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Wednesday, Jun 7, 2023

‘Excessive Heat’ Hurts Limoneira’s Quarter

Limoneira Co. has reported lower revenue and a net loss for the fiscal fourth quarter, blaming the results in part on excessive heat in Arizona. The Santa Paula citrus grower and real estate company reported a net loss of $2.8 million (-19 cents a share) for the quarter ended Oct. 31, compared to a loss of $138,000 (-1 cent) for the same quarter a year ago. Revenue declined 19.5 percent to $14.6 million. The company attributed the loss to “a decrease in lemon revenues stemming from the delayed lemon harvest at its Arizona ranches that were impacted by excessive heat during the quarter and lower prices.” For the fiscal year ended Oct. 31, revenue grew 8.4 percent to $121 million. The company reported net income of $6 million, or 42 cents a share. The company said it didn’t receive any real estate revenue during the fiscal fourth quarter. It released earning on Monday. Shares of Limoneira (LMNR) closed Wednesday down 57 cents, or 2.6 percent, to $21.23 on the Nasdaq.

Joel Russel
Joel Russel
Joel Russell joined the Los Angeles Business Journal in 2006 as a reporter. He transferred to sister publication San Fernando Valley Business Journal in 2012 as managing editor. Since he assumed the position of editor in 2015, the Business Journal has been recognized four times as the best small-circulation tabloid business publication in the country by the Alliance of Area Business Publishers. Previously, he worked as senior editor at Hispanic Business magazine and editor of Business Mexico.

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