Limoneira Company, a diversified citrus growing, packing, selling and marketing company with related agribusiness activities and real estate development operations, has reported financial results for the second quarter ended April 30, 2024.
Harold Edwards, President and Chief Executive Officer of the Company, stated, "We recently achieved two significant milestones related to Harvest at Limoneira, our real estate development joint venture with the Lewis Group of Companies. First, the joint venture closed an additional 554 homesites, completing Phase 2 of the project. Second, the Santa Paula City Council approved the joint venture's proposal to increase the total number of entitled lots for the project by 550, or 37%, unlocking further value creation opportunities."
"Based on these events and continued increase in the value of land associated with this project, we have increased our cash flow projections from the joint venture by 46% and now expect to receive $180 million in total future proceeds spread out over the next seven years, with approximately $18 million expected in fiscal year 2024. Our non-GAAP Adjusted EBITDA of $16.6 million for the second quarter represents more than double that of the prior year period, highlighting the continued momentum in Harvest. Additionally, as part of enhancing stockholder value, we plan to expand our avocado plantings by 1,000 acres over the next three years to 2,000 acres, with 223 acres planted in fiscal year 2024. We expect earnings from Harvest and this planned expansion of our avocado production will increase our longer-term non-GAAP EBITDA to a range of $45 million to $55 million by fiscal year 2030, compared to the previous target of $30 million."
Fiscal Year 2024 Second Quarter Results
For the second quarter of fiscal year 2024, total net revenue was $44.6 million, compared to total net revenue of $48.1 million in the second quarter of the previous fiscal year. Agribusiness revenue was $43.3 million, compared to $46.7 million in the second quarter of last fiscal year. Other operations revenue was $1.3 million, compared to $1.4 million in the second quarter of last fiscal year.
Agribusiness revenue in the second quarter of fiscal year 2024 includes $25.8 million in fresh packed lemon sales, compared to $26.6 million of fresh packed lemon sales during the same period of fiscal year 2023. Approximately 1,446,000 cartons of U.S. packed fresh lemons were sold in aggregate during the second quarter of fiscal year 2024 at a $17.85 average price per carton, compared to approximately 1,547,000 cartons sold at a $17.23 average price per carton during the second quarter of fiscal year 2023. Brokered lemons and other lemon sales were $3.8 million and $2.5 million, in the second quarter of fiscal years 2024 and 2023, respectively.
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For more information: 
Limoneira Company
1141 Cummings Road
Santa Paula, California 93060
Tel.: +1 805.525.5541
Email: [email protected]