Limoneira Company Releases Financial Results for the Second Quarter of Fiscal Year 2021; Harold Edwards Comments
SANTA PAULA, CA - Limoneira Company has pulled back the curtain on momentous growth across its operations, as the company recently released its financial results for the second quarter of 2021, ending April 30, 2021, revealing a powerful upward trajectory for the grower.
“Our 14 percent second quarter top line growth was due to record second quarter lemon volume and strong avocado volume,” said Harold Edwards, President and Chief Executive Officer. “Our focus on retail food and club grocery business continues to perform well, and we are beginning to experience an improvement in domestic foodservice and export sales as dining-out increases from COVID-19 vaccine distribution. Additionally, due to our continued focus on cost improvement initiatives, our adjusted EBITDA improved to $6.0 million compared to a loss of $0.1 million for the same period last year.”
The company saw immense growth in the second quarter of 2021, reporting a total net revenue of $45.1 million, compared to total net revenue of $39.6 million in the second quarter of the previous fiscal year, a press release explained.
Other highlights from the company’s quarterly report are as follows:
- Operating income for the second quarter of fiscal year 2021 was $2.4 million, compared to operating loss of $2.8 million in the second quarter of the previous fiscal year
- Adjusted net income was $1.8 million, or $0.10 per diluted share
- Orange revenue reached $1.4 million
- $28.7 million in fresh lemon sales
- Avocado revenue of $2.7 million
- Adjusted EBITDA was $6 million, compared to a loss of $0.1 million in the same period of fiscal year 2020
In addition, the supplier’s joint venture with The Lewis Group of Companies for the residential development of its East Area I real estate development project, named Harvest at Limoneira, has also garnered success in the second quarter of the fiscal year. Through April 30, 2021, the joint venture has closed the sales of residential lots representing 464 residential units, including 110 for the first six months of fiscal 2021, the release noted. Approximately 1,500 total residential units will be built and sold over the life of the project.
“Our real estate development project, Harvest at Limoneira, continues to perform very well and has now closed 524 lots since inception, including 66 lot closings in the second quarter of fiscal 2021 and 60 new lot closings in May 2021,” Edwards added. “The pace of home sales has been increasing this year, and as each quarter closes, we gain confidence in the timing of the expected $80 million of cash distributions from Harvest at Limoneira over the next six years beginning in fiscal 2022. In addition, we believe there is potential upside to our stated cash distributions due to the increased number of housing units in Harvest at Limoneira as well as the potential opportunity of a medical campus in our East Area 2 development.”
To view the full financial report, click here.
On the heels of a successful quarter, what growth will the company pursue next? AndNowUKnow will keep our eyes on the newswire.