POST Online Media Lite Edition



 

Limoneira Q3 net revenue 53.6 million

Christian Fernsby |
Limoneira reported financial results for the third quarter ended July 31, 2020.

Topics: LIMONEIRA   

For the third quarter of fiscal year 2020, total net revenue was $53.6 million, compared to total net revenue of $50.9 million in the third quarter of the previous fiscal year.

Agribusiness revenue was $52.4 million, compared to $49.6 million in the third quarter of last fiscal year.

Other operations revenue was similar to the prior fiscal year at $1.2 million.

Agribusiness revenue for the third quarter of fiscal year 2020 includes $35.4 million in fresh lemon sales, compared to $35.8 million of fresh lemon sales during the same period of fiscal year 2019.

The decrease was primarily the result of coronavirus related food service closures reducing the demand for lemons and creating an over-supply in the marketplace, which resulted in lower average per carton prices in the third quarter of fiscal year 2020.

Approximately 1,979,000 cartons of fresh lemons were sold in aggregate during the third quarter of fiscal year 2020 at a $17.91 average price per carton compared to approximately 1,876,000 cartons sold at a $19.09 average price per carton during the third quarter of fiscal year 2019.

The Company recognized $6.1 million of avocado revenue in the third quarter of fiscal year 2020, compared to $2.5 million in the same period last fiscal year.

Approximately 6.1 million pounds of avocados were sold during the third quarter of fiscal year 2020 at a $1.00 average price per pound, compared to approximately 1.4 million pounds sold at a $1.80 average price per pound during the third quarter of fiscal year 2019.

The Company recognized $2.2 million of orange revenue in the third quarter of fiscal year 2020, compared to $0.7 million in the same period of fiscal year 2019, attributable to higher prices of oranges partially offset by a decrease in volume.

Approximately 184,000 cartons of oranges were sold during the third quarter of fiscal year 2020 at a $12.13 average price per carton, compared to approximately 382,000 cartons sold at a $1.86 average price per carton during the third quarter of fiscal year 2019.

Specialty citrus and other crop revenues were $0.8 million in the third quarter of fiscal year 2020, compared to no sales in the third quarter of fiscal year 2019.


What to read next

Limoneira Q2 revenue slightly down to $27.4 million
Limoneira Company Q2 total net revenue was $42.0 million
Limoneira Q4 net revenue jumps from $14.7 million to $36.5 million