Limoneira Company, a diversified citrus growing, packing, selling and marketing company with related agribusiness activities and real estate development operations, has reported financial results for the third quarter ended July 31, 2023.
Harold Edwards, President and Chief Executive Officer of the Company, stated, “The success of our strategic shift towards an “asset-lighter” business model is evident in our third quarter results with brokered lemons and other lemon sales growing 76% year-over-year to $8.8 million and achieving farm management revenue of $5.4 million. Additionally, we continue to make headway monetizing water assets with the recently announced water fallowing program in Yuma, Arizona for expected annual proceeds of $1.3 million. We anticipate the sale of our two remaining identified non-strategic assets in the next nine months."
"Over the past year, we have worked to identify and eliminate unproductive or unprofitable parts of our business including the sale of non-strategic assets, exiting farming operations in Cadiz and terminating our long-term pension plan – all of which we expect to dramatically improve our margins starting in fiscal year 2024.”
Fiscal year 2023 third quarter results
For the third quarter of fiscal year 2023, total net revenue was $52.5 million, compared to total net revenue of $58.9 million in the third quarter of the previous fiscal year. Agribusiness revenue was $51.1 million, compared to $57.6 million in the third quarter of last fiscal year. Other operations revenue was $1.4 million compared to $1.3 million in the third quarter of fiscal year 2022.
Agribusiness revenue for the third quarter of fiscal year 2023 includes $24.2 million in fresh lemon sales, compared to $27.8 million of fresh lemon sales during the same period of fiscal year 2022. Approximately 1.4 million cartons of U.S. packed fresh lemons were sold in aggregate during the third quarter of fiscal year 2023 at a $17.92 average price per carton, compared to approximately 1.5 million cartons sold at a $18.39 average price per carton during the third quarter of fiscal year 2022. Brokered lemons and other lemon sales were $8.8 million and $5.0 million, for the third quarter of fiscal years 2023 and 2022, respectively.
The Company recognized $3.5 million of avocado revenue in the third quarter of fiscal year 2023, compared to $12.6 million in the same period last fiscal year. Approximately 2.8 million pounds of avocados were sold in aggregate during the third quarter of fiscal year 2023 at a $0.99 average price per pound, compared to approximately 5.7 million pounds sold at a $2.21 average price per pound during the third quarter of fiscal year 2022.
For more information: 
Michael Gonzales
Limoneira Company
Tel: +1 (805) 525-5541 x1069
Email: [email protected]
www.limoneira.com
