Limoneira Q1 net loss narrows on asset-lighter shift; revenue up 5% to $39.7M

Limoneira CO

2024-Q1 EPS reported -$0.21 revenue$39,731,000

Adjusted net loss per diluted share improved to $0.18 from $0.53; adjusted EBITDA loss narrowed 39% to $4.8M.
Fresh lemon cartons sold 1.14M at avg $21.06/carton vs 1.31M at $18.88; brokered lemon sales grew to $2.9M.
Company reiterates FY2024 guidance: fresh lemon volumes 5.0-5.5M cartons, avocado 7.0-8.0M lbs.
Real estate joint venture completed Phase 1 sell-out (707 units); negotiating Phase 2, expanding total units to 2,050.
CEO pauses sale of two non-strategic assets and abandons Chile packinghouse to focus on avocado expansion.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

Limoneira CO reported the first quarter ended January 31, 2024 results: revenue $39.7 million, net income Net loss applicable to common stock, after preferred dividends, for the first quarter of fiscal year 2024 was $3.7 milli, EPS Net loss per diluted share for the first quarter of fiscal year 2024 was $0.21. Guidance reaffirmed.

Period: the first quarter ended January 31, 2024
Revenue: $39.7 million
Net income: Net loss applicable to common stock, after preferred dividends, for the first quarter of fiscal year 2024 was $3.7 milli
EPS: Net loss per diluted share for the first quarter of fiscal year 2024 was $0.21
Guidance: reaffirmed
Result: reported results

Exact text from the filing

furnished within this report as Exhibit 99.1. --- EX-99.1 (EX-99.1) --- Limoneira Company Announces First Quarter Fiscal Year 2024 Financial Results Net Revenues Grew 5% to $39.7 Million in First Quarter of Fiscal Year 2024 Compared to Prior Year Strategic Shift Toward Higher Margin “Asset-Lighter” Business Model Reflected in First Quarter of Fiscal Year 2024

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Source: SEC EDGAR

accession 0001342423-24-000005

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