Limoneira Reports Record Revenue Amid Losses

Limoneira Co reported a mixed financial performance for the fiscal year 2024, with net revenues reaching a record $191.5 million, a 6% increase driven primarily by strong avocado sales, which totaled $25.1 million. The fourth quarter saw revenues of $43.9 million, surpassing analyst estimates, but the company posted a net loss of $1.98 million, or $0.11 per share, consistent with prior expectations. The decrease in fresh packed lemon sales from $11.3 million to $8.4 million year-over-year highlighted ongoing challenges in that segment. CEO Harold Edwards emphasized the strategic focus on avocado production, which is set to expand by 1,000 acres by fiscal year 2027, to enhance EBITDA growth. Additionally, the company's joint venture in residential real estate and plans for water monetization are expected to provide further avenues for value creation. Overall, while Limoneira Co's avocado segment showed strength, the ongoing struggles in lemon sales raised concerns about its profitability.