton equivalents
390
213
Other Agribusiness
Q2 2023
Q2 2022
Other:
Orange cartons sold
88
328
Lemon shipping and handling
$
6,400
$
6,700
Average price per carton
$
15.72
$
7.98
Lemon by-product sales
$
1,300
$
1,100
Specialty citrus cartons sold
41
254
Brokered fruit and other lemon sales
$
2,400
$
300
Average price per carton
$
24.78
$
5.68
Agribusiness costs and expenses
Q2 2023
Q2 2022
Packing costs
$
12,833
$
12,277
Harvest costs
6,307
5,566
Growing costs
5,949
7,997
Third-party grower and supplier costs
11,360
9,572
Depreciation and amortization
1,740
2,187
Agribusiness costs and expenses
$
38,189
$
37,599
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230606005912/en/
Investors John Mills Managing Partner ICR
646-277-1254
Limoneira (NASDAQ:LMNR)
과거 데이터 주식 차트
부터 4월(4) 2024 으로 5월(5) 2024
Limoneira (NASDAQ:LMNR)
과거 데이터 주식 차트
부터 5월(5) 2023 으로 5월(5) 2024