By Connor Hart
Limoneira narrowed its loss and posted higher revenue in its fiscal fourth quarter, bolstered by what it called record avocado sales.
The Santa Paula, Calif., citrus and avocado farmer on Monday reported a loss of $2 million, or 11 cents a share, compared with a loss of $3.6 million, or 20 cents a share, a year earlier.
On an adjusted basis, the company posted a loss of 9 cents a share.
Revenue rose to $43.9 million from $41.4 million last year.
Limoneira sold approximately 4.6 million pounds of avocados during the quarter at an average price of $1.92 a pound, resulting in total sales of $8.9 million. It didn't report any avocado revenue last year. Fresh packed lemon sales fell to $8.4 million, equal to about 470,000 cartons at an average of $17.95 each, from $11.3 million, or about 550,000 cartons at $20.39 each.
Chief Executive Harold Edwards said the company achieved record avocado production in its fiscal 2024, validating the company's strategic decision to expand production by 1,000 acres through fiscal year 2027.
"In addition, our lemon offering is achieving increased penetration in the foodservice and quick service restaurant channels, and we expect more meaningful market penetration in fiscal 2025," he said.
In 2025, the company expects to sell 7 million to 8 million pounds of avocados, down from 15.1 million pounds in 2024. It guided for fresh lemon volumes in the range of 5 million to 5.5 million cartons for 2025.
Write to Connor Hart at connor.hart@wsj.com
(END) Dow Jones Newswires
December 23, 2024 16:31 ET (21:31 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.
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