Limoneira reported financial results for the second quarter ended April 30, 2024.
Article continues below
For the second quarter of fiscal year 2024, total net revenue was $44.6 million, compared to total net revenue of $48.1 million in the second quarter of the previous fiscal year.
Agribusiness revenue was $43.3 million, compared to $46.7 million in the second quarter of last fiscal year. Other operations revenue was $1.3 million, compared to $1.4 million in the second quarter of last fiscal year.
Agribusiness revenue in the second quarter of fiscal year 2024 includes $25.8 million in fresh packed lemon sales, compared to $26.6 million of fresh packed lemon sales during the same period of fiscal year 2023.
Approximately 1,446,000 cartons of U.S. packed fresh lemons were sold in aggregate during the second quarter of fiscal year 2024 at a $17.85 average price per carton, compared to approximately 1,547,000 cartons sold at a $17.23 average price per carton during the second quarter of fiscal year 2023.
Brokered lemons and other lemon sales were $3.8 million and $2.5 million, in the second quarter of fiscal years 2024 and 2023, respectively.
The Company recognized $2.3 million of avocado revenue in the second quarter of fiscal year 2024, compared to $3.6 million in the second quarter of last fiscal year.
Avocado revenues in the second quarter of fiscal year 2023 included legal settlement proceeds of $2.4 million allocated to avocados.
Approximately 1,595,000 pounds of avocados were sold in aggregate during the second quarter of fiscal year 2024 at a $1.47 average price per pound, compared to approximately 941,000 pounds sold at a $1.30 average price per pound during the second quarter of fiscal year 2023.
The Company recognized $1.2 million of orange revenue in the second quarter of fiscal year 2024, compared to $1.4 million in the same period of fiscal year 2023.
Approximately 66,000 cartons of oranges were sold during the second quarter of fiscal year 2024 at a $17.58 average price per carton, compared to approximately 88,000 cartons sold at a $15.72 average price per carton during the second quarter of fiscal year 2023.
Specialty citrus and other crops revenue was $0.8 million for the second quarter of fiscal year 2024, compared to $1.0 million in the same period of fiscal year 2023.
During the second quarter of fiscal years 2024 and 2023, approximately 29,000 and 41,000 40-pound carton equivalents were sold at an average per carton price of $29.24 and $24.78, respectively.
Farm management revenues were $2.0 million in the second quarter of fiscal year 2024, compared to $1.4 million in the same period of fiscal year 2023. ■
A hyperactive weather pattern will bring an expansive low pressure system across mainland U.S., resulting in widespread impactful weather to progress from west to east across the country through the next few days.