Santa Paula-based Limoneira reported a loss of about $4 million and revenues fell $3 million in first quarter earnings results the company released March 10.
Revenues fell from $28 million during the first quarter of 2015 to $25 million in 2016. Net losses widened from $1.4 million in 2015 to $3.9 million in 2016.
Losses of 29 cents per share increased from 11 cents per share last year. Analysts surveyed by investment research firm Zacks had predicted losses of just 9 cents per share.
The agribusiness company said it sold just 753,000 cartons of fresh lemons in the first quarter, compared to 890,000 last year.
“The decrease in volume in the first quarter of fiscal year 2016 was primarily due to lower production from the company’s orchards in Yuma, Ariz.,” Limoneira said in a news release.
Limoneira shares have dropped about 6 percent since the beginning of the year and closed March 11 at $15.19.
• Contact Philip Joens at [email protected]