Limoneira Reveals Fourth Quarter and Fiscal 2020 Report
SANTA PAULA, CA - Limoneira is ready for 2021 as the grower just released its fourth quarter and full-year financial results after a year of record lemon volume and growth through its real estate development project.
“We achieved record lemon volume in fiscal 2020 and our real estate development project, Harvest at Limoneira, exceeded our expectations,” Harold Edwards, President and Chief Executive Officer, said. “Domestic lemon volume was up due to our expanded focus on grocery retail as consumers continue to focus on at-home dining instead of foodservice venues. During our seasonally soft fiscal fourth quarter of 2020, pricing was lower than expected during the back half of the quarter, primarily related to reduced exports to Asia due to the COVID-19 pandemic. We continue to be a leader in foodservice and exports and are well-positioned once dining-out improves from COVID-19 vaccine distribution.”
Highlights from the report include:
- Total net revenue was $29.8 million
- $13.3 million in fresh lemon sales
- For the fiscal year ending October 31, 2020, total revenue was $164.6 million
“In real estate development, we have now closed 354 lots since inception, including 144 new lot closings in fiscal 2020 and Lennar, one of our primary builders, recently announced they expect additional lot closings of 76 residential units by the end of June 2021,” Edwards continued. “Based on these stronger than expected homebuilding results throughout fiscal 2020, we now have annual visibility on the expected $80 million of cash distributions from Harvest at Limoneira during the next six years beginning in fiscal 2022. The expected cash distributions do not include the potential upside from increased density in housing at Harvest at Limoneira, as well as the potential opportunity of a medical campus in our East Area 2 development. We expect to be in a position to provide greater transparency on these opportunities this year.”
For more details on the venture, please read the financial release here.
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