SANTA PAULA, CA - We are diving into the details of a powerful produce operation as Limoneira unveils its results for the second quarter of fiscal year 2023. In its report, the company announced that its total net revenue was $48.1 million, compared to $46.8 million in the second quarter of the previous fiscal year.
“We decreased our net debt position by 70 percent since the beginning of fiscal 2023, driven by our strategic shift toward our higher margin, ‘asset-lighter’ business model. We now expect total proceeds of $180 million from the sale of our identified six non-strategic assets and have successfully closed on the sale of four of these assets for a total of $130 million over the past nine months,” said Harold Edwards, President and Chief Executive Officer. “We have made tremendous progress in a short time, advancing our strategy to monetize certain non-strategic assets, expand our One World of Citrus initiative and execute on Harvest at Limoneira. We expect the transition to an ‘asset-lighter’ business model to be completed in the next 12 months.”
According to a press release, the supplier’s agribusiness revenue increased to $46.7 million, compared to $45.4 million in the second quarter of last fiscal year; this includes $26.6 million in fresh lemon sales, $3.6 million of avocado revenue, and $1.4 million of orange revenue.
“Results for the second quarter were impacted in a few of our growth areas by the highly publicized heavy rains in California delaying a portion of the lemon harvest into the third quarter, as well as softer pricing for lemons and avocados as markets continue to work through surplus inventory,” Edwards continued. “Even with the recent rains, we continue to expect to achieve our full year fiscal 2023 lemon volume guidance. In addition, we are seeing increased interest in home sales for the residential development of our East Area I real estate development project, Harvest at Limoneira.”
For more details on the report, as well as the company’s results for the first six months of 2023, click here.
More produce news is coming to ANUK, so stick around.