SANTA PAULA, CA - Limoneira released its Q4 2014 and FY 2014 financial report this week, reporting $16.3 million in company revenue during the quarter. This exceeded industry estimates by almost $1 million, who had only forecasted revenues of $15.4 million for Limoneira, according to CNBC.

“Fiscal year 2014 was another exciting year for Limoneira, as we made significant progress across all aspects of our business,” said CEO Harold Edwards. “Our annual revenue increased 22% and surpassed $100 million, driven by our expanding agribusiness and in particular higher than historical lemon pricing. Throughout fiscal year 2014, we were successful in leveraging our fixed costs across higher sales volume, resulting in over 40% year-over-year growth for EBITDA and net income in fiscal year 2014. Our strong operating cash flow of $15.7 million in fiscal year 2014 provided the financial flexibility to invest in our strategic initiatives, while continuing to pay shareholders a quarterly dividend, which we increased 20% in fiscal year 2014.”

“We made a number of important investments in our core agribusiness, including the acquisition of a citrus packinghouse in Yuma, Arizona and an investment in a citrus packing operation in La Serena, Chile,” Edwards continued in the company's press release. “These acquisitions enhance Limoneria’s ability to be a year-round supplier of lemons and expand our participation in the international market. In addition, we remain on track to complete the expansion of our lemon packing facilities in Santa Paula during fiscal year 2015, which, once complete, is expected to approximately double our annual lemon packing capacity and reduce per carton packing costs.”

Some highlights from Limoneira's Q4 financial report include:

• $16.3 million in revenue, compared to $14.3 million from Q4 2013.
• $15.0 million in agribusiness revenue, compared to $12.9 million from Q4 2013.
• $13.8 million in lemon sales, compared to $9.5 million from Q4 2013.
• $20.8 million in costs and expenses, compared to $15.9 million from Q4 2013.
• $4.5 million in operating losses, compared to $1.6 million from Q4 2013.
• $3.0 million in net losses ($0.21 on a per share basis)

In light of its financial performance in 2014, Limoneira has adjusted its 2015 outlook with respect to operating income to $9.4 million to $10.2 million. Earnings per diluted share are expected to be in the range of $0.42 to $0.46 for FY 2015.

“Regarding our real estate development business, we continue to make progress with the East Area 1/Santa Paula Gateway project,” Edwards added. “We expect to receive final approval to move forward on the project following the city council hearing in February 2015, and we are actively engaged in discussions with leading homebuilders. We plan to break ground on the project in 2015. We remain focused on entering into a deal that will optimize the success and profitability of the project.”

Stay tuned to AndNowUKnow as we continue to bring you the lastest financial news and analysis from the fresh produce industry.

Limoneira