SANTA PAULA, CA - Limoneira Company has reported financial results for the first quarter ended January 31, 2024. Total net revenue increased 5 percent to $39.7 million, compared to total net revenue of $37.9 million in the first quarter of the previous fiscal year. The report also disclosed that the company is continuing its shift toward an asset-lighter business model.

“We are very encouraged to see the Company’s strategic shift towards an ‘asset-lighter’ business model reflected in our results, with agribusiness expenses decreasing by 5 percent, agribusiness operating loss improving by 84 percent, and our adjusted EBITDA improving by 39 percent in the first quarter of fiscal year 2024 compared to the prior year period,” Harold Edwards, President and Chief Executive Officer, stated. “Going forward we expect continued improvement as the asset-lighter model starts to have a meaningful impact on our operating results. As part of the Company’s exploration of strategic alternatives to maximize value, we have decided it is in the best interest of our stockholders to temporarily pause the sale of the two remaining non-strategic assets, as well as move away from pursuing a packinghouse in Chile and instead add value by focusing on expanding our avocado production over the next three years.”

According to a press release, additional highlights from the report include:

• Brokered lemons and other lemon sales increased to $2.9 million and company achieved $2 million in farm management revenue
• Agribusiness revenue was $38.3 million, compared to $36.5 million in the first quarter of last fiscal year
• Other operations revenue was $1.4 million in both the first quarters of fiscal years 2024 and 2023

“Results for the first quarter were impacted by increased rainfall in California that delayed the picking of lemons from the first quarter to the second quarter; however, we do not expect the rainfall to have any other impact on the overall harvest or the quality of the fruit,” Edwards continued. “Additionally, avocado harvests will begin in the second quarter and run into the third quarter due to the seasonality of California avocados and lack of import pressure from Mexico and Peru in the U.S. market during that period.”

For more from the report, click here.

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