Limoneira Company Announces Fiscal Fourth Quarter and Full Year 2024 Financial Results
Net Revenues Grew
Achieved Year-Over-Year Pricing Improvement in Fresh Lemons and Avocados for Fiscal Year 2024
Company Achieved Avocado and Lemon Volume Guidance for Fiscal Year 2024
Strategic Alternatives Exploration to Maximize Stockholder Value Continues to Progress
Management Comments
Harold Edwards, President and Chief Executive Officer of the Company, stated, “Our achievement of solid lemon revenue and record avocado production, reaching 15.1 million pounds of avocados sold in 2024, demonstrates the inherent strength of our agricultural platform and validates our strategic focus on this high-value segment. The exceptional performance in avocados reinforces our strategic decision to expand our avocado production by 1,000 acres through fiscal year 2027, a transformation that is expected to drive significant EBITDA growth. In addition, our lemon offering is achieving increased penetration in the foodservice and quick service restaurant channels, and we expect more meaningful market penetration in fiscal 2025. We anticipate that further growth will come from enhanced sourcing of third-party lemons, alongside the significant monetization potential of our water and real estate assets. Our compelling portfolio of agricultural and real estate assets, together with our valuable water resources and strong balance sheet, create multiple pathways intended to build lasting shareholder value."
Mr. Edwards continued, “Our Harvest at Limoneira residential real estate joint venture with the Lewis Group of Companies (“Lewis”) continues to perform very well and we also anticipate meaningful water monetization transactions in fiscal year 2025. In addition, we continue to explore strategic alternatives for our assets and are very pleased with the interest. We remain committed to thoroughly exploring all options to maximize stockholder value and will provide updates if the board of directors finds that further disclosure is necessary or advisable.”
Fiscal Year 2024 Fourth Quarter Results
For the fourth quarter of fiscal year 2024, total net revenue was
Agribusiness revenue in the fourth quarter of fiscal year 2024 includes
The Company recognized
The Company recognized
Specialty citrus and other crops revenue was
Total costs and expenses in the fourth quarter of fiscal year 2024 were
Operating loss for the fourth quarter of fiscal year 2024 was
Net loss applicable to common stock, after preferred dividends, for the fourth quarter of fiscal year 2024 was
Adjusted net loss for diluted EPS in the fourth quarter of fiscal year 2024 was
Non-GAAP adjusted EBITDA was
Fiscal Year 2024 Results
For the fiscal year ended October 31, 2024, total net revenue was
For fiscal year 2024, adjusted net income for diluted EPS was
Balance Sheet and Liquidity
During the fiscal year ended October 31, 2024, net cash provided by operating activities was
On January 31, 2023, the Company sold its Northern Properties, which resulted in total net proceeds of
Real Estate Development and Property Sales
In October 2023, the Company’s joint venture closed on lot sales representing 121 residential units, thus completing the sell-out of Phase 1 of the development. In April 2024, the joint venture closed on lot sales representing 554 residential units, thus completing the sell-out of Phase 2 of the development. Total lot sales of 1,261 residential units closed since the project’s inception. In May 2024, the Company announced that the
Updated Guidance
The Company expects fresh lemon volumes to be in the range of 5.0 million to 5.5 million cartons for fiscal year 2025. Avocado volumes are expected to be in the range of 7.0 million to 8.0 million pounds for fiscal year 2025.
The Company expects to receive total proceeds of
Harvest at Limoneira Cash Flow Projections (in millions)
Fiscal Year |
|
2024 Actual |
|
2025 |
|
2026 |
|
2027 |
|
2028 |
|
2029 |
|
2030 |
Projected Distributions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The Company has 1,000 acres of non-bearing lemons and avocados estimated to become full bearing over the next four to five years, which the Company expects will enable strong organic growth in the coming years. Additionally, the Company plans to continue expanding its plantings of avocados over the next three years and expects to have an increase in third-party grower lemons. The foregoing describes organic growth opportunities and does not include potential acquisition opportunities for the Company in its highly fragmented industry.
