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Wednesday, Apr 17, 2024

Limoneira Reports Lower Profits, Higher Revenue

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.

Joel Russel
Joel Russel
Joel Russell joined the Los Angeles Business Journal in 2006 as a reporter. He transferred to sister publication San Fernando Valley Business Journal in 2012 as managing editor. Since he assumed the position of editor in 2015, the Business Journal has been recognized four times as the best small-circulation tabloid business publication in the country by the Alliance of Area Business Publishers. Previously, he worked as senior editor at Hispanic Business magazine and editor of Business Mexico.

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