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 first quarter ended January 31, 2023.
Fiscal Year 2023 First Quarter Results
For the first quarter of fiscal year 2023, total net revenue was $37.9 million, compared to total net revenue of $39.3 million in the first quarter of the previous fiscal year. Agribusiness revenue was $36.5 million, compared to $38.1 million in the first quarter of last fiscal year. Other operations revenue increased to $1.4 million, compared to $1.2 million for the first quarter of fiscal year 2022.
Agribusiness revenue for the first quarter of fiscal year 2023 includes $24.7 million in fresh lemon sales, similar to $24.7 million of fresh lemon sales during the same period of fiscal year 2022. Approximately 1,308,000 cartons of U.S. packed fresh lemons were sold in aggregate during the first quarter of fiscal year 2023 at a $18.88 average price per carton, compared to approximately 1,207,000 cartons sold at a $20.48 average price per carton during the first quarter of fiscal year 2022. Of the 1,308,000 and 1,207,000 cartons of U.S. packed fresh lemons sold during the first quarter of fiscal years 2023 and 2022, respectively, 66% and 57%, respectively were procured from third-party growers.
Due to heavy rainfall that occurred during the first quarter of fiscal year 2023, the timing for avocado harvest was delayed from the first quarter into the second quarter of fiscal year 2023. The Company recognized no avocado revenue in the first quarter of fiscal year 2023 but expects to recoup this delayed revenue in the second and third quarters. The Company recognized $0.8 million of avocado revenue in the first quarter of fiscal year 2022 on approximately 365,000 pounds sold at a $2.10 average price per pound.
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For more information:
Limoneira Company - headquarters
1141 Cummings Road
Santa Paula, California 93060
Tel.: + 1 805.525.5541
info@limoneira.com