Looking ahead, we continue to see a strong EBITDA outlook that is underpinned by plans to expand avocado production by 1,000 acres through fiscal year 2027 to capitalize on robust consumer demand trends. During this transition, the Company expects fiscal year 2025 avocado volume to be lower compared to fiscal year 2024 due to the alternate bearing nature of avocado trees. These operational results do not take into account anticipated additional gains from asset monetization.
Conference Call Information
The Company will host a conference call to discuss its financial results on December 23, 2024, at 1:30 pm Pacific Time (4:30 pm Eastern Time). Investors interested in participating in the live call can dial (877) 407-0789 from the
About Limoneira Company
Limoneira Company, a 131-year-old international agribusiness headquartered in
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are based on Limoneira’s current expectations about future events and can be identified by terms such as “expect,” “may,” “anticipate,” "plans", “intend,” “should be,” “will be,” “is likely to,” “strive to,” and similar expressions referring to future periods.
Limoneira believes the expectations reflected in the forward-looking statements are reasonable but cannot guarantee future results, level of activity, performance or achievements. Actual results may differ materially from those expressed or implied in the forward-looking statements. Therefore, Limoneira cautions you against relying on any of these forward-looking statements. Factors that may cause future outcomes to differ materially from those foreseen in forward-looking statements include, but are not limited to: success in executing the Company’s business plans and strategies, including the review and evaluation of strategic transactions; the process by which the Company engages in its evaluation of strategic transactions; the outcome of potential future strategic transactions and the terms thereof; the possibility that the evaluation of potential strategic transactions will not realize any additional value to our stockholders, and managing the risks involved in the foregoing; changes in laws, regulations, rules, quotas, tariffs and import laws; weather conditions that affect production, transportation, storage, import and export of fresh product; increased pressure from crop disease, insects and other pests; disruption of water supplies or changes in water allocations; disruption in the global supply chain; pricing and supply of raw materials and products; market responses to industry volume pressures; pricing and supply of energy; changes in interest and currency exchange rates; availability of financing for land development activities; political changes and economic crises; international conflict; acts of terrorism; labor disruptions, strikes or work stoppages; loss of important intellectual property rights; inability to pay debt obligations; inability to engage in certain transactions due to restrictive covenants in debt instruments; government restrictions on land use; and market and pricing risks due to concentrated ownership of stock. Other risks and uncertainties include those that are described in Limoneira’s SEC filings that are available on the SEC’s website at http://www.sec.gov. Limoneira undertakes no obligation to subsequently update or revise the forward-looking statements made in this press release, except as required by law.
