Limoneira Q1: net income $15.5M ($0.84/diluted) on $37.9M revenue; adjusted loss $0.53/share

Limoneira CO

2023-Q1 EPS reported $0.84 revenue$37,901,000

Revenue $37.9M vs $39.3M YoY; operating income $25.9M (incl $40M gain from Northern Properties sale) vs $9.6M loss prior year.
Adjusted net loss per diluted share $0.53 vs $0.33 loss prior year; GAAP EPS $0.84 vs ($0.38) loss.
Net debt reduced 72% from $105M to $28.9M after $98.8M net proceeds from Northern Properties sale.
Heavy rainfall delayed avocado harvest into Q2; FY2023 volume guidance: lemons 5.0-5.4M cartons, avocados 4.0-5.0M lbs.
Expected non-strategic asset sale proceeds raised to $180M from $150M; $130M closed in past six months.

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