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Jul 31, 2022
Limoneira Q3 2022 Earnings Report
Revenue increased driven by record avocado revenues and strong fresh lemon sales, and operating income increased significantly.
Key Takeaways
Limoneira Company reported a 20% increase in total net revenue to $58.9 million for the third quarter of fiscal year 2022, driven by record avocado revenues and increased fresh lemon sales. Operating income increased by over 200% to $11.1 million, and net income per diluted share was $0.40, a 100% increase compared to the prior year.
Total net revenue increased 20% to $58.9 million compared to the prior year.
Operating income increased over 200% compared to the prior year to $11.1 million.
Earnings per share were $0.40, a 100% increase compared to the prior year.
Company expects to receive $8 million in proceeds during the fiscal fourth quarter 2022 from Harvest at Limoneira.
Revenue by Segment
Forward Guidance
The Company believes it will continue to experience improving year over year results for the fiscal fourth quarter of 2022 due to its stronger position in retail food and club grocery, as well as a gain from the joint venture with Lewis related to Harvest at Limoneira. The Company continues to expect fresh lemon volumes to be in the range of 4.5 million to 5.0 million cartons for fiscal year 2022.
Positive Outlook
- Stronger position in retail food.
- Stronger position in club grocery.
- Gain from the joint venture with Lewis related to Harvest at Limoneira.
- Expects cash distributions to be $95 million from Harvest at Limoneira during the next five fiscal years, beginning in fiscal year 2022.
- The Company has an additional 1,000 acres of non-bearing lemons estimated to become full bearing over the next four years, which enables the Company to achieve strong organic growth for many years to come.
Challenges Ahead
- The Company’s food service business and industry logistics continue to experience slowdown in its supply chain.
- Inflationary pressures on a global basis.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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