Limoneira Reports Mixed Q2 Results On Pressured Lemon Prices

Limoneira Co LMNR reported second-quarter FY22 sales growth of 3.6% to $46.75 million, missing the consensus of $48.32 million.
Agribusiness revenue rose 3.2% Y/Y. Fresh lemon sales decreased 4.9% Y/Y, avocado revenue grew 33.3%, while orange revenue jumped 85.7%.
Adjusted EBITDA of $5.8 million fell 3.3% Y/Y. Selling, general and administrative expenses decreased 1.7% Y/Y.
The operating margin was 5.5%, and operating income for the quarter rose 8.5% to $2.6 million.
The company held $0.9 million in cash and equivalents as of April 30, 2022.
Adjusted EPS of $0.10 beat the consensus of $0.07.
Outlook: Limoneira expects lemon prices to increase in the second half of the fiscal year 2022 compared to the prior-year period.
The company expects improving results in FY22 due to its stronger position in retail food and club grocery and growing brokered fruit revenues.
Price Action: LMNR shares closed higher by 4.79% at $11.37 on Tuesday.
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