Limoneira Company Announces Third Quarter Fiscal Year 2020 Financial Results
- by Anne Allen
SANTA PAULA, CA - It has been a year of moving pieces into place, especially within the bounds of Limoneira. The company seems to be continuously strategizing, and in its latest fiscal quarter even more has been put in motion.
“We achieved revenue and earnings growth in the third quarter driven by lemons, avocados, and oranges. Our overall business continues to be affected by the COVID-19 pandemic; however, we are experiencing strong volume in grocery retail as consumer buying patterns are focusing on at-home dining instead of foodservice venues,” said Harold Edwards, President and Chief Executive Officer. “We continue to be a leader in foodservice and export and are well positioned as dining out continues to improve. Our real estate development project, Harvest at Limoneira, has now closed on 354 lots since inception, including 144 new closings this fiscal year. This has exceeded our expectations and we are very pleased with the strong interest in this beautiful development.”
According to a release, highlights for the fiscal year, and the third quarter in particular, include:
- Total net revenue was $53.6 million, compared to total net revenue of $50.9 million in the third quarter of the previous fiscal year
- Agribusiness revenue was $52.4 million, compared to $49.6 million in the third quarter of last fiscal year
- Record fresh lemon volume in Q3 2020 with 2.0 million cartons sold
- Avocado volume increased to 6.1 million pounds in Q3 2020
- Sales of 144 Harvest at Limoneira Lots closed during the first nine months of fiscal 2020
The company continues to expect record lemon volumes in fiscal 2020, as well as having continued a trend of real estate moves.
“We generated $5.3 million of adjusted EBITDA in the third quarter due to strong revenue and focus on expenses. In addition, we recently closed on the sale of a non-strategic property for $6.0 million in the Central Valley of California, strengthening our balance sheet for the fourth quarter of fiscal 2020. Looking forward, we are very excited about our growth opportunities in fiscal 2021 as we have dramatically increased our sales in grocery this year and believe we are very well positioned for foodservice growth as restaurants and bars begin to reopen,” Edwards said.
To see a further breakdown of the fiscal quarter and year up to now, read the full financial release here.
With much still underway as the company continues to make necessary pivots in an unpredictable year, AndNowUKnow will continue to keep our ear to the ground for all the latest.