Although the harvest was delayed in the third quarter and this affected figures of the final quarter of the fiscal year, Limoneira reports a larger turnover in fiscal year 2018.
Persistent rain in the desert in Arizona during the fourth quarter of the fiscal year delayed the harvest of the D3 zone until the first quarter of the next fiscal year. Besides, the yields of the wine grape harvest was lower than expected in this period. The consequences of these two situations can be seen in Limoneira’s books.
Over 2018, the company expects an increase in turnover of seven per cent to 129 million dollar. The corrected EBITDA increases by about 20 per cent, and will amount to between 23 and 24 million dollar. CEO Harold Edwards: “Fiscal year 2018 was a very strong year for Limoneira with a record turnover and net income despite the delay of the lemon harvest in the fourth quarter.” He mentions that because of similar unexpected events, the results of an agrarian company have to be viewed on an annual basis instead of a quarterly basis. “We decreased our dependence on the season by devoting ourselves to a year-round supply, and this is only expected to improve in the coming years. Our recent takeovers, expansion of the lemon area and drawing in new customers result in a good position for us to grow.”
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