Today, we are checking back in on our long-term house position in Limoneira Company (NASDAQ: LMNR ). The stock is likely to head lower this year for two reasons. First, tariff fears, and second, avocado production thisLooking for great setups in this market selloff? We have them at BAD BEAT InvestingEnjoy expected rapid-returns with our strategy to advance your savings and retirement timeline by embracing a blended trading and income approach!With the selloff, join now and save 20% off right NOW through thi ...

Financial Data and Key Metrics Changes - Total net revenue for Q1 2025 was $34.3 million, down from $39.7 million in Q1 2024, reflecting a decline of approximately 11% [25] - Agribusiness revenue decreased to $32.9 million from $38.3 million year-over-year, a decline of about 14% [25] - Total costs and expenses decreased by 16% to $39.7 million compared to $47.5 million in the previous year [32] - Operating loss improved to $5.3 million from $7.7 million, a reduction of approximately 31% [32] - Net loss applicable to common stock was $3.2 million, compared to $3.7 million in Q1 2024 [32] - Adjusted EBITDA improved to a loss of $2.3 million from a loss of $4.8 million year-over-year [33] Business Line Data and Key Metrics Changes - Fresh packed lemon sales were $21.2 million, down from $23.9 million, with 1,147,000 cartons sold at an average price of $18.44 per carton compared to $21.06 in the prior year [27] - Avocado revenue was $162,000 in Q1 2025, a new revenue stream compared to no revenue in Q1 2024, with 73,000 pounds sold at an average price of $2.25 per pound [28] - Orange revenues increased to $1.6 million from $1.1 million, with 75,000 cartons sold at an average price of $20.91 per carton [28] - Specialty citrus and wine grape revenue decreased to $0.5 million from $1.1 million, with no wine grape revenue recorded in Q1 2025 [30] Market Data and Key Metrics Changes - The lemon market faced temporary oversupply, leading to downward pricing pressure, which is expected to persist through Q2 2025 [26] - The company anticipates a strengthening of the lemon business in the second half of the year due to seasonal pricing improvements and reduced imports from Spain [13] Company Strategy and Development Direction - The company is focusing on transforming its business model to an asset-lighter approach, optimizing revenue mix, and expanding avocado production [9][11] - Strategic investments in citrus and avocado markets are aimed at diversifying revenue streams and enhancing long-term operational and financial outlook [11][26] - The company plans to expand avocado production by 1,000 acres through fiscal year 2027 to meet consumer demand [18] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the EBITDA outlook and the potential for additional asset monetization gains in fiscal year 2025 [38] - The company is confident in its ability to navigate market volatility and expects to receive $165 million from its joint ventures over the next six fiscal years [37] Other Important Information - The company successfully monetized water pumping rights for $1.5 million, contributing positively to its financial results [12][34] - A revised flood zone map approved by FEMA is expected to enhance interest in residential and commercial real estate in affected areas [20][21] Q&A Session Summary Question: Inquiry about Water right transaction volume - Management explained that the volume of 58 acre feet was based on opportunistic demand and benchmarked against local development rates [43][45] Question: Future water transactions and partnerships - Management indicated that both existing and new partners are being explored for future water monetization opportunities [47][48] Question: Expansion potential in avocado production - Management noted the feasibility of expanding avocado acreage by 250 to 500 additional acres, contingent on environmental conditions [51][53] Question: Market dynamics for avocado growth - Management discussed the limitations of nursery stock availability and the geographical constraints for avocado cultivation in California [59][58]

分组1 - Limoneira reported a quarterly loss of $0.14 per share, better than the Zacks Consensus Estimate of a loss of $0.24, and compared to a loss of $0.18 per share a year ago, resulting in an earnings surprise of 41.67% [1] - The company posted revenues of $34.31 million for the quarter ended January 2025, missing the Zacks Consensus Estimate by 17.14%, and down from $39.73 million year-over-year [2] - Limoneira has surpassed consensus EPS estimates four times over the last four quarters, but has only topped consensus revenue estimates once in the same period [2] 分组2 - The stock has underperformed, losing about 13.1% since the beginning of the year, compared to the S&P 500's decline of 5.3% [3] - The current consensus EPS estimate for the coming quarter is $0.09 on revenues of $51.4 million, and $0.11 on revenues of $204.6 million for the current fiscal year [7] - The Agriculture - Operations industry, to which Limoneira belongs, is currently in the bottom 14% of over 250 Zacks industries, indicating potential challenges for stock performance [8]

