Limoneira Q3 op income $9.0M vs loss of $1.5M; avocado guidance raised >50%

Limoneira CO

2024-Q3 EPS reported $0.51 revenue$147,642,000

Q3 net revenue $63.3M (+21% YoY); operating income $9.0M vs loss $1.5M; diluted EPS $0.35 vs -$0.07.
Avocado revenue $13.9M (+300% YoY) on 8.9M lbs at $1.57/lb; FY24 volume guidance raised to 14.5-15.5M lbs.
Fresh lemon guidance lowered to 4.5-5.0M cartons from 5.0-5.5M due to late-season rains.
Real estate JV completed sell-out of Phase 2 (554 units); city council approved increase to 2,050 total units; $180M projected distributions through 2030.
Strategic alternatives exploration with Stephens Inc continues; plans to expand avocado acreage by 1,000 acres over 3 years.

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