LIMONEIRA COMPANY CONSOLIDATED BALANCE SHEETS (UNAUDITED) (in thousands, except share and per share data) |
|||||||
|
October 31, |
||||||
|
|
2024 |
|
|
|
2023 |
|
Assets |
|
|
|
||||
Current assets: |
|
|
|
||||
Cash |
$ |
2,996 |
|
|
$ |
3,631 |
|
Accounts receivable, net |
|
14,734 |
|
|
|
14,458 |
|
Cultural costs |
|
1,877 |
|
|
|
2,334 |
|
Prepaid expenses and other current assets |
|
3,849 |
|
|
|
5,588 |
|
Receivables/other from related parties |
|
2,390 |
|
|
|
4,214 |
|
Total current assets |
|
25,846 |
|
|
|
30,225 |
|
Property, plant and equipment, net |
|
162,046 |
|
|
|
160,631 |
|
Real estate development |
|
10,201 |
|
|
|
9,987 |
|
Equity in investments |
|
81,546 |
|
|
|
78,816 |
|
Goodwill |
|
1,504 |
|
|
|
1,512 |
|
Intangible assets, net |
|
5,221 |
|
|
|
6,657 |
|
Other assets |
|
12,451 |
|
|
|
13,382 |
|
Total assets |
$ |
298,815 |
|
|
$ |
301,210 |
|
|
|
|
|
||||
Liabilities, Convertible Preferred Stock and Stockholders’ Equity |
|
|
|
||||
Current liabilities: |
|
|
|
||||
Accounts payable |
$ |
7,260 |
|
|
$ |
9,892 |
|
Growers and suppliers payable |
|
8,960 |
|
|
|
9,629 |
|
Accrued liabilities |
|
12,483 |
|
|
|
8,651 |
|
Payables to related parties |
|
5,542 |
|
|
|
4,805 |
|
Current portion of long-term debt |
|
559 |
|
|
|
381 |
|
Total current liabilities |
|
34,804 |
|
|
|
33,358 |
|
Long-term liabilities: |
|
|
|
||||
Long-term debt, less current portion |
|
40,031 |
|
|
|
40,628 |
|
Deferred income taxes |
|
20,084 |
|
|
|
22,172 |
|
Other long-term liabilities |
|
1,395 |
|
|
|
4,555 |
|
Total liabilities |
|
96,314 |
|
|
|
100,713 |
|
Commitments and contingencies |
|
— |
|
|
|
— |
|
Series B Convertible Preferred Stock – |
|
1,479 |
|
|
|
1,479 |
|
Series B-2 Convertible Preferred Stock – |
|
9,331 |
|
|
|
9,331 |
|
Stockholders’ equity: |
|
|
|
||||
Series A Junior Participating Preferred Stock – |
|
— |
|
|
|
— |
|
Common Stock – |
|
180 |
|
|
|
179 |
|
Additional paid-in capital |
|
170,243 |
|
|
|
168,441 |
|
Retained earnings |
|
20,826 |
|
|
|
19,017 |
|
Accumulated other comprehensive loss |
|
(6,614 |
) |
|
|
(5,666 |
) |
Treasury stock, at cost, 250,977 shares at October 31, 2024 and October 31, 2023 |
|
(3,493 |
) |
|
|
(3,493 |
) |
Noncontrolling interest |
|
10,549 |
|
|
|
11,209 |
|
Total stockholders' equity |
|
191,691 |
|
|
|
189,687 |
|
Total liabilities, convertible preferred stock and stockholders’ equity |
$ |
298,815 |
|
|
$ |
301,210 |
|
LIMONEIRA COMPANY CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) (in thousands, except per share data) |
|||||||||||||||
|
Three Months Ended October 31, |
|
Fiscal Year Ended October 31, |
||||||||||||
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Net revenues: |
|
|
|
|
|
|
|
||||||||
Agribusiness |
$ |
42,478 |
|
|
$ |
40,085 |
|
|
$ |
185,923 |
|
|
$ |
174,381 |
|
Other operations |
|
1,383 |
|
|
|
1,348 |
|
|
|
5,580 |
|
|
|
5,520 |
|
Total net revenues |
|
43,861 |
|
|
|
41,433 |
|
|
|
191,503 |
|
|
|
179,901 |
|
Costs and expenses: |
|
|
|
|
|
|
|
||||||||
Agribusiness |
|
39,820 |
|
|
|
42,894 |
|
|
|
164,807 |
|
|
|
169,169 |
|
Other operations |
|
1,413 |
|
|
|
