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SANTA PAULA, Calif. - Limoneira Company (NASDAQ:LMNR) reported a narrower first-quarter loss on Thursday as the citrus grower’s efforts to optimize its revenue mix and transition to an asset-lighter model showed results, despite lower revenue due to a temporary oversupply in the lemon market. The company’s stock edged up 0.7% following the earnings release.
For the first quarter ended January 31, 2025, Limoneira posted a net loss of $0.18 per share, slightly wider than analysts’ expectations of a $0.17 per share loss. However, this marked an improvement from the $0.21 per share loss reported in the same quarter last year.
Revenue for the quarter came in at $32.85 million, falling short of the $40 million consensus estimate and down from $39.7 million in the prior-year period. The company attributed the revenue decline primarily to lower fresh lemon prices, with average prices per carton dropping to $18.44 from $21.06 a year ago.
Despite the revenue miss, Limoneira’s operating loss improved 31% YoY to $5.3 million, reflecting the benefits of its cost reduction initiatives. Agribusiness costs and expenses decreased 14% compared to the first quarter of fiscal 2024.
"The benefits of optimizing our revenue mix and transitioning to an asset-lighter model are evident in our financial results through decreased operating expenses and year-over-year financial improvement," said Harold Edwards, President and CEO of Limoneira.
The company reiterated its full-year guidance for fresh lemon volumes of 5.0 million to 5.5 million cartons and avocado volumes of 7.0 million to 8.0 million pounds for fiscal year 2025.
Limoneira also reported progress on its water rights monetization efforts, announcing the sale of water pumping rights in the Santa Paula Basin for total proceeds of $1.7 million during the quarter.
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