Limoneira posts higher revenue in second quarter
Santa Paula-based Limoneira announced its results for the second quarter after the markets closed June 6, highlighting a rise in revenue as well as a lower net debt position.
Limoneira, a grower of lemons and avocados, announced revenue worth $48.1 million compared to $46.8 million in the same quarter a year ago.
The company suffered a net loss of $1.7 million in the second quarter, however, up from a loss of $1.4 million in the second quarter of 2021.
Adjusted for one-time losses, Limoneira actually generated $3.9 million or 21 cents per share, beating analysts’ expectations by about 2 cents, according to Zacks Consensus Estimate.
During the second quarter, Limoneira’s lemon sales totaled $26.6 million down from $27.3 million in the second quarter of 2022 as the price per carton sold took a slight dip.
Of the 1,547,000 cartons of U.S.-packed fresh lemons sold during the second quarter 49% were procured from third-party growers.
Avocado sales grew to $3.6 million while orange sales totaled about $1.4 million.
Harold Edwards, president and CEO of Limoneira, said in a statement the company has “decreased our net debt position by 70%” as part of the company’s transition into a higher-margin, “asset-lighter” business model.
Limoneira also recently announced it had signed an exclusive licensing relationship with Apeel Sciences, the Goleta-based company that has developed a system for increasing the shelf life of fresh produce on May 11.
Limoneira’s stock closed up 3.1% on June 6 at $16.47. Shares dropped about 1.4% in after-hours trading.