LMNR - Why Limoneira Stock Blasted Nearly 11% Higher Today
Friday was an excellent day to be a shareholder of agribusiness company Limoneira (NASDAQ: LMNR) . That's because the company delivered investor-pleasing results for its most recent quarter; as a result, the stock's price closed almost 11% higher on the day.
After market close Thursday, Limoneira divulged that it earned $58.9 million in revenue for its fiscal third quarter of 2022. This was a juicy 20% higher than in the same period of last year. The improvement was even more pronounced on the bottom line, where the company -- which primarily grows and sells citrus fruit and avocados -- more than doubled its profit to over $7.2 million ($0.41 per share) from the third-quarter 2021 result of just under $3.6 million.
Both figures trounced the average analyst estimates. Collectively, prognosticators following Limoneira stock were modeling revenue of only $51.4 million while anticipating a per-share net profit of $0.24.
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Why Limoneira Stock Blasted Nearly 11% Higher Today