Limoneira Posts Record Revenue for 2018

Limoneira Co. had total revenue of $129 million last year, a record for the company. Despite the banner year, for the fiscal fourth quarter the Santa Paula citrus and real estate company reported a loss of $3.36 million (-19 cents a share), compared to a loss of $2.7 million (-19 cents) for the same quarter a year earlier. Revenue for the quarter, which ended Oct. 31, was $14.7 million. Analysts expected a loss of -35 cents a share on revenue of $16.5 million, according to Thomson Financial. For the full year, the company had net income of $1.25 a share. “We achieved record revenue and earnings in fiscal 2018, closed on two strategic acquisitions and improved our balance sheet with a successful equity offering,” Chief Executive Harold Edwards said in a statement. “We expect the positive pricing environment for lemons experienced in 2018 to continue throughout fiscal 2019, along with increased production and operating efficiencies in all areas of our business.” The company announced its results after market close. Shares of Limoneira (LMNR) closed Monday down 44 cents, or 2 percent, to $21.58 on the Nasdaq.