Limoneira Company Reveals $9.8 Million Growth in Q3 2022 Financial Results; Harold Edwards Details
SANTA PAULA, CA - Backed by a playbook of strategic maneuvers, Limoneira Company recorded another successful quarter, recently announcing its financial results for the fiscal third quarter ended July 31, 2022. During that period, the citrus supplier revealed that its revenue grew 20 percent compared to the year prior, hitting $58.9 million.
“Operating income increased over 200 percent and our top line by 20 percent, driven by record avocado revenues and increased fresh lemon sales in the third quarter of fiscal 2022,” said Harold Edwards, President and Chief Executive Officer. “Our strategic approach to fresh utilization enabled our sales and marketing team to successfully market our fresh lemons throughout the year. In addition, our avocado segment has continued to outperform expectations this fiscal year, with pricing almost doubling year-over-year resulting in record avocado revenues of $12.6 million in the third quarter of 2022.”
In addition to these increases in income and revenue, other highlights from the period include:
- Adjusted EBITDA was $14.2 million in the third quarter of fiscal year 2022
- $27.8 million in fresh lemon sales, compared to $24.4 million in fresh lemon sales during the same period of fiscal year 2021
- A record $12.6 million in avocado revenue in the third quarter of fiscal year 2022
- $3.7 million in orange revenue in the third quarter of fiscal year 2022
All of these successes came as Limoneira and the rest of the produce industry faced challenges due to inflation and ongoing supply chain congestion.
“Lemon pricing remained challenged in the third quarter as the domestic and global lemon markets continue to work through a surplus of inventory,” added Edwards. “Our industry continued to face rising labor costs and higher packing and supplier costs, but our strong top line and more efficient marketing and selling plans more than offset these cost increases.”
Limoneira also provided details about its fiscal year 2022 nine months results, reporting revenue of $144.9 million and operating income of $4.1 million.
To read more about Limoneira’s plans moving forward and its projections, click here.
As the supplier continues to implement new strategies, stick with AndNowUKnow for more updates.