Higher lemon prices propelled Limoneira Co. to higher net income and revenue during the company’s fiscal second quarter.
The Santa Paula citrus packer reported net income of $6.47 million (44 cents a share) in the quarter ended April 30, compared to net income of $3.39 (24 cents) in the same quarter a year ago. Revenue grew 17 percent to $43.1 million.
The company sold about 1.16 million cartons of fresh lemons during the quarter at an average price of $23.42, compared to 958,000 cartons sold at a $21.50 during the second quarter last year.
Analysts on average expected net income of 42 cents a share on revenue of $43.6 million, according to Thomson Financial Network.
“Record lemon sales combined with strong orange sales and leverage from our packing house drove a 50 percent increase in operating income,” Chief Executive Harold Edwards said in a statement. “As we enter the third quarter of fiscal 2018, we remain confident the key drivers of our agribusiness that drove our record first half performance will remain in place in the second half.”
The company announced results after market close on Monday. Shares of Limoneira (LMNR) closed Monday up 78 cents, or 3.1 percent, to $21.84 on the Nasdaq.