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Oct 31, 2022
Limoneira Q4 2022 Earnings Report
Reported an increase in revenue and a reduced operating loss compared to the same quarter of the previous year.
Key Takeaways
Limoneira Company reported an 18% increase in total net revenue for the fourth quarter of fiscal year 2022, reaching $39.7 million. The company's operating loss improved to $1.9 million, and the net loss applicable to common stock was $2.8 million, or $0.16 per diluted share.
Total net revenue increased by 18% to $39.7 million compared to the previous year.
Agribusiness revenue was $38.2 million, up from $32.3 million in the prior year.
Operating loss improved to $1.9 million from $6.5 million in the fourth quarter of the previous fiscal year.
Net loss applicable to common stock was $2.8 million, compared to $5.0 million in the same period last year.
Revenue by Segment
Forward Guidance
The Company believes it will experience improving year-over-year results in fiscal year 2023 compared to fiscal year 2022 due to its stronger position in retail food and club grocery.
Positive Outlook
- The Company expects fresh lemon volumes to be in the range of 5.0 million to 5.4 million cartons for fiscal year 2023.
- Avocado volumes are expected to be in the range of 4.0 million to 5.0 million pounds for fiscal year 2023.
- The company now expects to receive an over 20% increase in total proceeds of $115 million from Harvest at Limoneira and the addition of LLCB II and East Area II spread out over seven fiscal years, with approximately $8 million received 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 to five years, which enables the Company to achieve strong organic growth for many years to come.
- The Company expects 200 of the 1,000 acres to become full bearing in fiscal year 2023.
Challenges Ahead
- The Company’s food service business and industry logistics continue to experience slowdown in its supply chain.
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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