Q3 2024 Limoneira Co Earnings Call Transcript
Key Points
- Limoneira Co (LMNR) reported a 21% increase in net revenue for the third quarter of fiscal year 2024, reaching $63.3 million.
- The company generated $13.8 million in adjusted EBITDA for the quarter, a significant improvement from $2.8 million in the same period last year.
- Avocado revenue saw a substantial increase, with $13.9 million in the third quarter of fiscal year 2024 compared to $3.5 million in the same period of fiscal year 2023.
- The real estate development joint venture, Harvest at Limoneira, achieved significant milestones, including the approval to increase the total number of residential units from 1,500 to 2,050 units.
- Limoneira Co (LMNR) reduced its long-term debt by 33% from the second quarter to the third quarter, thanks to improved adjusted EBITDA and real estate transactions.
- Farm management revenues decreased to $3.2 million in the third quarter of fiscal year 2024 from $5.4 million in the same period of fiscal year 2023.
- Specialty citrus and other crop revenue dropped to $600,000 in the third quarter of fiscal year 2024 from $1.9 million in the same period of fiscal year 2023.
- The company recognized a $643,000 noncash impairment of an intangible asset during the third quarter of fiscal year 2024.
- Fresh lemon volumes are expected to be lower than previously guided, with a revised range of 4.5 million to 5 million cartons for fiscal year 2024 due to late-season rains.
- The company anticipates lower avocado volumes for fiscal year 2025 compared to fiscal year 2024 due to the alternate bearing nature of avocado trees.
Greetings and welcome to Limoneira's third-quarter 2024 financial results conference call. (Operator Instructions) It's now my pleasure to introduce your host, John Mills with ICR. Thank you, sir. You may begin.
Great. Thank you. Good afternoon, everyone, and thank you for joining us for Limoneira's third-quarter 2024 fiscal year 2024 conference call. On the call today are Harold Edwards, President and Chief Executive Officer; and Mark Palamountain, Executive Vice President and Chief Financial Officer.
By now, everyone should have access to the third-quarter fiscal year 2024 earnings release, which went out today at approximately 4:00 PM Eastern time. If you've not had a chance to view 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 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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