Limoneira reported financial results for the first quarter ended January 31, 2024.
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For the first quarter of fiscal year 2024, total net revenue increased 5% to $39.7 million, compared to total net revenue of $37.9 million in the first quarter of the previous fiscal year.
Agribusiness revenue was $38.3 million, compared to $36.5 million in the first quarter of last fiscal year. Other operations revenue was $1.4 million in both the first quarters of fiscal years 2024 and 2023.
Agribusiness revenue in the first quarter of fiscal year 2024 includes $23.9 million in fresh lemon sales, compared to $24.7 million of fresh lemon sales during the same period of fiscal year 2023.
Approximately 1,137,000 cartons of U.S. packed fresh lemons were sold in aggregate during the first quarter of fiscal year 2024 at a $21.06 average price per carton, compared to approximately 1,308,000 cartons sold at a $18.88 average price per carton during the first quarter of fiscal year 2023.
Brokered lemons and other lemon sales were $2.9 million and $1.4 million, in the first quarter of fiscal years 2024 and 2023, respectively.
The Company recognized no avocado revenue in the first quarters of fiscal years 2024 and 2023 due to the timing of harvest.
The Company recognized $1.1 million of orange revenue in the first quarter of fiscal year 2024, compared to $1.2 million in the same period of fiscal year 2023.
Approximately 80,000 cartons of oranges were sold during the first quarter of fiscal year 2024 at a $14.26 average price per carton, compared to approximately 64,000 cartons sold at a $18.00 average price per carton during the first quarter of fiscal year 2023.
Specialty citrus and other crops revenue was $1.1 million for the first quarter of fiscal year 2024, compared to $1.2 million in the same period of fiscal year 2023.
Farm management revenues were $2.0 million in the first quarter of fiscal year 2024, primarily due to the Northern Properties farming, management and operations services. There were no farm management revenues in the first quarter of fiscal year 2023.
Total costs and expenses in the first quarter of fiscal year 2024 were $47.5 million, compared to $12.0 million in the first quarter of last fiscal year.
The increase of $35.5 million was primarily related to the gain on the sale of the Northern Properties in the first quarter of fiscal year 2023, partially offset by decreases in agribusiness costs and expenses and selling, general and administrative expenses.
Operating loss for the first quarter of fiscal year 2024 was $7.7 million, compared to operating income of $25.9 million in the first quarter of the previous fiscal year, which was primarily related to the gain on the sale of the Northern Properties in the first quarter of fiscal year 2023.
Net loss applicable to common stock, after preferred dividends, for the first quarter of fiscal year 2024 was $3.7 million, compared to net income applicable to common stock of $15.5 million in the first quarter of fiscal year 2023.
Net loss per diluted share for the first quarter of fiscal year 2024 was $0.21, compared to net income per diluted share of $0.84 for the same period of fiscal year 2023.
Adjusted net loss for diluted EPS in the first quarter of fiscal year 2024 was $3.2 million or $0.18 per diluted share, compared to the first quarter of fiscal year 2023 of $9.3 million or $0.53 per diluted share. A reconciliation of net (loss) income attributable to Limoneira Company to adjusted net loss for diluted EPS is provided at the end of this release.
Non-GAAP adjusted EBITDA was a loss of $4.8 million in the first quarter of fiscal year 2024, compared to a loss of $7.9 million in the same period of fiscal year 2023. A reconciliation of net (loss) income attributable to Limoneira Company to non-GAAP adjusted EBITDA is provided at the end of this release. ■