Limoneira Company recently released its 10-K report, revealing a comprehensive overview of its business operations. The company operates as an agribusiness and real estate development company, with three main divisions: Agribusiness, Rental Operations, and Real Estate Development. Limoneira primarily grows, processes, packs, markets, and sells lemons, as well as avocados, oranges, specialty citrus, and other crops across various locations in the United States and internationally.
In the fiscal year ending October 31, 2024, Limoneira reported total net revenues of $191.5 million, representing a 6% increase from the previous year. The Agribusiness division accounted for the majority of the revenue at $185.9 million, with lemons contributing $136.2 million and avocados $25.1 million. However, the company experienced a decrease in revenues from oranges and specialty citrus.
In terms of costs and expenses, Limoneira reported total costs of $197.7 million for fiscal year 2024, indicating a 17% increase from the prior year. This increase was primarily attributed to a net gain on disposal of assets in 2023, as well as higher selling, general, and administrative expenses. The company also recorded an income tax provision of $4.4 million for fiscal year 2024.
Despite the increase in expenses, Limoneira managed to generate a net income of $7.7 million for fiscal year 2024, compared to a net income of $9.4 million in the previous year. The company also reported a non-GAAP financial measure called EBITDA, which stood at $21.3 million for fiscal year 2024, compared to $22.4 million in the prior year. Adjusted EBITDA, which excludes certain items, was reported at $26.7 million for fiscal year 2024.
The company's Management’s Discussion and Analysis of Financial Condition and Results of Operations highlighted key factors impacting its financial performance, including changes in revenues, costs, and expenses across its operating segments.
Limoneira's 10-K report provides a detailed insight into its financial performance and strategic initiatives, offering investors and stakeholders a comprehensive view of the company's operations and results for the fiscal year 2024. Today the company's shares have moved -8.0% to a price of $24.69. If you want to know more, read the company's complete 10-K report here.