Financial Performance - Total net revenues for Q1 2025 were $34.3 million, a 14% decrease from $39.7 million in Q1 2024, primarily due to lower agribusiness revenues from lemons and specialty citrus [127][130]. - Operating loss for Q1 2025 was $5.3 million, an improvement from a loss of $7.7 million in Q1 2024 [127]. - Total costs and expenses for Q1 FY2025 were $39.7 million, a 17% decrease from $47.5 million in Q1 FY2024 [133]. - Fresh lemons segment revenue decreased by 13% to $23.7 million in Q1 FY2025 from $27.4 million in Q1 FY2024 [143]. - Lemon packing segment revenue decreased by 4% to $11.8 million in Q1 FY2025 from $12.3 million in Q1 FY2024 [144]. - Agribusiness costs and expenses decreased by 14% to $33.5 million in Q1 FY2025 from $39.1 million in Q1 FY2024 [133]. - Gain on sales of water rights was $1.5 million in Q1 FY2025, attributed to three separate transactions [136]. - Selling, general and administrative costs decreased by 12% to $6.5 million in Q1 FY2025 from $7.3 million in Q1 FY2024 [137]. - Estimated income tax benefit for Q1 FY2025 was $2.4 million on a pre-tax loss of $5.5 million [138]. - Other agribusiness segment revenues decreased by 18% to $4.4 million in Q1 FY2025 from $5.4 million in Q1 FY2024 [149]. - Corporate and other operations revenues increased slightly to $1.5 million in Q1 FY2025 from $1.4 million in Q1 FY2024 [150]. - Total net revenues increased by $4.3 million to $186.1 million for the trailing twelve months ended January 31, 2025, compared to $181.7 million in 2024, driven primarily by higher avocado revenue [153]. - Total costs and expenses decreased by $14.7 million to $189.9 million, mainly due to reduced agribusiness costs and increased gains on sales of water rights [153]. - Operating loss improved to $3.8 million for the trailing twelve months ended January 31, 2025, compared to a loss of $22.8 million in 2024 [153]. - Net income attributable to Limoneira Company was $8.2 million for the trailing twelve months ended January 31, 2025, compared to a net loss of $9.8 million in 2024 [153]. - Net cash used in operating activities was $12.9 million for the three months ended January 31, 2025, compared to $10.3 million in 2024 [158]. - Net cash provided by financing activities increased to $14.5 million for the three months ended January 31, 2025, up from $8.8 million in 2024, primarily due to net borrowings of long-term debt [166]. - The company reported a decrease in operating loss of $2.4 million for the three months ended January 31, 2025, compared to the same period in 2024 [159]. Agribusiness Operations - Agribusiness revenues decreased by $5.5 million to $32.9 million in Q1 2025, with lemon revenues dropping 14% to $28.3 million, attributed to lower prices of fresh lemons sold [130][131]. - The average price per carton of fresh lemons sold decreased from $21.06 in Q1 2024 to $18.44 in Q1 2025, despite selling 1,147,000 cartons in 2025 compared to 1,137,000 cartons in 2024 [131]. - The agribusiness division is affected by seasonal fluctuations, with higher cultural costs in the first two quarters and peak harvest costs in the third quarter [116]. - The company has a 51% interest in a joint venture, Trapani Fresh, which operates a lemon orchard in Argentina [111]. Strategic Initiatives - The company plans to expand avocado production by 1,000 acres by fiscal year 2027 to meet increasing consumer demand [118]. - The company is exploring strategic alternatives to maximize stockholder value, including potential sales or mergers, with no set timetable for completion [125]. Cash Management - As of January 31, 2025, outstanding borrowings under the AgWest Farm Credit Facility were $57.8 million, with $57.2 million of availability remaining [162]. - The company expects cash flows from operations and available borrowing capacity to be sufficient to meet capital expenditures and working capital needs for the next 12 months [157]. - Cash dividends declared for the three months ended January 31, 2025, were $0.075 per common share, totaling $1.4 million [164].

