Financial Data and Key Metrics Changes - The company reported a 21% increase in net revenue, reaching 63.3millionforQ32024comparedto52.5 million in Q3 2023 [11] - Adjusted EBITDA for Q3 2024 was 13.8million,asignificantincreasefrom2.8 million in the same period last year [17] - Net income applicable to common stock was 6.5millionforQ32024,comparedtoanetlossof1.3 million in Q3 2023 [16] Business Line Data and Key Metrics Changes - Agribusiness revenue increased to 61.8millioninQ32024from51.1 million in Q3 2023, driven by fresh lemon and avocado sales [11] - Fresh packed lemon sales were 25.8millioninQ32024,upfrom24.2 million in Q3 2023, with an average price per carton rising to 18.43[12]−Avocadorevenuesurgedto13.9 million in Q3 2024 from 3.5millioninQ32023,withasignificantincreaseinvolumeandpricing[13]MarketDataandKeyMetricsChanges−Thecompanyanticipatesavocadovolumesforfiscalyear2024tobebetween14.5millionto15.5millionpounds,amorethan5039.6 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)2024-09-09 23:04