Limoneira (LMNR) Misses Q1 EPS by 4c, Revenues Miss; Offers FY19 EPS Mid-Point Guidance Above Consensus

March 12, 2019 4:16 PM

Limoneira (NASDAQ: LMNR) reported Q1 EPS of ($0.11), $0.04 worse than the analyst estimate of ($0.07). Revenue for the quarter came in at $42 million versus the consensus estimate of $46.73 million.

Harold Edwards, President and Chief Executive Officer, stated, "Our topline growth was primarily due to a 39% increase in lemon sales, partially offset by weaker lemon pricing due to colder weather in the U.S. during the last month of the quarter and lower orange pricing in the quarter. Our business is best viewed on an annual basis, which is why despite the lower pricing environment, we believe the underlying fundamentals of the business are strong and remain confident we will achieve our full year 2019 guidance. As we continue to expand and solidify our place as a global supplier of fresh citrus, through organic growth and acquisitions such as our recent joint venture and land acquisition in Argentina, we will continue to reduce the seasonal nature of our business. In addition, our real estate development project, Harvest at Limoneira, has now closed on 174 lot sales and we expect this project will generate meaningful equity earnings on our statement of operations during the second quarter of this year.”

Alex Teague, Senior Vice President, stated, "We are very excited to start off the first half of this year with a strategic move into Argentina, as we continue to look for ways to access new markets and networks to increase our production and distribution as part of our One World of CitrusTM initiative. This expansion of our global footprint into Argentina strengthens our ability to become a 365-day, 24/7 global supplier of fresh citrus to our valued customers around the world. In addition, we are pleased with the successful integration of our two acquisitions last year and are seeing great grower retention from the Oxnard Lemon acquisition and increased production capabilities.”

GUIDANCE:

Limoneira sees FY2019 EPS of $0.75-$0.85, versus the consensus of $0.79.

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

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