Financial Performance - Total net revenue for the first quarter of fiscal year 2025 was $34.3 million, down 13.7% from $39.7 million in the same period last year[3] - Total net revenues for the three months ended January 31, 2025, were $34.305 million, a decrease of 13.1% from $39.731 million in the same period of 2024[28] - Agribusiness revenue decreased to $32.9 million from $38.3 million year-over-year, with fresh packed lemon sales dropping to $21.2 million from $23.9 million[4][3] - Agribusiness segment revenues decreased to $32.852 million from $38.339 million, reflecting a decline of 14.3% year-over-year[32] Loss and Improvement - Operating loss improved by 31% to $5.3 million compared to a loss of $7.7 million in the first quarter of fiscal year 2024[10] - Operating loss for the three months ended January 31, 2025, was $5.346 million, an improvement from a loss of $7.745 million in the prior year[28] - Net loss applicable to common stock was $3.2 million, a slight improvement from $3.7 million in the prior year, resulting in a net loss per diluted share of $0.18 compared to $0.21[11] - Adjusted net loss for diluted EPS was $2.5 million or $0.14 per diluted share, compared to $3.2 million or $0.18 per diluted share in the same period last year[12] - Net loss attributable to Limoneira Company for the three months ended January 31, 2025, was $3.074 million, compared to a net loss of $3.585 million in the same period of 2024[31] - Basic net loss per common share for the three months ended January 31, 2025, was $0.18, an improvement from $0.21 in the same period of 2024[28] - Adjusted EBITDA for the three months ended January 31, 2025, was a loss of $2.294 million, compared to a loss of $4.833 million in the same period of 2024, indicating a 52.6% improvement[30] Assets and Liabilities - Total current assets increased to $28.469 million as of January 31, 2025, from $25.846 million as of October 31, 2024, representing an increase of 10.1%[26] - Total liabilities increased to $104.016 million as of January 31, 2025, compared to $96.314 million as of October 31, 2024, reflecting an increase of 7.1%[26] - Cash decreased significantly to $1.133 million as of January 31, 2025, from $2.996 million as of October 31, 2024, a decline of 62.3%[26] Future Expectations - The company expects fresh lemon volumes to be between 5.0 million and 5.5 million cartons and avocado volumes to be between 7.0 million and 8.0 million pounds for fiscal year 2025[18] - The company plans to expand avocado production by 1,000 acres through fiscal year 2027 to meet expected consumer demand[20] - The company anticipates total proceeds of $180 million from Harvest, LLCB II, LLC, and East Area II over seven fiscal years, with approximately $15 million expected in fiscal year 2024[18] Other Transactions - The company sold water pumping rights for total proceeds of $1.7 million, recording a gain of $1.5 million from these transactions[17] - The company reported a total of 17,791 weighted-average common shares outstanding for diluted EPS for the three months ended January 31, 2025, compared to 17,627 in the same period of 2024[31]

Group 1 - Limoneira Company (NASDAQ: LMNR) maintains a hold recommendation following a trade closure in December 2023 at nearly $21 [1] - The company activated a New Year's deal offering a 33% discount for new subscribers to its premier service [1] Group 2 - The company promotes a blended trading and investing approach to enhance savings and retirement timelines [2] - A money-back guarantee is offered to customers who are not satisfied with the service [3]

Group 1 - Limoneira Company reported an adjusted net loss of $1.6 million, or 9 cents per share, compared to a loss of $2.6 million, or 15 cents per share, in the same quarter last year [5] - The total net revenue for Limoneira increased to $43.9 million from $41.4 million year-over-year [5] - Limoneira shares fell 2.6% to $26.12 in pre-market trading following the earnings report [6] Group 2 - Tutor Perini Corporation shares dipped 12.1% to $22.01 in pre-market trading [2] - Astria Therapeutics, Inc. shares fell 11.8% to $8.40 in pre-market trading [2] - Jiayin Group Inc. shares decreased by 7.5% to $5.95 after announcing the purchase of commercial property in Shanghai for RMB1.35 billion [2]

