Limoneira Q1 2024 Earnings Report
Key Takeaways
Limoneira Company reported a 5% increase in total net revenue to $39.7 million for the first quarter of fiscal year 2024. The company's strategic shift towards an "asset-lighter" business model is reflected in the results, with agribusiness expenses decreasing by 5% and agribusiness operating loss improving by 84%.
Total net revenue increased by 5% to $39.7 million compared to the previous year.
Agribusiness operating loss improved by 84% due to strategic shift toward an "asset-lighter" business model.
Brokered lemons and other lemon sales increased to $2.9 million.
The company achieved $2.0 million in farm management revenue.
Limoneira
Limoneira
Limoneira Revenue by Segment
Forward Guidance
The Company expects fresh lemon volumes to be in the range of 5.0 million to 5.5 million cartons and avocado volumes are expected to be in the range of 7.0 million to 8.0 million pounds for fiscal year 2024.
Positive Outlook
- Fresh lemon volumes expected to be in the range of 5.0 million to 5.5 million cartons for fiscal year 2024.
- Avocado volumes are expected to be in the range of 7.0 million to 8.0 million pounds for fiscal year 2024.
- The Company expects to receive total proceeds of $131 million from Harvest at Limoneira, LLCB II and East Area II spread out over nine fiscal years.
- The company has 700 acres of non-bearing lemons and avocados estimated to become full bearing over the next four to five years.
- The Company plans to expand its plantings of avocados over the next three years and also expects to have an increase in third-party grower fruit.
Revenue & Expenses
Visualization of income flow from segment revenue to net income