Limoneira Company (LMNR) Reiteratd Neutral at Seaport Global Securities After Topping Estimates
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Seaport Global Securities analyst Eric Larson reiterated a Neutral rating on Limoneira Company (NASDAQ: LMNR) after Q1F21 sales were better than projected, but the mix was even more positive as fresh lemon utilization rates were 72-73% from the desert harvest and running above 80% in the California harvest. Q1F21 EPS was in-line, and margins were better than projected, reflecting excellent fresh lemon utilization rates. COVID-19 negatively impacted F20 fresh lemon utilization through lower foodservice/export sales, and clobbered earnings.
The analyst stated "We need to see COVID-19 restrictions lift, so that foodservice and export markets can reopen and return the marketplace to supply/demand equilibrium. Despite visible future cash flow events, the balance sheet became stretched during the final eight months of F20, and debt increased again in Q1. Our EPS estimates are unchanged following Q1 performance; LMNR would greatly benefit from bar and restaurant reopenings, in our opinion."
Shares of Limoneira Company closed at $18.33 yesterday.
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