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Apr 30, 2021
Limoneira Q2 2021 Earnings Report
Achieved revenue growth driven by record fresh lemon and increased avocado volume, closed sales of Harvest at Limoneira lots, and experienced strong demand for homes.
Key Takeaways
Limoneira Company reported a 14% increase in total net revenue for the second quarter of fiscal year 2021, driven by record lemon volume and strong avocado volume. The company's focus on retail food and club grocery business continues to perform well, and there is an improvement in domestic foodservice and export sales. Adjusted EBITDA improved to $6.0 million compared to a loss of $0.1 million for the same period last year.
Total net revenue increased by 14% to $45.1 million compared to $39.6 million in the second quarter of the previous fiscal year.
Agribusiness revenue increased to $44.0 million, compared to $38.4 million in the second quarter of last fiscal year.
Net income attributable to common stock was $1.8 million, compared to a net loss of $5.0 million in the same period last year.
Adjusted EBITDA was $6.0 million, compared to a loss of $0.1 million in the same period last year, driven by cost improvement initiatives.
Revenue by Segment
Forward Guidance
The COVID-19 pandemic continues to affect the Company’s food service business on a global basis. The Company believes it is prudent to not provide lemon guidance at this time until the COVID-19 vaccine is widely distributed. Management continues to believe avocado revenue in fiscal 2021 will be strong due to market factors and positive initial crop indicators. The Company also believes it will experience improving results compared to last year during the second half of fiscal 2021 due to its stronger position in grocery compared to last year and as food service and export markets recover and cost control measures continue to show improvement. The Company expects to receive $80 million from Harvest at Limoneira during the next six fiscal years, beginning in fiscal 2022.
Positive Outlook
- Avocado revenue in fiscal 2021 will be strong due to market factors and positive initial crop indicators.
- Improving results expected in the second half of fiscal 2021 due to a stronger position in grocery compared to last year.
- Food service and export markets are expected to recover.
- Cost control measures continue to show improvement.
- Expected to receive $80 million from Harvest at Limoneira during the next six fiscal years, beginning in fiscal 2022.
Challenges Ahead
Revenue & Expenses
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Avg. Return Before/After Earnings
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