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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.
Limoneira
Limoneira
Limoneira Revenue by Segment
Revenue by Segment
Agribusiness Revenue
CapyFin.comOther Operations Revenue
CapyFin.com 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.
- The Company’s food service business and industry logistics continue to experience inflationary pressures on a global basis.
Revenue & Expenses
Visualization of income flow from segment revenue to net income