Limoneira Company Reports Unaudited Consolidated Earnings Results for the Three and Twelve Months Ended October 31, 2017; Provides Earnings Guidance for the Full Year of Fiscal 2018
January 08, 2018 at 04:05 pm EST
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Limoneira Company reported unaudited consolidated earnings results for the three and twelve months ended October 31, 2017. For the quarter, the company reported total net revenues of $15,929,000 against $19,534,000 a year ago. Operating loss was $4,278,000 against $887,000 a year ago. Loss before income tax benefit was $4,516,000 against profit of $198,000 a year ago. Basic and diluted net loss per common share was $0.19 against $0.01 a year ago. LBITDA and adjusted LBITDA was $2,459,000 against EBITDA and adjusted EBITDA of $2,047,000 a year ago.
For the twelve months, the company reported total net revenues of $121,309,000 against $111,789,000 a year ago. Operating income was $11,863,000 against $9,188,000 a year ago. Profit before income tax benefit was $10,626,000 against $13,325,000 a year ago. Basic and diluted net income per common share was $0.42 against $0.52 a year ago. EBITDA and adjusted EBITDA was $19,037,000 against $20,073,000 a year ago.
The company provided earnings guidance for the full year of fiscal 2018. For the year, the company expects to sell between 3.1 million and 3.3 million cartons of fresh lemons at an average price of approximately $24.50 per carton, and expects to sell approximately 6.0 to 6.5 million pounds of avocados at approximately $1.30 per pound. The company expects operating income to be approximately $15.7 million to $17.8 million compared to operating income of $11.9 million for fiscal year 2017, EBITDA to be in the range of $23.0 million to $25.0 million and earnings per diluted share to be in the range of $0.55 to $0.65.
Limoneira Company is primarily an agribusiness company. The Company's operations consist of fruit production, sales and marketing, rental operations, real estate, and capital investment activities. It operates in three business divisions: agribusiness, rental operations, and real estate development. The agribusiness division is comprised of four segments: fresh lemons, lemon packing, avocados, and other agribusiness, which includes oranges, specialty citrus and other crops. The agribusiness division includes its core operations of farming, harvesting, lemon packing and lemon sales operations. The rental operations division includes its residential and commercial rentals, leased land operations and organic recycling. The real estate development division includes its investments in real estate development projects. It markets and sells citrus directly to food service, wholesale, and retail customers throughout the United States, Canada, Asia, Australia, and other international markets.
Limoneira Company Reports Unaudited Consolidated Earnings Results for the Three and Twelve Months Ended October 31, 2017; Provides Earnings Guidance for the Full Year of Fiscal 2018