After a first-quarter loss, Limoneira Co. bounced back with earnings of $1.5 million for the second quarter, the company said June 11.
The Santa Paula-based agribusiness reported $16.1 million in revenue for the quarter ended April 30, $12.4 million of which came from lemon sales. That’s compared to $12.5 million in revenue for the same period last year. Agribusiness revenue was up 31 percent from a year ago to $15 million, while rental revenue remained flat at $1 million and real estate development brought in $44,000 compared to $51,000 in the second quarter of last year.
The company said it’s benefitting from selling lemons directly customers. In the second quarter, it sold about 102,000 more fresh lemon cartons than in the second period of 2011.
Since the beginning of the year, Limoneira has entered into lease agreements to use more than 1,000 acres of agricultural land in the San Joaquin Valley.
“In the second quarter, we achieved strong revenue and earnings growth and entered into key agreements and acquisitions that will benefit our business in coming quarters,” Harold Edwards, the company’s CEO, said in an earnings release.
Limoneira shares were down 93 cents to $14.16 at closing on June 11.