Limoneira (LMNR) Says Not Affected by California Wildfires; Reaffirms FY16 Outlook

August 22, 2016 4:06 PM EDT
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Limoneira Company (NASDAQ: LMNR) announced that the Company is not being affected by the current wildfires in California. In addition, the Company reiterated its fiscal year 2016 guidance ranges and announced that it will report its financial results for the third quarter ended July 31, 2016 on Thursday, September 8, 2016.

Reconfirming Fiscal Year 2016 Outlook

For the fiscal year ending October 31, 2016, 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 and expects to sell approximately 8.5 to 9.5 million pounds of avocados at approximately $0.80 per pound.

The Company is reiterating its guidance range for operating income, EBITDA, and earnings per diluted share for fiscal year 2016. The Company expects operating income for fiscal year 2016 to be approximately $8.6 million to $9.1 million. Fiscal year 2016 EBITDA is expected to be in the range of $14.6 million to $15.1 million. The Company expects fiscal year 2016 earnings per diluted share to be in the range of $0.28 to $0.33. Excluding transaction costs incurred in connection with the Limoneira/Lewis joint venture, fiscal year 2016 earnings per diluted share are expected to be in the range of $0.33 to $0.38.

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