Limoneira Company, a diversified citrus growing, packing, selling and marketing company with related agribusiness activities and real estate development operations, today reported financial results for the third fiscal quarter ended July 31, 2021.
Harold Edwards, President and Chief Executive Officer of the Company, stated, “Lemon pricing and fresh utilization was strong for the third quarter and we are well positioned for solid lemon growth in fiscal year 2022. Our results were partially offset by the reduced sizing of our avocado fruit due to lack of rainfall. Driven primarily by fresh lemon utilization, we increased operating income by 86% during the third quarter even with the widely publicized global logistical delays that are affecting the entire agriculture industry and reduced exports to Asia due to COVID-19. We do believe these logistical challenges will improve in fiscal year 2022 and with the expectation of reduced exports we are very confident in domestic pricing improvements in fiscal year 2022.”
Fiscal Year 2021 Third Quarter Results
For the third quarter of fiscal year 2021, total net revenue was $49.1 million, compared to total net revenue of $53.6 million in the third quarter of the previous fiscal year. Agribusiness revenue was $48.0 million, compared to $52.4 million in the third quarter of last fiscal year. Other operations revenue was flat compared to the prior year at $1.2 million for the third quarter of fiscal year 2021.
The Company recognized $4.1 million of avocado revenue in the third quarter of fiscal year 2021, compared to $6.1 million in the same period last fiscal year. Approximately 3.5 million pounds of avocados were sold in aggregate during the third quarter of fiscal year 2021 at a $1.16 average price per pound compared to approximately 6.1 million pounds sold at a $1.00 average price per pound during the third quarter of fiscal year 2020.
The Company recognized $2.0 million of orange revenue in the third quarter of fiscal year 2021, compared to $2.2 million in the same period of fiscal year 2020, primarily attributable to lower prices partially offset by increased volume of oranges sold.
Total costs and expenses for the third quarter of fiscal year 2021 decreased to $45.8 million, compared to $51.7 million in the third quarter of last fiscal year.
Despite the temporary challenges to the Company’s supply chain, operating income for the third quarter of fiscal year 2021 increased by 86% to $3.4 million, compared to operating income of $1.8 million in the third quarter of the previous fiscal year.
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