Limoneira Co. fell short of analyst expectations for quarterly earnings but made progress on its Harvest at Limoneira real estate project during the quarter, the company announced Monday.
The Santa Paula agribusiness reported net income of $8 million (50 cents a share) for its fiscal third quarter ended July 31, compared to net income of $7.6 million (52 cents) for the same period a year ago. Revenues fell 1.1 percent to $40 million.
Analysts on average expected net income of 55 cents on revenue of $37.3 million, according to Thomson Financial Network.
During the quarter, the company acquired two lemon businesses – Oxnard Lemon in Oxnard and San Pablo in Chile. The company also raised $69 million in a stock offering.
“The capital raise combined with expected EBITDA growth in the coming years has us well positioned for additional acquisitions,” Chief Executive Harold Edwards said in a statement. “Our real estate venture, Harvest at Limoneira, recently completed the lot bidding process for Phase 1 and we have begun receiving deposits for lots from national homebuilders. We are on schedule and believe this venture will be a significant contributor to our cash flow in the coming years.”
When fully built, Harvest at Limoneira will feature 1,500 residential units in Santa Paula.
The company reported its quarterly results after market close. Shares of Limoneira (LMNR) closed Monday up 90 cents, or 2.8 percent, to $33.26 on the Nasdaq.