Q2 2024 Limoneira Co Earnings Call Transcript
Key Points
- Adjusted EBITDA more than doubled to $16.6 million for the second quarter, highlighting strong performance.
- Significant milestones achieved in the Harvest at Limoneira real estate development project, including the completion of Phase 2 and approval for an increase in residential units.
- Expansion of avocado plantings by 1,000 acres over the next three years, expected to dramatically increase long-term EBITDA.
- Increased cash flow projections by 46%, expecting $180 million in total future proceeds from the Harvest project over the next seven fiscal years.
- Strong financial position with reduced net debt and increased liquidity from joint venture distributions.
- Total net revenue decreased by 7% to $44.6 million compared to the previous fiscal year.
- Agribusiness revenue declined to $43.3 million from $46.7 million in the second quarter last year.
- Increased rainfall in California delayed lemon picking and caused pressure utilization to fall to around 70%.
- Operating loss for the second quarter was $4.7 million, higher than the $3.9 million loss in the previous fiscal year.
- Long-term debt increased to $59.5 million from $40.6 million at the end of fiscal year 2023, driven by working capital needs.
Greetings, and welcome, to the Limoneira's second-quarter 2024 financial results conference call. (Operator Instructions) It is now my pleasure to introduce your host, John Mills with ICR. Thank you, sir. You may begin.
Thank you, Diego. Good afternoon, everyone, and thank you for joining us for Limoneira's second quarter fiscal year 2024 conference call. On the call today are Harold Edwards, President and Chief Executive Officer; and Mark Palamountain, Chief Financial Officer. By now everyone should have access to the second quarter fiscal year 2024 earnings release, which went out today at approximately 4:00 PM Eastern time.
If you have not had a chance to review the release, it's available on the investor relations portion of the company's website at limoneira.com. This call is being webcast, and a replay will be available on the Limoneira's website as well.
Before we begin, we'd like to remind everyone that prepared remarks contain forward-looking statements, and management may make additional forward
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