Mon, Sep 9, 8:06 PM (102 days ago)
For the third quarter ended July 31, 2024, Limoneira Company reported net revenues of $63.3 million, a 21% increase from $52.5 million in the same period last year, driven by higher sales in agribusiness, particularly avocados and lemons. Operating income was $9.0 million, up from a loss of $1.5 million, reflecting improved performance despite a $643,000 impairment charge. The company recorded net income of $6.6 million, contrasting with a loss of $1.2 million in Q3 2023. Cash flow from operations improved significantly to $11.3 million from a negative $12.6 million, aided by better net income and effective management of working capital. However, cash at the end of the period decreased to $1.1 million, down from $3.6 million, primarily due to capital expenditures and dividend payments. The company continues to face uncertainties, including potential impacts from the COVID-19 pandemic and fluctuating market conditions. Future operations may be influenced by strategic reviews and real estate developments, including a recent increase in entitled residential units. Overall, Limoneira's financial health shows positive trends, yet challenges remain.