Limoneira Q4 2021 Earnings Report
Key Takeaways
Limoneira Company reported a 13% increase in revenue for the fourth quarter of fiscal year 2021, driven by higher lemon prices and strong brokered fruit revenue. The company's real estate development project, Harvest at Limoneira, continues to perform well with 30 new lot closings in the fourth quarter. The company expects to receive insurance compensation in the first quarter of calendar year 2022 related to the fourth quarter fruit spoilage.
Revenue increased 13% compared to the same period last year.
Brokered fruit revenue more than doubled compared to last year.
Lemon pricing improved in the back half of fiscal year 2021 and is expected to continue throughout fiscal year 2022.
Harvest at Limoneira closed 30 new lots in the fourth quarter of fiscal year 2021.
Limoneira
Limoneira
Limoneira Revenue by Segment
Forward Guidance
The Company believes it will experience improving results in fiscal year 2022 compared to fiscal year 2021 due to its stronger position in retail food and club grocery and growing brokered fruit revenues.
Positive Outlook
- Stronger position in retail food and club grocery.
- Growing brokered fruit revenues.
- Lemon prices are expected to increase.
- Fresh lemon volumes to be in the range of 4.5 million to 5.0 million cartons.
- Avocado volumes are expected to be in the range of 5.0 million to 6.0 million pounds.
Challenges Ahead
- COVID-19 pandemic continues to affect the Company’s food service business.
- COVID-19 pandemic continues to affect industry logistics on a global basis.
- Shipping delays
- Congested ports
- Spoilage