Limoneira narrows first quarter losses
Net losses and operating losses for Santa Paula citrus grower Limoneira fell by almost half for the first quarter of fiscal year 2017, compared to the same period last year, on a 12 percent increase in revenue.
Net loss applicable to common stock was $2.2 million for the quarter, down from $4.1 million in the first quarter of 2016, and revenues increased from $25 million to $28.1 million. Operating loss fell from $6.3 million to $3.2 million for the respective periods, as costs and expenses remained flat.
Net cash used in operations fell 20 percent to $4.3 million, Limoneira reported in an earnings release March 13, while cash used in investing activities more than doubled to $6.8 million, from $3 million in the first quarter of 2016.
Higher volumes of fresh lemons led to an increase in agribusiness revenues to $26 million, up about $4 million from the previous year. Heavy rainfall during the quarter led to delays in orange and specialty citrus harvests, the statement said.
The company contributed $2.3 million to the joint Harvest at Limoneira venture with the Lewis Group of Companies in fiscal year 2016 and an additional amount of $4.5 million in the first quarter of fiscal year 2017.
“We achieved record lemon sales for the first quarter of fiscal 2017 and the efficiencies from our recently completed packing facility also benefited our first quarter results,” President and CEO Harold Edwards said in the statement, adding that the company anticipates increases in avocado prices and lemon revenues over the next year.
The company updated its outlook for fiscal 2017 to reflect expectations of operating income between $14.4 million and $14.9 million and earnings per share between 48 and 52 cents.
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