COMPANY FINANCIAL RELEASE — Limoneira Company, a diversified citrus growing, packing, selling, and marketing company with related agribusiness activities and real estate development operations, reported financial results for the fourth quarter and full fiscal year ended October 31, 2018.
Management Comments
Harold Edwards, President and Chief Executive Officer, stated, “We achieved record revenue and earnings in fiscal 2018, closed on two strategic acquisitions and improved our balance sheet with a successful equity offering. We expect the positive pricing environment for lemons experienced in 2018 to continue throughout fiscal 2019, along with increased production and operating efficiencies in all areas of our business.”
Mr. Edwards continued, “In fiscal 2019, we expect our two recent strategic acquisitions, San Pablo in Chile and Oxnard Lemon in California, to be meaningfully accretive and combined with other organic growth opportunities throughout our agribusiness, we believe we are well positioned to achieve record revenue, EBITDA and earnings. Looking beyond 2019, we have an additional 1,200 acres currently of non-bearing lemons that are estimated to become full-bearing over the next four years, which will enable us to achieve strong organic growth for many years to come. Lastly, the successful $69 million equity raise completed in 2018 will enable us to add to our organic growth with additional strategic acquisitions in the United States and throughout the world, driving our One World of Citrus™ platform.”
Alex Teague, Senior Vice President, stated, “The two strategic acquisitions completed in fiscal 2018 expand our global client reach and enable us to provide our customers a year-round supply of citrus. The leading global agribusiness platform we have built has us well positioned to expand our agribusiness for many years to come. In addition, our real estate development, Harvest at Limoneira has attracted two leading homebuilders to command the first phase of development and we expect to close on our first lot sales during the first quarter of calendar 2019.”
To access full release and financial information, please click here.
Source: Limoneira Company
Investors: John Mills, Managing Partner, ICR 646-277-1254