1,331 |
|
|
|
5,274 |
|
|
|
4,612 |
|
Impairment of intangible asset |
|
— |
|
|
|
— |
|
|
|
643 |
|
|
|
— |
|
(Gain) loss on disposal of assets, net |
|
(378 |
) |
|
|
350 |
|
|
|
(507 |
) |
|
|
(28,849 |
) |
Gain on legal settlement |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(2,269 |
) |
Selling, general and administrative |
|
5,757 |
|
|
|
6,548 |
|
|
|
27,464 |
|
|
|
26,455 |
|
Total costs and expenses |
|
46,612 |
|
|
|
51,123 |
|
|
|
197,681 |
|
|
|
169,118 |
|
Operating (loss) income |
|
(2,751 |
) |
|
|
(9,690 |
) |
|
|
(6,178 |
) |
|
|
10,783 |
|
Other income (expense): |
|
|
|
|
|
|
|
||||||||
Interest income |
|
55 |
|
|
|
116 |
|
|
|
118 |
|
|
|
364 |
|
Interest expense, net of patronage dividends |
|
(130 |
) |
|
|
(77 |
) |
|
|
(961 |
) |
|
|
(494 |
) |
Equity in earnings of investments, net |
|
1,240 |
|
|
|
4,808 |
|
|
|
18,356 |
|
|
|
5,322 |
|
Other (expense) income, net |
|
(12 |
) |
|
|
16 |
|
|
|
212 |
|
|
|
(2,611 |
) |
Total other income |
|
1,153 |
|
|
|
4,863 |
|
|
|
17,725 |
|
|
|
2,581 |
|
(Loss) income before income tax (provision) benefit |
|
(1,598 |
) |
|
|
(4,827 |
) |
|
|
11,547 |
|
|
|
13,364 |
|
Income tax (provision) benefit |
|
(322 |
) |
|
|
1,290 |
|
|
|
(4,373 |
) |
|
|
(4,247 |
) |
Net (loss) income |
|
(1,920 |
) |
|
|
(3,537 |
) |
|
|
7,174 |
|
|
|
9,117 |
|
Net loss attributable to noncontrolling interest |
|
61 |
|
|
|
82 |
|
|
|
542 |
|
|
|
283 |
|
Net (loss) income attributable to Limoneira Company |
|
(1,859 |
) |
|
|
(3,455 |
) |
|
|
7,716 |
|
|
|
9,400 |
|
Preferred dividends |
|
(125 |
) |
|
|
(125 |
) |
|
|
(501 |
) |
|
|
(501 |
) |
Net (loss) income applicable to common stock |
$ |
(1,984 |
) |
|
$ |
(3,580 |
) |
|
$ |
7,215 |
|
|
$ |
8,899 |
|
|
|
|
|
|
|
|
|
||||||||
Basic net (loss) income per common share |
$ |
(0.11 |
) |
|
$ |
(0.20 |
) |
|
$ |
0.40 |
|
|
$ |
0.50 |
|
|
|
|
|
|
|
|
|
||||||||
Diluted net (loss) income per common share |
$ |
(0.11 |
) |
|
$ |
(0.20 |
) |
|
$ |
0.40 |
|
|
$ |
0.50 |
|
|
|
|
|
|
|
|
|
||||||||
Weighted-average common shares outstanding-basic |
|
17,760 |
|
|
|
17,622 |
|
|
|
17,715 |
|
|
|
17,603 |
|
Weighted-average common shares outstanding-diluted |
|
17,760 |
|
|
|
17,622 |
|
|
|
17,715 |
|
|
|
17,603 |
|
Non-GAAP Financial Measures
Due to significant depreciable assets associated with the nature of the Company’s operations and interest costs associated with our capital structure, management believes that earnings before interest, income taxes, depreciation and amortization ("EBITDA") and adjusted EBITDA, which excludes stock-based compensation, pension settlement cost, impairment of intangible asset, (gain) loss on disposal of assets, net, cash bonus related to sale of assets, gain on legal settlement and severance benefits are important measures to evaluate our results of operations between periods on a more comparable basis. Such measurements are not prepared in accordance with
EBITDA and adjusted EBITDA are summarized and reconciled to net (loss) income attributable to Limoneira Company, which management considers to be the most directly comparable financial measure calculated and presented in accordance with GAAP, as follows (in thousands):
|
Three Months Ended
|
|
Fiscal Year Ended
|
||||||||||||
