Thu, Jun 6, 8:07 PM (137 days ago)
Limoneira Company reported a net income of $2.9 million for the six months ended April 30, 2024, compared to $13.9 million for the same period in 2023. The decrease was primarily due to a decline in revenues from $86.0 million to $84.3 million, largely driven by reduced lemon and avocado sales volumes, partially offset by higher prices and increased farm management revenues. Total costs and expenses rose significantly from $63.9 million to $96.8 million, mainly due to a gain on disposal of assets in 2023 and higher selling, general, and administrative expenses. The company’s equity in earnings of investments notably increased to $16.6 million, primarily from its real estate development joint venture. Despite the challenging conditions, including adverse weather and global market disruptions, Limoneira maintained liquidity with $55.6 million available under its credit facilities. The company continues to navigate uncertainties related to market demand and operational costs while exploring strategic alternatives to enhance shareholder value.