Limoneira Co. announced lower third-quarter profits Monday which nonetheless met analyst expectations and sent the stock up more than 6 percent.
The Santa Paula agribusiness reported net income of $7.65 million (52 cents a share) on revenue of $40.4 million during the quarter ended July 31. In the same period a year ago, the company reported net income of nearly $10.6 million (71 cents) on revenue of $39.9 million.
Analysts on average expected net income of 52 cents on revenue of $37.9 million, according to Thomson Financial.
The company attributed its results to “stronger lemon sales partially offset by lower avocado sales.” During the quarter, Limoneira shipped 919,000 cartons of lemons for a total of $30 million, or about $3.8 million more than in the same period a year ago. The company also shipped 5 million pounds of avocados at an average price of $1.50 a pound, compared to 9.5 million pounds at $1.01 a year ago.
Shares of Limoneira (LMNR) closed Monday up $1.56, or 6.8 percent, to $24.37 on the Nasdaq.