Limoneira Reveals Expansion and $1 Million Increase in Fiscal Q2 2022 Financial Results; Harold Edwards Details
SANTA PAULA, CA - Strategically leveraging its capabilities and position in the citrus sector, Limoneira has used its industry prowess to overcome ongoing challenges and come out ahead. In its recently released second quarter fiscal year 2022 results, the grower revealed it hit $46.8 million in total net revenue, an increase of $1.7 million from the previous year.
“We enter the second half of fiscal year 2022 with an improving topline driven by increased revenues for avocados, oranges, and specialty citrus in the second quarter of fiscal year 2022,” said Harold Edwards, President and Chief Executive Officer. “Our avocado segment has continued to outperform expectations this fiscal year with pricing over 50 percent higher year-over-year in the second quarter and strong demand leading us to expect continued strong profitability for the third quarter of fiscal year 2022.”
In addition to its more than $46 million in total revenue for its second quarter, Limoneira announced its total revenue for the first six months of fiscal year 2022, which ended April 30, was $86 million compared to $83.4 million in the same period last year, according to a release. Other highlights include:
- Agribusiness revenue was $45.4 million
- Other operations revenue was $1.4 million for the second quarter of fiscal year 2022, compared to $1.1 million the previous year
- Approximately 1,552,000 cartons of U.S. packed fresh lemons were sold in aggregate during the quarter
- The company recognized $3.6 million of avocado revenue in the second quarter of fiscal year 2022
- Limoneira recognized $2.6 million of orange revenue in the second quarter of fiscal year 2022
Moving forward, Limoneira is setting its sights on further strategic advancements in order to inspire even greater growth and success.
“In order to unlock the value of our many assets and better leverage our leading global citrus position, our Board of Directors has formulated a strategic plan to expand One World of Citrus, increase our avocado plantings, and sell certain assets to dramatically increase our cash flow in the near future,” added Edwards.
To read the report in its entirety, click here.
What will be Limoneira’s next play to continue driving company evolution? Stick with AndNowUKnow for answers.
