Limoneira Sells Approximately 11.0 Million Pounds of Avocados, Exceeds Previous Guidance Range

Thu. August 25th, 2016 - by Jordan Okumura-Wright

SANTA PAULA, CA – As the company continues to take strides towards the release of its 2016 Q3 results on September 8, Limoneira Company has released an uplifting update on its recent avocado harvest. 

Limoneira stated in a press release that for the fiscal year ending on October 31, 2016, the company sold around 11.0 million pounds of avocados at $0.95 per pound. This number has exceeded the upper end of Limoneira’s previous fiscal guidance range for 2016. 

Additionally, Limoneira expects to continue to sell between 2.7 million and 3.0 million cartons of fresh lemons throughout the fiscal year, at an average price of around $23 per carton.

As the 2016 fiscal year proceeds, the company expects the following details to be reflected in its upcoming financials: 

  • GAAP operating income: approximately $8.6 million to around $9.1 million, including around $3.4 million gain on sale of stock in Calavo Growers, Inc.
  • EBITDA: range of $18.9 million to $19.4 million
  • Earnings per diluted share: range of $0.45 to $0.50

The company also indicated that the fiscal year’s EBITDA and earnings per diluted share are expected to be in the range of $16.7 million to $17.2 million, and $0.33 to $0.38, respectively. These projections exclude $1.2 million of transaction costs obtained in connection with the Limoneira/Lewis joint venture, and the gain on sale of Calavo Growers Inc. stock.

As Limoneira moves ever-closer to its 2016 Q3 financials, and end of year reportings, AndNowUKnow will continue to report on the latest in company and industry avocado sales and trends.