Limoneira (NASDAQ: LMNR) reported Q2 EPS of $0.17, $0.03 better than the analyst estimate of $0.14. Revenue for the quarter came in at $28.3 million versus the consensus estimate of $25.66 million.

Fiscal Year 2015 Outlook

Due to a decrease in the estimated 2015 lemon harvest compared to what was previously anticipated, the Company is decreasing the number of cartons of fresh lemons that it expects to sell in fiscal year 2015 to approximately 2.8 million cartons of fresh lemons at an average per carton price of $25.00 from its previous guidance of 3.0 million cartons of fresh lemons at an average per carton price of $24.00. Lower expected production volume is due to continued dry weather, which has hindered fruit sizing. In addition, the Company is lowering the number of pounds of avocados it expects to sell to approximately 6.5 to 7.0 million pounds of avocados at approximately $0.90 per pound, compared to the Company’s previous guidance of 6.5 to 7.5 million pounds at approximately $1.00 per pound. Estimated avocado production reflects the effects of freeze damage that occurred on one the Company’s orchards. The Company is also anticipating orange and specialty citrus and other crop revenue to be less in fiscal year 2015 compared to fiscal year 2014, mainly due to lower prices.

The Company expects to earn approximately $7.6 million to $8.1 million in operating income for fiscal year 2015 compared to previous guidance of $9.4 million to $10.2 million. Fiscal year 2015 income before tax is expected to be approximately $8.8 million to $9.3 million compared to previous guidance of $10.4 million to $11.1 million. The Company expects fiscal year 2015 earnings per diluted share to be in the range of $0.36 to $0.40, compared to previous guidance of $0.42 to $0.46. Fiscal year 2015 income before tax and earnings per share guidance includes the estimated gain of approximately $1.0 million on the expected third quarter sale of the Wilson Ranch.

*** The Street sees FY15 revenue of $104.4 million and EPS of $0.45.

Until the Company has a definitive transaction for its Santa Paula Gateway project, the potential effect on its financial condition, results of operations or cash flows that would result from such a transaction will not be reflected in its outlook.

For earnings history and earnings-related data on Limoneira (LMNR) click here.