Limoneira (LMNR) Says FY16 Avocado Sales Outpaced Views; Guides FY16 EPS Midpoint Above Expectations
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Limoneira Company (Nasdq: LMNR) announced an update on its recent avocado harvest and disposition of certain assets. In addition, the Company will report its financial results for the third quarter ended July 31, 2016 on Thursday, September 8, 2016.
Updating Avocado Fiscal Year 2016 Outlook
For the fiscal year ending October 31, 2016, the Company sold approximately 11.0 million pounds of avocados at approximately $0.95 per pound, which exceeded the upper end of its previous fiscal 2016 guidance range. The Company continues to expect to sell between 2.7 million and 3.0 million cartons of fresh lemons at an average price of approximately $23.00 per carton.
For fiscal year 2016, the Company expects GAAP operating income for fiscal year 2016 to be approximately $8.6 million to $9.1 million. Including approximately $3.4 million gain on sale of stock in Calavo Growers, Inc., fiscal year 2016 EBITDA is now expected to be in the range of $18.9 million to $19.4 million and fiscal year 2016 earnings per diluted share are expected to be in the range of $0.45 to $0.50. Excluding $1.2 million of transaction costs incurred in connection with the Limoneira/Lewis joint venture and the gain on sale of Calavo Growers Inc. stock, fiscal year 2016 EBITDA and earnings per diluted share are expected to be in the range of $16.7 million to $17.2 million and $0.33 to $0.38, respectively.
*** The Street sees FY16 EPS of $0.33.
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