Limoneira (LMNR) Tops Q1 EPS by 2c, Revenues Beat

Limoneira (NASDAQ: LMNR) reported Q1 EPS of ($0.25), $0.02 better than the analyst estimate of ($0.27). Revenue for the quarter came in at $38.28 million versus the consensus estimate of $36.9 million.

Harold Edwards, President and Chief Executive Officer of the Company, stated, “We achieved record first quarter lemon volume, solid specialty citrus revenues and improved cost structure and cash flow compared to the same period last year despite the COVID-19 pandemic. We have dramatically expanded our focus on retail food and club grocery business, and we are very well positioned to achieve a meaningful increase in domestic foodservice and exports once dining-out improves from COVID-19 vaccine distribution. It is early in the season, but current fresh lemon pricing is performing well compared to last year and we expect strong results from our avocado and oranges in fiscal 2021.”

Mr. Edwards continued, “Our real estate development project, Harvest at Limoneira, continues to perform very well and has now closed 398 lots since inception, including 44 new lot closings in the first quarter of fiscal 2021. As each quarter closes, we gain confidence in the timing of the expected $80 million of cash distributions from Harvest at Limoneira over the next six years beginning in fiscal 2022. The expected cash distributions do not include the potential upside from increased density in housing at Harvest at Limoneira as well as the potential opportunity of a medical campus in our East Area 2 development. We expect to be in a position to provide greater transparency on these opportunities in the coming quarters.”

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

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