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Net (loss) income attributable to Limoneira Company |
$ |
(1,859 |
) |
|
$ |
(3,455 |
) |
|
$ |
7,716 |
|
|
$ |
9,400 |
|
Interest income |
|
(55 |
) |
|
|
(116 |
) |
|
|
(118 |
) |
|
|
(364 |
) |
Interest expense, net of patronage dividends |
|
130 |
|
|
|
77 |
|
|
|
961 |
|
|
|
494 |
|
Income tax provision (benefit) |
|
322 |
|
|
|
(1,290 |
) |
|
|
4,373 |
|
|
|
4,247 |
|
Depreciation and amortization |
|
2,101 |
|
|
|
2,066 |
|
|
|
8,374 |
|
|
|
8,576 |
|
EBITDA |
|
639 |
|
|
|
(2,718 |
) |
|
|
21,306 |
|
|
|
22,353 |
|
Stock-based compensation |
|
977 |
|
|
|
1,057 |
|
|
|
4,116 |
|
|
|
3,841 |
|
Pension settlement cost |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
2,700 |
|
Impairment of intangible asset |
|
— |
|
|
|
— |
|
|
|
643 |
|
|
|
— |
|
(Gain) loss on disposal of assets, net |
|
(378 |
) |
|
|
350 |
|
|
|
(507 |
) |
|
|
(28,849 |
) |
Cash bonus related to sale of assets |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
2,000 |
|
Gain on legal settlement |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(2,269 |
) |
Severance benefits |
|
(38 |
) |
|
|
— |
|
|
|
1,160 |
|
|
|
— |
|
Adjusted EBITDA |
$ |
1,200 |
|
|
$ |
(1,311 |
) |
|
$ |
26,718 |
|
|
$ |
(224 |
) |
The following is a reconciliation of net (loss) income attributable to Limoneira Company to adjusted net (loss) income for diluted EPS (in thousands, except per share data):
|
Three Months Ended October 31, |
|
Fiscal Year Ended October 31, |
||||||||||||
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Net (loss) income attributable to Limoneira Company |
$ |
(1,859 |
) |
|
$ |
(3,455 |
) |
|
$ |
7,716 |
|
|
$ |
9,400 |
|
Effect of preferred stock and unvested, restricted stock |
|
(147 |
) |
|
|
(152 |
) |
|
|
(685 |
) |
|
|
(589 |
) |
Stock-based compensation |
|
977 |
|
|
|
1,057 |
|
|
|
4,116 |
|
|
|
3,841 |
|
Pension settlement cost |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
2,700 |
|
Impairment of intangible asset |
|
— |
|
|
|
— |
|
|
|
643 |
|
|
|
— |
|
(Gain) loss on disposal of assets, net |
|
(378 |
) |
|
|
350 |
|
|
|
(507 |
) |
|
|
(28,849 |
) |
Cash bonus related to sale of assets |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
2,000 |
|
Gain on legal settlement |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(2,269 |
) |
Severance benefits |
|
(38 |
) |
|
|
— |
|
|
|
1,160 |
|
|
|
— |
|
Tax effect of adjustments at federal and state rates |
|
(154 |
) |
|
|
(386 |
) |
|
|
(1,489 |
) |
|
|
6,193 |
|
Adjusted net (loss) income for diluted EPS |
$ |
(1,599 |
) |
|
$ |
(2,586 |
) |
|
$ |
10,954 |
|
|
$ |
(7,573 |
) |
|
|
|
|
|
|
|
|
||||||||
Diluted net (loss) income per common share |
$ |
(0.11 |
) |
|
$ |
(0.20 |
) |
|
$ |
0.40 |
|
|
$ |
0.50 |
|
Adjusted diluted net (loss) income per common share |
$ |
(0.09 |
) |
|
$ |
(0.15 |
) |
|
$ |
0.62 |
|
|
$ |
(0.43 |
) |
|
|
|
|
|
|
|
|
||||||||
Weighted-average common shares outstanding - diluted |
|
17,760 |
|
|
|
17,622 |
|
|
|
17,715 |
|
|
|
17,603 |
|
Adjusted weighted-average common shares outstanding - diluted |
|
17,760 |
|
|
|
17,622 |
|
|
|
17,715 |
|
|
|
17,603 |
|
Supplemental Information
(in thousands, except acres and average price amounts):
|
Agribusiness Segment Information for the Three Months Ended October 31, 2024 |
