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Investing.com -- Limoneira Company (NASDAQ:LMNR) reported a wider-than-expected loss for its fiscal second quarter as revenue fell short of estimates, sending shares down 7.6% in after-hours trading.
The citrus grower posted a loss of -$0.17 per share for the quarter ended April 30, missing the analyst estimate of $0.04 profit. Revenue came in at $35.1 million, well below the consensus forecast of $44.7 million and down from $44.6 million in the same quarter last year.
Limoneira said an oversupplied lemon market created pricing pressure in the quarter. The company sold approximately 1.36 million cartons of fresh packed lemons at an average price of $14.52 per carton, compared to 1.45 million cartons at $17.85 per carton in the prior year period.
"The oversupplied lemon market created pricing pressure in our second quarter, yet we delivered strong results across our other business lines," said CEO Harold Edwards. He noted the company’s avocado operations benefited from robust pricing that continued throughout the quarter.
To improve efficiency, Limoneira announced plans to merge its citrus sales and marketing operations into Sunkist Growers. The company expects this move to generate $5 million in annual cost savings and EBITDA improvement starting in fiscal 2026.
Despite the quarterly miss, Limoneira reiterated its full-year guidance for avocado volumes of 7-8 million pounds. The company now expects fresh lemon volumes of 4.5-5 million cartons for fiscal 2025, compared to its previous outlook of 4.5-5.5 million cartons.
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