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]

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]

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 ...

Core Viewpoint - Limoneira's stock has experienced a significant rally due to positive developments in its Harvest real estate project and growth potential in its agricultural operations [2][3]. Group 1: Stock Performance - Limoneira shares increased by 5.9% to close at $24.07, with notable trading volume compared to typical sessions [1]. - Over the past four weeks, the stock has gained 2.8% [1]. Group 2: Real Estate Developments - The Santa Paula City Council approved an increase in residential units in the Harvest project from 1,500 to 2,050, including 250 additional single-family homes in Phase 3 [2]. Group 3: Agricultural Growth Potential - Limoneira's agricultural segment is expected to grow long-term, with 700 acres of young lemon and avocado trees reaching full production in four to five years [3]. - The company plans to expand avocado plantings significantly over the next three years and anticipates increased contributions from third-party growers [3]. - Non-GAAP EBITDA outlook has been raised to $45-$55 million by fiscal 2030, up from $30 million, driven by a planned 1,000-acre avocado expansion [3]. Group 4: Earnings Expectations - The company is expected to report quarterly earnings of $0.32 per share, reflecting a year-over-year increase of 1500% [4]. - Revenues are projected to be $63.85 million, up 21.6% from the previous year [4]. - The consensus EPS estimate has remained unchanged over the last 30 days, indicating a potential stability in stock price movements [5].

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 (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 ...

Exhibit 99.1 Limoneira Company Announces Second Quarter Fiscal Year 2024 Financial Results Company Closes Significant Real Estate Development Joint Venture Deal with The Lewis Group of Companies with an Additional 554 Residential Homesites at Harvest at Limoneira Harvest at Limoneira Approved for an Additional 550 Entitled Lots from 1,500 to 2,050 Company Increases Expected Proceeds from Harvest at Limoneira by 46% to $180 Million Company Raises Avocado Volume Guidance for Fiscal Year 2024 SANTA PAULA, Cali ...