Limoneira reported financial results for the third quarter ended July 31, 2023.
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For the third quarter of fiscal year 2023, total net revenue was $52.5 million, compared to total net revenue of $58.9 million in the third quarter of the previous fiscal year.
Agribusiness revenue was $51.1 million, compared to $57.6 million in the third quarter of last fiscal year.
Other operations revenue was $1.4 million compared to $1.3 million in the third quarter of fiscal year 2022.
Agribusiness revenue for the third quarter of fiscal year 2023 includes $24.2 million in fresh lemon sales, compared to $27.8 million of fresh lemon sales during the same period of fiscal year 2022.
Approximately 1.4 million cartons of U.S.
packed fresh lemons were sold in aggregate during the third quarter of fiscal year 2023 at a $17.92 average price per carton, compared to approximately 1.5 million cartons sold at a $18.39 average price per carton during the third quarter of fiscal year 2022.
Brokered lemons and other lemon sales were $8.8 million and $5.0 million, for the third quarter of fiscal years 2023 and 2022, respectively.
The Company recognized $3.5 million of avocado revenue in the third quarter of fiscal year 2023, compared to $12.6 million in the same period last fiscal year.
Approximately 2.8 million pounds of avocados were sold in aggregate during the third quarter of fiscal year 2023 at a $0.99 average price per pound, compared to approximately 5.7 million pounds sold at a $2.21 average price per pound during the third quarter of fiscal year 2022.
The Company recognized $1.3 million of orange revenue in the third quarter of fiscal year 2023, compared to $3.7 million in the same period of fiscal year 2022.
Approximately 71,000 cartons of oranges were sold during the third quarter of fiscal year 2023 at a $18.17 average price per carton, compared to approximately 209,000 cartons sold at a $17.88 average price per carton during the third quarter of fiscal year 2022.
The decline in volume was primarily due to the sale of the Northern Properties in the first quarter of fiscal year 2023.
Specialty citrus and other revenue was $1.9 million for the third quarter of fiscal year 2023, compared to $1.1 million in the same period of fiscal year 2022. ■