Limoneira(LMNR) - 2024 Q4 - Annual Results

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]