Financial Data and Key Metrics Changes - For fiscal year 2024, total net revenue increased by 6% to a record $191.5 million, with adjusted EBITDA of $26.7 million compared to a loss of $224,000 in fiscal year 2023 [10][29][30] - The operating loss for fiscal year 2024 was $6.2 million, down from an operating income of $10.8 million in the previous year, primarily due to a net gain on disposal of assets [29] - Net income applicable to common stock after preferred dividends was $7.2 million for fiscal year 2024, compared to $8.9 million for fiscal year 2023 [29] Business Line Data and Key Metrics Changes - Agribusiness revenue for Q4 fiscal year 2024 was $42.5 million, up from $40.1 million in Q4 fiscal year 2023 [22] - Fresh packed lemon sales in Q4 fiscal year 2024 were $8.4 million, down from $11.3 million in the same period last year, impacted by lower fresh utilization rates due to weather events [23] - Avocado revenue in Q4 fiscal year 2024 was $8.9 million, compared to no revenue in Q4 fiscal year 2023, with 4.6 million pounds sold at an average price of $1.92 per pound [24] Market Data and Key Metrics Changes - The company achieved avocado and lemon volume guidance for the year, with 15.1 million pounds of avocados sold, the highest volume in almost 15 years [11] - The company expects fresh lemon volumes for fiscal year 2025 to be in the range of 5 million to 5.5 million cartons, and avocado volumes to be between 7 million to 8 million pounds [34] Company Strategy and Development Direction - The company plans to expand avocado production by 1,000 acres through fiscal year 2027, aiming to capitalize on robust consumer demand trends [11][35] - The company is committed to exploring strategic alternatives for its assets to maximize stockholder value, with significant interest received since announcing this exploration [12][18] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the agricultural platform's strength and the potential for significant EBITDA growth from the avocado expansion [11] - The company anticipates meaningful water monetization transactions in fiscal year 2025, particularly from the Santa Paula water basin [12][41] Other Important Information - The company achieved two significant real estate milestones, including the completion of Phase II of a residential development project and an increase in the total number of residential units approved by the Santa Paula City Council [13][14] - The net debt as of October 31, 2024, was $37.6 million, with a strong balance sheet and cash flow projections increased by 46% [16][31] Q&A Session Summary Question: Water monetization efforts - Management believes the water monetization program for the Colorado River will be extended for another 25 years, with meaningful transactions expected from the Santa Paula water basin [41][42] Question: Relative value of water assets - The company highlighted significant differences in the value of water rights between the Colorado River and Santa Paula Basin, with Santa Paula rights expected to be more valuable [44][46] Question: Fresh lemon targets for 2025 - Management indicated that the fresh lemon target of 5 million to 5.5 million cartons is based on improved utilization rates and increased volume from third-party growers [53][55] Question: Avocado production and economics - The company is transitioning to higher density avocado planting, expecting significant increases in yield per acre, with a target of 30 million pounds by 2029 [67][75] Question: Real estate joint venture distributions - Management is uncertain about the timing of the next distribution from the joint venture but mentioned ongoing capital expenditures for infrastructure improvements [90]

Revenue Performance - Total net revenues for fiscal year 2024 were $191.5 million, a 6% increase from $179.9 million in fiscal year 2023[535]. - Agribusiness revenues increased to $185.9 million in fiscal year 2024, compared to $174.4 million in fiscal year 2023[534]. - Fresh lemon sales decreased to $84.0 million in fiscal year 2024 from $86.8 million in fiscal year 2023, with an average price per carton of $18.87[536]. - Avocado sales increased significantly, with 15.1 million pounds sold at an average price of $1.67 per pound in fiscal year 2024, compared to 3.8 million pounds at $1.06 per pound in fiscal year 2023[536]. Cost and Expenses - Total costs and expenses for fiscal year 2024 were $197.7 million, up from $169.1 million in fiscal year 2023[534]. Operating Performance - Operating loss for fiscal year 2024 was $(6.2) million, compared to an operating income of $10.8 million in fiscal year 2023[534]. - Net income attributable to Limoneira Company for fiscal year 2024 was $7.7 million, down from $9.4 million in fiscal year 2023[534]. - The company reported a gain on the disposal of assets of $0.5 million in fiscal year 2024, compared to a gain of $28.8 million in fiscal year 2023[534]. Other Income and Dividends - Total other income for fiscal year 2024 was $17.7 million, compared to $2.6 million in fiscal year 2023, primarily due to increased equity earnings[542]. - The company maintained a consistent dividend of $0.075 per share for each quarter in fiscal year 2024[548]. Debt and Interest Rates - Total debt outstanding under the AgWest Farm Credit Facility as of October 31, 2024, was $40.0 million[610]. - Borrowing interest rates are subject to variable interest rates, which may increase costs if market rates rise[610]. - The company's borrowing interest rate is based on an internal method that follows changing market interest rates[610]. - Rate changes are expected to align closely with the Federal Open Market Committee's recommendations[610].

