Limoneira Company Reports ThirdQuarter 2024 Financial Results
Intellectia.AI2024-09-10
Limoneira Company Reports Third-Quarter 2024 Financial Results
Limoneira Company, a leading agribusiness specializing in citrus production, has reported its financial results for the third quarter of fiscal 2024, ending July 31.
Key Financial Metrics
| Metric | Q3 2024 | Q3 2023 | YoY Change | Consensus |
|---|---|---|---|---|
| Total Revenue (Million USD) | 63.3 | 52.5 | +20.7% | 63.57 |
Limoneira reported strong revenue growth in the third quarter, driven primarily by increased sales in fresh lemons and avocados. The company exceeded its previous year's earnings but fell short of Wall Street's consensus revenue estimate of $63.57M.
Segment Performance
| Segment | Q3 2024 Revenue (M USD) | Q3 2023 | YoY Change |
|---|---|---|---|
| Fresh Lemons | 36.7 | 32.7 | +12.2% |
| Lemon Packing | 15.7 | 15.2 | +4.0% |
| Avocados | 13.9 | 3.5 | +297.1% |
| Other Agribusiness | 6.0 | 9.4 | -36.2% |
The revenue from the avocado segment showed an almost threefold increase year-over-year, significantly contributing to the overall revenue growth. This surge was attributed to both increased volume and pricing improvements.
Key Developments
- Real Estate Ventures: Limoneira's joint venture closed 554 residential homesites at the Harvest at Limoneira community, generating substantial earnings.
- Organizational Restructuring: The company underwent restructuring, incurring $1.2 million in severance costs.
Officer Comments
In the earnings call, Limoneira's CEO emphasized the stronger market demand and successful execution in their real estate joint ventures. The CEO highlighted strategic shifts toward optimizing core agribusiness operations and investments into higher-margin business ventures, such as avocado production.
Dividends and Share Repurchase
- Dividends: The company declared a quarterly dividend of $0.075 per common share, amounting to approximately $1.4 million.
- Share Repurchase: No share repurchase program was announced.
Forward Guidance
The company refrained from providing forward guidance due to ongoing market uncertainties and strategic review processes aimed at maximizing shareholder value.
Stock Price Movement
Following the earnings announcement, Limoneira's stock experienced a modest increase of approximately 0.28%, reflecting positive investor response to the robust revenue performance in core segments.
In summary, Limoneira Company showed a significant year-over-year revenue increase driven by strong performances in the lemon and avocado markets, alongside strategic real estate developments. The company continues to focus on its core competencies and explore options to enhance shareholder value.
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