Limoneira (NASDAQ: LMNR) reported Q3 EPS of $0.10, $0.09 better than the analyst estimate of $0.01. Revenue for the quarter came in at $53.6 million versus the consensus estimate of $46.5 million.

• Third Quarter 2020 Revenue Increased 5.3% to $53.6 Million and EPS Increased to $0.12 Compared to a Loss of $(0.06) for the Same Period of Fiscal Year 2019
• Record Fresh Lemon Volume in Third Quarter 2020 with 2.0 Million Cartons Sold
• Avocado Volume Increased to 6.1 Million Pounds in Third Quarter 2020
• Company has Closed Sales of 144 Harvest at Limoneira Lots During First Nine Months of Fiscal 2020
• Continues to Expect Record Lemon Volumes in Fiscal Year 2020

Management Comments

Harold Edwards, President and Chief Executive Officer of the Company, stated, “We achieved revenue and earnings growth in the third quarter driven by lemons, avocados and oranges. Our overall business continues to be affected by the COVID-19 pandemic; however, we are experiencing strong volume in grocery retail as consumer buying patterns are focusing on at-home dining instead of foodservice venues. We continue to be a leader in foodservice and export and are well positioned as dining-out continues to improve. Our real estate development project, Harvest at Limoneira, has now closed on 354 lots since inception, including 144 new closings this fiscal year. This has exceeded our expectations and we are very pleased with the strong interest in this beautiful development.”

Mr. Edwards continued, “We generated $5.3 million of adjusted EBITDA in the third quarter due to strong revenue and focus on expenses. In addition, we recently closed on the sale of a non-strategic property for $6.0 million in the Central Valley of California, strengthening our balance sheet for the fourth quarter of fiscal 2020. Looking forward, we are very excited about our growth opportunities in fiscal 2021 as we have dramatically increased our sales in grocery this year and believe we are very well positioned for foodservice growth as restaurants and bars begin to reopen.”

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