LMNR - Limoneira Sees a Return to Normalcy as Lemon Prices Rebound
After weathering three wild quarters, Limoneira (NASDAQ: LMNR) heads into the fourth quarter of its fiscal year with an eye toward stabilization. Due to heavy rains in the first and second quarters of its fiscal year that resulted in an overabundance of large, lower-value lemons, the West Coast agribusiness watched lemon prices continue to erode in the third quarter. Yet as earnings issued after the close of trading on Monday illuminated, harvest trends are returning to normal, with the worst of an uneven season apparently behind the company.
As I unpack the third quarter below, note that all comparative numbers are presented against those of the prior-year quarter.
Data source: Limoneira. EPS = earnings per share. N/A = not applicable; difference too great to be meaningful.