Core Viewpoint - Limoneira Company is viewed as a hold at current levels, with a recent trade closing at $20.64 and a subsequent nearly 20% increase in a long-term position [1] Financial Performance - Fiscal Q3 results showed total net revenue of $63.3 million, up from $52.5 million a year ago, which was slightly below expectations by $0.26 million [5] - Agribusiness revenue increased to $61.8 million from $51.1 million last year, while other operations revenue remained flat at $1.5 million [5] - Adjusted EPS rose to $0.42 from $0.02 a year ago, exceeding estimates by $0.08, with adjusted net income improving to $7.8 million from $0.4 million [6] Balance Sheet - Long-term debt decreased to $40.0 million as of July 31, 2024, down from over $100 million in fiscal 2023, indicating a significant reduction in debt levels [3] - Net debt position at quarter end was $39.6 million, down sequentially [3] Real Estate Ventures - The joint venture with Lewis company generated $30.0 million in distributions, with Limoneira receiving $15.0 million [4] - The Santa Paula City Council approved an increase in residential units from 1,500 to 2,050, which will add 250 single-family homesites [4] Future Outlook - Management updated guidance for avocado volumes to 14.5 million to 15.5 million pounds for the fiscal year, a more than 50% increase from previous guidance [7] - Fresh lemon volume guidance was lowered to 4.5 million to 5.0 million cartons due to lower fresh utilization from late-season rains [7] - The company anticipates $180 million in proceeds from Harvest real estate projects over the next seven years, with the lowest year expected to be $8 million [7]

Financial Data and Key Metrics Changes - The company reported a 21% increase in net revenue, reaching $63.3 million for Q3 2024 compared to $52.5 million in Q3 2023 [11] - Adjusted EBITDA for Q3 2024 was $13.8 million, a significant increase from $2.8 million in the same period last year [17] - Net income applicable to common stock was $6.5 million for Q3 2024, compared to a net loss of $1.3 million in Q3 2023 [16] Business Line Data and Key Metrics Changes - Agribusiness revenue increased to $61.8 million in Q3 2024 from $51.1 million in Q3 2023, driven by fresh lemon and avocado sales [11] - Fresh packed lemon sales were $25.8 million in Q3 2024, up from $24.2 million in Q3 2023, with an average price per carton rising to $18.43 [12] - Avocado revenue surged to $13.9 million in Q3 2024 from $3.5 million in Q3 2023, with a significant increase in volume and pricing [13] Market Data and Key Metrics Changes - The company anticipates avocado volumes for fiscal year 2024 to be between 14.5 million to 15.5 million pounds, a more than 50% increase from previous guidance [19] - The lemon harvest for fiscal year 2024 is approximately 85% complete, with expected volumes adjusted to 4.5 million to 5 million cartons due to late-season rains [19] Company Strategy and Development Direction - The company plans to expand avocado production by 1,000 acres over the next three years to meet robust consumer demand [6] - A strategic roadmap was developed to enhance shareholder value, with ongoing exploration of strategic alternatives for the business [9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving strong EBITDA growth due to diversified agricultural improvements and real estate development momentum [6] - The company noted that the pricing environment for avocados may not be as strong in the following year due to market conditions, despite strong consumer demand [23] Other Important Information - The company reduced long-term debt by 33% from Q2 to Q3 2024, with net debt at $39.6 million as of July 31, 2024 [8] - The joint venture with The Lewis Group has seen increased momentum, with significant cash flow projections and home sales [7] Q&A Session Summary Question: Current avocado expectations and volume increase - Management attributed the increase in avocado volume to a larger crop year-over-year and a strategic decision to delay harvest, which allowed for greater growth [22] Question: Lessons learned for next year's avocado management - Management indicated that while typical crop variations exist, they expect to maintain strong performance due to improved agricultural practices and focus on avocados [25] Question: Strategic review and potential outcomes - The Board is evaluating all opportunities, including the potential separation of operating and property companies, with significant interest from various sectors [29] Question: Farm management revenues decline - The decline was due to lower inputs and decisions made based on weather conditions, with ongoing efforts to grow the farm management business [32]

Limoneira (LMNR) came out with quarterly earnings of $0.42 per share, beating the Zacks Consensus Estimate of $0.32 per share. This compares to earnings of $0.02 per share a year ago. These figures are adjusted for nonrecurring items. This quarterly report represents an earnings surprise of 31.25%. A quarter ago, it was expected that this agribusiness company would post earnings of $0.21 per share when it actually produced earnings of $0.44, delivering a surprise of 109.52%. Over the last four quarters, the ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For The Quarterly Period Ended July 31, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For The Transition Period From To Commission File Number: 001-34755 LIMONEIRA COMPANY (Exact name of registrant as specified in its charter) Delaware 77-0260692 (State or other jurisdiction ...

Exhibit 99.1 Limoneira Company Announces Third Quarter Fiscal Year 2024 Financial Results Net Revenues Grew 21% to $63.3 Million in Third Quarter of Fiscal Year 2024 Compared to Prior Year Operating Income in Third Quarter of Fiscal Year 2024 was $9.0 Million, Compared to Operating Loss of $1.5 Million in Prior Year Company Achieved Year-Over-Year Pricing Improvement in Fresh Lemons and Avocados in Third Quarter of Fiscal Year 2024 Avocado Revenues Grew Over 300% to $13.9 Million in Third Quarter of Fiscal ...

Limoneira (LMNR) shares rallied 5.9% in the last trading session to close at $24.07. This move can be attributable to notable volume with a higher number of shares being traded than in a typical session. This compares to the stock's 2.8% gain over the past four weeks. Limoneira stock rally is an extension of the market's positive reaction to the ongoing developments in its Harvest real estate project and future growth potential. The rally can be attributed to several positive developments, including the exp ...

The Wall Street rally has suddenly come to a halt. Tech stocks that have been primarily driving the rally since 2023 have been retreating over the past week. On Jul 24, the three major indexes ended sharply lower, with the S&P 500 and Nasdaq recording their worst day since 2022. Investors have been rotating out of mega-cap tech stocks and placing their bets on small-cap and cyclical stocks over the past week in hopes that these stocks would benefit once the Federal Reserve starts rate cuts. Alphabet, Inc (G ...

Limoneira Company (NASDAQ:LMNR) Q2 2024 Earnings Call Transcript June 6, 2024 4:30 PM ET Company Participants John Mills - IR, ICR Harold Edwards - President and CEO Mark Palamountain - CFO Conference Call Participants Raj Sharma - B. Riley Securities Ben Klieve - Lake Street Capital Markets Operator Greetings, and welcome to the Limoneira's Second Quarter 2024 Financial Results Conference Call. At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow the for ...

Limoneira (LMNR) came out with quarterly earnings of $0.44 per share, beating the Zacks Consensus Estimate of $0.21 per share. This compares to earnings of $0.21 per share a year ago. These figures are adjusted for nonrecurring items. Over the last four quarters, the company has surpassed consensus EPS estimates two times. The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the ear ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For The Quarterly Period Ended April 30, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For The Transition Period From To Commission File Number: 001-34755 LIMONEIRA COMPANY (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or ...