RSS   Newsletter   Contact   Advertise with us

Limoneira Q4 net revenue jumps from $14.7 million to $36.5 million

Christian Fernsby ▼ | January 14, 2020
Limoneira Company reported financial results for the fourth quarter ended October 31, 2019.
Limoneira
Limoneira   Agribusiness revenue was $35.3 million
For the fourth quarter of fiscal year 2019, Limoneira Company total net revenue was $36.5 million, compared to total net revenue of $14.7 million in the fourth quarter of the previous fiscal year.

Topics: Limoneira

Agribusiness revenue was $35.3 million, compared to $13.5 million in the fourth quarter last year.

The increase was primarily due to higher lemon volume offset by lower fresh lemon prices and lower fresh utilization.

Rental operations revenue was $1.2 million in fiscal year 2019, similar to the fourth quarter of last year.

Agribusiness revenue for the fourth quarter of fiscal year 2019 includes $17.0 million in fresh lemon sales, compared to $7.1 million of fresh lemon sales during the same period of fiscal year 2018, with the increase the result of higher lemon volume offset by lower fresh lemon prices and lower fresh utilization.

Approximately 793,000 cartons of fresh lemons were sold during the fourth quarter of fiscal year 2019 at a $21.46 average price per carton compared to approximately 239,000 cartons sold at a $29.71 average price per carton during the fourth quarter of fiscal year 2018.

Additionally, brokered and other lemon sales increased approximately $7.0 million in the fourth quarter of fiscal year 2019 primarily as a result of adopting new revenue recognition standards.

As anticipated, the Company recognized $2.3 million of avocado revenue from crop insurance payment related to the excessive heat in the summer of 2018 that dramatically affected avocado production in fiscal 2019 compared to minimal revenue in the fourth quarter of fiscal year 2018.

The Company recognized $2.1 million of orange revenue in the fourth quarter of fiscal year 2019, compared to $0.3 million in the same period of fiscal year 2018, primarily attributable to a $1.4 million increase in brokered oranges sold under the new revenue recognition standards.

Specialty citrus and other crop revenues were $2.1 million in the fourth quarter of fiscal year 2019, compared to $1.4 million in the fourth quarter of fiscal year 2018.

The increase was primarily due to increased wine grape and pistachio revenues.

Total costs and expenses for the fourth quarter of fiscal year 2019 increased to $40.1 million, compared to $24.3 million in the fourth quarter of last fiscal year.

The fourth quarter of fiscal year 2019 increase in operating expenses was primarily attributable to increases in agribusiness costs and expenses due to increased volume of third-party grower lemons packed and sold and increased selling, general and administrative costs due to the acquisition of Trapani Fresh.

Costs associated with its agribusiness include packing costs, harvest costs, growing costs, costs related to the fruit procured and sold for third-party growers and depreciation expense.

Operating loss for the fourth quarter of fiscal year 2019 was $3.6 million, compared to a loss of $9.6 million in the fourth quarter of the previous fiscal year.

Net loss applicable to common stock, after preferred dividends, for the fourth quarter of fiscal year 2019 was $3.2 million and compares to a net loss of $3.4 million in the fourth quarter of fiscal year 2018.

Net loss per diluted share for the fourth quarter of fiscal year 2019 was $0.18 and $0.19 for fiscal year 2018.


 

MORE INSIDE POST