Revenue Performance - Net revenues for fiscal year 2024 increased by 6% to a record $191.5 million, driven by record avocado sales of $25.1 million[1] - Total net revenue for the fourth quarter of fiscal year 2024 was $43.9 million, up from $41.4 million in the same quarter of the previous year[3] - Total net revenues for the three months ended October 31, 2024, were $43.861 million, a 5.8% increase from $41.433 million in 2023[37] - Agribusiness segment revenues increased to $42.478 million in Q4 2024 from $40.085 million in Q4 2023, representing a 5.9% growth[37] - Revenues from external customers in the Fresh Lemons segment were $25,443 thousand for Q4 2024, down from $24,073 thousand in Q4 2023, showing a 5.7% increase[46] Cost and Expense Management - Total costs and expenses in the fourth quarter of fiscal year 2024 were $46.6 million, compared to $51.1 million in the same quarter of the previous year[14] - Total costs and expenses decreased to $46.612 million in Q4 2024 from $51.123 million in Q4 2023, a reduction of 8.8%[37] - Total agribusiness costs and expenses for Q4 2024 were $39,820 thousand, down from $42,894 thousand in Q4 2023, representing a 7.2% reduction[48] Profitability and Losses - Adjusted net income for diluted EPS was $11.0 million for fiscal year 2024, compared to an adjusted net loss of $7.6 million for fiscal year 2023[18] - The company reported a net loss applicable to common stock of $2.0 million for the fourth quarter of fiscal year 2024, an improvement from a net loss of $3.6 million in the same quarter of fiscal year 2023[15] - The net loss attributable to Limoneira Company for Q4 2024 was $1.859 million, compared to a net loss of $3.455 million in Q4 2023, showing an improvement of 46%[39] - The company reported a basic net loss per common share of $0.11 for Q4 2024, an improvement from a loss of $0.20 per share in Q4 2023[39] - Adjusted net loss income for diluted EPS was $(1,599) thousand for Q4 2024, compared to $(2,586) thousand in Q4 2023, indicating a 38% reduction in losses[40] Future Outlook - The company expects fresh lemon volumes to be between 5.0 million to 5.5 million cartons and avocado volumes to be between 7.0 million to 8.0 million pounds for fiscal year 2025[20] - The company plans to expand avocado production by 1,000 acres through fiscal year 2027, anticipating significant EBITDA growth[11] Asset and Equity Changes - Total current assets decreased to $25.846 million as of October 31, 2024, down from $30.225 million in 2023, a decline of 14.8%[35] - Total liabilities decreased to $96.314 million in 2024 from $100.713 million in 2023, a reduction of 4.0%[35] - Stockholders' equity increased to $191.691 million in 2024 from $189.687 million in 2023, reflecting a growth of 1.1%[35] EBITDA Performance - EBITDA for Q4 2024 was $639 thousand, a significant recovery from a loss of $2.718 million in Q4 2023[39] - Adjusted EBITDA for the fiscal year ended October 31, 2024, was $26.718 million, compared to a loss of $224 thousand in the previous year[39] Sales Volume and Pricing - The company recognized $8.9 million in avocado revenue during the fourth quarter of fiscal year 2024, with approximately 4.6 million pounds sold at an average price of $1.92 per pound[4] - Specialty citrus and other crops revenue decreased to $3.6 million in the fourth quarter of fiscal year 2024, down from $6.5 million in the same period of fiscal year 2023[5] - Average price per carton for lemons decreased to $17.95 in Q4 2024 from $20.39 in Q4 2023, a decline of 11.9%[48] - The number of Limoneira cartons sold decreased to 186 thousand in Q4 2024 from 208 thousand in Q4 2023, a decline of 10.6%[48] - Operating loss for the total agribusiness segment was $(2,809) thousand for the fiscal year ended October 31, 2024, compared to $(2,658) thousand in the previous year, indicating a worsening of 5.7%[47]