SANTA PAULA, CA - New year, new financial results for Limoneira Company. The prominent citrus provider recently reported the results from its fiscal fourth quarter and full year ended October 31, 2022. For the fiscal year, Limoneira’s revenue increased to a record $184.6 million compared to $166 million in fiscal year 2021—an increase of $18.6 million.
“We finished the year strong with seasonally soft fourth quarter revenue increasing 18 percent over the prior year period and our full year topline growing to a record $184.6 million,” Harold Edwards, President and Chief Executive Officer, stated. “Our revenue growth was driven across the agribusiness division, with avocados and oranges experiencing the largest year-over-year increase fueled by strong pricing in fiscal year 2022. We increased annual fresh lemon volume; however, pricing remained challenged for most of the year as the lemon markets both domestically and globally continue to work through a surplus of inventory.”
According to a press release from the company, the record revenue for the fiscal year was driven by record avocado and orange sales. Other highlights from the report include:
- Company sold $28 million of assets in fiscal year 2022 as part of strategic move toward “Asset-Lighter” Business Model
- Company increased expected proceeds from harvest at Limoneira by 21 percent to $115 million
- For the fourth quarter of fiscal year 2022, total net revenue increased 18 percent to $39.7 million, compared to total net revenue of $33.5 million in the fourth quarter of the previous fiscal year
- Adjusted EBITDA for fiscal year 2022 was $11.9 million, compared to $9.9 million in the prior fiscal year
“This year, we made significant progress in advancing our strategy to monetize certain non-core assets, expand our One World of Citrus initiative, and execute on Harvest at Limoneira, while reducing our debt by over 20 percent,” Edwards continued. “We identified over $150 million of assets for monetization and in quick succession closed the sale of two assets in the fourth quarter for a total $27 million in net cash proceeds. Additionally, during the first quarter of fiscal year 2023, we announced another asset sale for $2.6 million in cash.”
For more from the report, click here.
Cheers to a successful fiscal year!
