LMNR - Limoneira Company Non-GAAP EPS of $0.21 beats by $0.02 revenue of $48.07M misses by $0.17M

2023-06-06 16:25:30 ET

• Limoneira Company press release ( NASDAQ: LMNR ): Q2 Non-GAAP EPS of $0.21 beats by $0.02 .
• Revenue of $48.07M (+2.8% Y/Y) misses by $0.17M .
• Company Successfully Executing Strategic Shift Toward Higher Margin “Asset-Lighter” Business Model
• Net Debt Position Reduced to $31.5 Million at End of Second Quarter Fiscal Year 2023 from $105.0 Million at End of Fiscal Year 2022.
• Updated Guidance: The Company’s food service business and industry logistics continue to experience slowdown due to supply chain and inflationary pressures on a global basis.
• The Company continues to expect fresh lemon volumes to be in the range of 5.0 million to 5.4 million cartons for fiscal year 2023. The Company now expects avocado volumes to be in the range of 3.0 million to 4.0 million pounds for fiscal year 2023, compared to previous guidance of 4.0 million to 5.0 million pounds. The decrease is primary due to weather-related factors adversely affecting our orchards.
• The Company expects to receive total proceeds of $115 million from Harvest at Limoneira, LLCB II and East Area II spread out over seven fiscal years, with approximately $8 million received in fiscal year 2022

• Shares +1.52% .

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