Limoneira Company reports developments across a diversified agribusiness built around lemon and avocado growing, lemon packing, related crop marketing, and real estate development operations. News commonly covers quarterly and annual results, lemon and avocado volume guidance, cost and operating initiatives, dividend actions, and the company’s use of agricultural land, water assets, and non-strategic real estate.
Company updates also include avocado acreage expansion, lemon packing partnerships, the Agromin-Limoneira organics recycling joint venture, housing-related real estate activity, and governance or finance leadership matters. These recurring items connect Limoneira’s crop production and packing economics with asset monetization and capital allocation decisions.
Limoneira Company reported preliminary financial results for Q3 FY 2021, revealing net revenue of approximately $49.0 million, down from $53.6 million last year. The company faced challenges due to reduced avocado sizing from drought effects, while lemon sales increased, leading to an expected operating income growth of 80%. Earnings per share are projected between $0.18 and $0.23, up from $0.12 in the previous year. The company anticipates $80 million from its real estate project over six years starting FY 2022.
Limoneira Company (Nasdaq: LMNR) has announced a non-binding letter of intent to sell 25.28 acres of its 32-acre property, known as “East Area 2,” to Pacific Coast Investments, Inc. The sale will occur in five stages and is contingent on executing a purchase agreement and securing leases necessary for financing. The transaction could enhance Limoneira's expected cash flow by $80 million from its Harvest at Limoneira development project, fostering a medical campus that will serve Ventura County. CEO Harold Edwards highlighted the strategic benefits of this deal for the community.
On June 22, 2021, Limoneira Company (Nasdaq: LMNR) announced a quarterly cash dividend of $0.075 per common share, set to be paid on July 16, 2021, to stockholders on record by July 6, 2021. Limoneira, a 128-year-old agribusiness headquartered in California, focuses on sustainable practices across its 15,400 acres of agricultural land and properties in California, Arizona, Chile, and Argentina. The company is recognized for its production of lemons, avocados, and various citrus fruits, contributing to its position as a leading integrated agribusiness worldwide.
Limoneira Company (Nasdaq: LMNR) announced the closing of an additional 32 residential homesites in its joint venture with The Lewis Group of Companies. These homesites, purchased by Lennar, are part of the Harvest at Limoneira project, which currently includes 586 units in Phase 1. To date, Lennar has acquired 263 homesites. This community offers a range of housing options in Southern California, attracting strong interest from buyers due to its scenic views and proximity to amenities.
Limoneira Company (Nasdaq: LMNR) reported a strong second quarter for fiscal year 2021, with total net revenue reaching $45.1 million, up from $39.6 million year-over-year. Key factors include a 14% increase in top-line growth, driven by record lemon and avocado sales. Adjusted EBITDA improved to $6.0 million from a loss of $0.1 million last year. The real estate project, Harvest at Limoneira, has closed 524 lots and aims for $80 million in cash distributions over the next six years. Despite challenges from COVID-19, management expects improving food service and export markets in the second half of the year.
Limoneira Company (Nasdaq: LMNR) plans to release its financial results for Q2 2021 on June 8, 2021, after market close. A conference call will follow on the same day at 1:30 PM PT (4:30 PM ET) to discuss these results. Interested investors can join the call by dialing (877) 705-6003 or (201) 493-6725 for international calls. A replay will be available through June 22, 2021. Limoneira, based in California, has extensive agribusiness operations covering 15,400 acres across multiple countries, specializing in citrus and other crops.
Limoneira Company (Nasdaq: LMNR) announced that CEO Harold Edwards and CFO Mark Palamountain will present at the Stifel 2021 Cross Sector Insight Conference from June 8-10, 2021. Limoneira's presentation is scheduled for June 9, 2021, at 9:40 am PT (12:40 pm ET) and will be available via a live webcast on their website. Established in 1893, Limoneira is an agribusiness leader with 15,400 acres across California, Arizona, Chile, and Argentina, producing lemons, avocados, oranges, and more. For details, visit www.limoneira.com.
Limoneira Company (Nasdaq: LMNR) has announced the closing of an additional 60 residential homesites in its real estate joint venture with The Lewis Group, now totaling 138 sites sold to Richmond American Homes. This project, Harvest at Limoneira, consists of 586 units and has attracted strong interest from Southern California families. CEO Harold Edwards expressed optimism about the community's appeal and potential growth, marking a total of 126 lots closed in fiscal 2021.
Limoneira Company (Nasdaq: LMNR) has successfully closed an additional 36 residential homesites in its joint venture with The Lewis Group of Companies. The homesites, purchased by Richmond American Homes, are part of the Harvest at Limoneira project, which now totals 586 residential units. Richmond Homes has acquired 78 homesites within this community, which is strategically located near Southern California's attractions. CEO Harold Edwards expressed optimism about future closings following this significant advance in the project.
Limoneira Company (Nasdaq: LMNR) has announced the closing of an additional 30 residential homesites in its joint venture with The Lewis Group of Companies and K. Hovnanian® Homes as part of the Harvest at Limoneira project. This brings the total number of closed residential units to 428, with an expected 32 more unit sales by June 2021. The Harvest at Limoneira community offers attractive amenities, including parks and hiking trails, appealing to families in Southern California.