Limoneira Reveals Fiscal Fourth Quarter and Full Year 2021 Financial Results; Harold Edwards Discusses
SANTA PAULA, CA - Wielding its fresh produce expertise based on years in the industry, Limoneira came out ahead financially this past year despite the myriad of challenges put in its way. The supplier recently announced its fiscal fourth quarter and full year 2021 results, recording a total net revenue of $33.5 million for the quarter ending October 31, 2021.
“Fourth quarter of fiscal year 2021 revenue, in our seasonally slower quarter, increased 13 percent compared to the same period last year. These results were driven by higher lemon prices and very strong brokered fruit revenue which more than doubled compared to last year,” explained Harold Edwards, President and Chief Executive Officer. “Lemon pricing improved in the back half of fiscal year 2021, and we expect this trend to continue throughout fiscal year 2022.”
Highlights of the financial include:
- agribusiness revenue grew from $28.6 million in the fourth quarter of last year to $32.3 million
- operating costs decreased to $6.5 million from $9.5 million the year prior
- for the fiscal year ending October 31, 2021, revenue for Limoneira was $166.0 million
- adjusted EBITDA for fiscal year 2021 was $7.3 million compared to $6.3 million in the same period last year
“We achieved our solid top line results even as the widely publicized global logistical delays continue to affect the entire agriculture industry and reduce exports to Asia,” continued Edwards. “Specifically, due to these shipping delays and spoilage occurring in the fourth quarter, we expect to receive insurance compensation in the first quarter of calendar year 2022.”
Part of Limoneira’s growth over the last year can be attributed to its focus on new initiatives and the strengthening of key partnerships, as Edwards went on to describe. This includes the regrowth of foodservice alliances following COVID-19 shutdowns.
“Throughout fiscal year 2021, we made great strides in expanding our One World of Citrus™ initiative and improving our long-term growth opportunities. We continued to focus on expanding our grocery opportunities as well as strengthening our foodservice relationships as many restaurants began to open again after closures due to the COVID-19 pandemic,” Edwards shared. “We made a strategic decision to dramatically expand our brokered fruit business, which offset seasonally lower domestic volumes in the fourth quarter providing supplemental fruit for our global customers. Lastly, our real estate development project, Harvest at Limoneira, continues to perform very well and has now closed 586 lots since inception, including 30 new lot closings in the fourth quarter of fiscal year 2021. We have now completely sold all lots in Phase 1 of this project and are now focused on the 554 lots for sale in Phase 2."
To read Limoneira’s financial results in their entirety, click here.
With these initiatives in place, what will this fiscal year hold for Limoneira? Stick with AndNowUKnow to find out.