Limoneira Co Stock Price, News & Analysis

Limoneira Company announced the successful sale of its Sevilla real estate property in Santa Maria, California, for approximately $2.6 million in cash. This transaction aligns with the company's asset-light strategy and aims to enhance shareholder value through the selective monetization of non-core assets. CEO Harold Edwards expressed satisfaction with closing the sale by year-end 2022 and mentioned plans to use the proceeds to reduce debt. The company recorded an immaterial loss in the fiscal first quarter of 2023.

Limoneira Company (LMNR) has successfully closed the sale of its Oxnard Lemon Packing Facility for $20 million. This transaction is part of the company's asset-light strategy aimed at enhancing stockholder value through selective monetization of non-core assets. The sale is expected to yield an approximate gain of $900,000 in Q4 2022, and the proceeds will be used to reduce overall debt. Limoneira anticipates further monetization opportunities, with over $150 million identified in potential asset sales.

Limoneira Company (NASDAQ: LMNR) announced the resignation of Robert M. Sawyer from the Board of Directors, effective November 1, 2022, and appointed Barbara Carbone as his successor. Carbone brings extensive finance and auditing experience and will also join the Audit and Finance Committee and Risk Management Committee. This change follows earlier enhancements to the Board, including Scott S. Slater as Chairperson. With these moves, the Board now consists of nine directors, eight of whom are independent, strengthening corporate governance as Limoneira aims to grow sustainably amid expanding operations.

Limoneira Company (NASDAQ: LMNR) will have its CEO, Harold Edwards, and CFO, Mark Palamountain, participate in a fireside chat at the Stephens Annual Investment Conference from November 15-17, 2022, in Nashville, TN. The chat is scheduled for November 16, 2022, at 10:00 am PT and can be accessed live via webcast on the company's website. Limoneira, based in Santa Paula, California, boasts 15,400 acres across various regions and is a leading producer of lemons and other crops.

Limoneira Company (NASDAQ: LMNR) has successfully closed the sale of a 17-acre property in Santa Paula, California, generating $8 million in cash proceeds for its fourth fiscal quarter of 2022. This property sale aligns with Limoneira's growth strategy to divest non-core assets and is expected to support the development of an additional 200 residential units at the Harvest at Limoneira project. Over the next five years, the company anticipates receiving approximately $95 million from this real estate initiative.

On September 27, 2022, Limoneira Company (NASDAQ: LMNR) announced a quarterly cash dividend of $0.075 per common share. This dividend will be payable on October 21, 2022, to stockholders of record as of October 10, 2022. Limoneira, a prominent agribusiness with 15,400 acres of agricultural land and operations in California, Arizona, Chile, and Argentina, is recognized for its sustainability efforts and production of lemons, avocados, oranges, and specialty citrus.

Limoneira Company (LMNR) reported a 20% increase in revenue to $58.9 million for Q3 FY2022, driven by record avocado sales of $12.6 million and fresh lemon sales growth. Operating income surged over 200% to $11.1 million, while earnings per share doubled to $0.40. The company anticipates $8 million from property sales in Q4 FY2022 and expects fresh lemon volumes between 4.5 million to 5 million cartons for the fiscal year. Adjusted EBITDA was $14.2 million.

Limoneira Company (Nasdaq: LMNR) announced it will release its third-quarter financial results for the period ending July 31, 2022 on September 8, 2022, after market close. A conference call is scheduled for 1:30 pm Pacific Time to discuss the results, with details for participation provided. The Company has a long history as a leading integrated agribusiness, focusing on sustainability and managing significant agricultural lands across multiple regions.

The Board of Directors of Limoneira Company (NASDAQ: LMNR) has announced significant changes. Scott Slater takes over as Chairperson, succeeding Gordon Kimball, who is stepping down due to health reasons but will remain as a director. Amy Fukutomi resigns as a director effective August 1, 2022, to serve as Vice President of Compliance and Corporate Secretary. The board size decreases from ten to nine directors. Slater emphasizes the commitment to enhancing corporate governance and unlocking value through a strategic plan for the company’s diverse assets.