|||||||||||||||
|
Fresh
|
Lemon
|
Eliminations |
Avocados |
Other
|
Total
|
||||||||||
Revenues from external customers |
$ |
24,073 |
|
$ |
1,375 |
|
$ |
— |
|
$ |
8,869 |
$ |
8,161 |
$ |
42,478 |
|
Intersegment revenue |
|
— |
|
|
3,998 |
|
|
(3,998 |
) |
|
— |
|
— |
|
— |
|
Total net revenues |
|
24,073 |
|
|
5,373 |
|
|
(3,998 |
) |
|
8,869 |
|
8,161 |
|
42,478 |
|
Costs and expenses |
|
25,621 |
|
|
7,301 |
|
|
(3,998 |
) |
|
1,805 |
|
7,305 |
|
38,034 |
|
Depreciation and amortization |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
— |
|
1,786 |
|
Operating income (loss) |
$ |
(1,548 |
) |
$ |
(1,928 |
) |
$ |
— |
|
$ |
7,064 |
$ |
856 |
$ |
2,658 |
|
|
Agribusiness Segment Information for the Three Months Ended October 31, 2023 |
|||||||||||||||
|
Fresh
|
Lemon
|
Eliminations |
Avocados |
Other
|
Total
|
||||||||||
Revenues from external customers |
$ |
25,443 |
|
$ |
3,030 |
|
$ |
— |
|
$ |
— |
$ |
11,612 |
$ |
40,085 |
|
Intersegment revenue |
|
— |
|
|
3,725 |
|
|
(3,725 |
) |
|
— |
|
— |
|
— |
|
Total net revenues |
|
25,443 |
|
|
6,755 |
|
|
(3,725 |
) |
|
— |
|
11,612 |
|
40,085 |
|
Costs and expenses |
|
25,951 |
|
|
9,121 |
|
|
(3,725 |
) |
|
— |
|
9,834 |
|
41,181 |
|
Depreciation and amortization |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
— |
|
1,713 |
|
Operating (loss) income |
$ |
(508 |
) |
$ |
(2,366 |
) |
$ |
— |
|
$ |
— |
$ |
1,778 |
$ |
(2,809 |
) |
Lemons |
Q4 2024 |
Q4 2023 |
|
Lemon Packing |
Q4 2024 |
Q4 2023 |
||||||
|
|
|
|
Cartons packed and sold |
|
470 |
|
|
549 |
|
||
Acres harvested |
|
1,900 |
|
2,000 |
|
Revenue |
$ |
5,373 |
|
$ |
6,755 |
|
Limoneira cartons sold |
|
186 |
|
208 |
|
Direct costs |
|
7,301 |
|
|
9,121 |
|
Third-party grower cartons sold |
|
284 |
|
341 |
|
Operating loss |
$ |
(1,928 |
) |
$ |
(2,366 |
) |
Average price per carton |
$ |
17.95 |
$ |
20.39 |
|
|
|
|
||||
|
|
|
|
Avocados |
Q4 2024 |
Q4 2023 |
||||||
|
|
|
|
Pounds sold |
|
4,622 |
|
|
— |
|
||
Lemon revenue |
$ |
900 |
$ |
1,100 |
|
Average price per pound |
$ |
1.92 |
|
$ |
— |
|
40-pound carton equivalents |
|
279 |
|
316 |
|
|
|
|
||||
|
|
|
|
Other Agribusiness |
Q4 2024 |
Q4 2023 |
||||||
Other: |
|
|
|
Orange cartons sold |
|
91 |
|
|
69 |
|
||
Lemon packing |
$ |
1,400 |
$ |
3,000 |
|
Average price per carton |
$ |
18.99 |
|
$ |
28.32 |
|
Lemon by-product sales |
$ |
100 |
$ |
— |
|
Specialty citrus cartons sold |
|
8 |
|
|
75 |
|
Brokered lemons and other lemon sales |
$ |
14,600 |
$ |
13,200 |
|
Average price per carton |
$ |
42.63 |
|
$ |
32.64 |
|
|
|
|
|
Farm management |
$ |
2,916 |
|
$ |
3,144 |
|
||
Agribusiness costs and expenses |
Q4 2024 |
Q4 2023 |
|
Other |
$ |
3,176 |
|
$ |
4,085 |
|
||
Packing costs |
$ |
7,301 |
$ |
9,121 |
|
|
|
|
||||
Harvest costs |
|
3,444 |
|
2,039 |
|
|
|
|
||||
Growing costs |
|
8,273 |
|
9,193 |
|
|
|
|
||||
Third-party grower and supplier costs |
|
18,654 |
|
20,320 |
|
|
|
|
||||
Other costs |
|
362 |
|
508 |
|
|
|
|
||||
Depreciation and amortization |
|
1,786 |
|
1,713 |
|
|
|
|
||||
Agribusiness costs and expenses |
$ |
39,820 |
$ |
42,894 |
|
|
|
|
||||
View source version on businesswire.com: https://www.businesswire.com/news/home/20241223272157/en/
Investors
John Mills
Managing Partner
ICR 646-277-1254
Source: Limoneira Company
