Limoneira Provides Update on Positive 2016 Avocado Harvest
-Company Sold Approximately 11 Million Pounds of Avocados in Fiscal
2016 at $0.95 Per Pound-
SANTA PAULA, Calif.--(BUSINESS WIRE)--
Limoneira Company (NASDAQ: LMNR), a leading agribusiness with prime
agricultural land and operations, real estate and water rights in
California and Arizona, today announced an update on its recent avocado
harvest and disposition of certain assets. In addition, the Company will
report its financial results for the third quarter ended July 31, 2016
on Thursday, September 8, 2016.
Updating Avocado Fiscal Year 2016 Outlook
For the fiscal year ending October 31, 2016, the Company sold
approximately 11.0 million pounds of avocados at approximately $0.95 per
pound, which exceeded the upper end of its previous fiscal 2016 guidance
range. The Company continues to expect to sell between 2.7 million and
3.0 million cartons of fresh lemons at an average price of approximately
$23.00 per carton.
For fiscal year 2016, the Company expects GAAP operating income for
fiscal year 2016 to be approximately $8.6 million to $9.1 million.
Including approximately $3.4 million gain on sale of stock in Calavo
Growers, Inc., fiscal year 2016 EBITDA is now expected to be in the
range of $18.9 million to $19.4 million and fiscal year 2016 earnings
per diluted share are expected to be in the range of $0.45 to $0.50.
Excluding $1.2 million of transaction costs incurred in connection with
the Limoneira/Lewis joint venture and the gain on sale of Calavo Growers
Inc. stock, fiscal year 2016 EBITDA and earnings per diluted share are
expected to be in the range of $16.7 million to $17.2 million and $0.33
to $0.38, respectively.
About Limoneira Company
Limoneira Company, a 124-year-old international agribusiness
headquartered in Santa Paula, California, has grown to become one of the
premier integrated agribusinesses in the world. Limoneira (pronounced lē
mon΄âra) is a dedicated sustainability company with approximately 10,700
acres of rich agricultural lands, real estate properties and water
rights in California and Arizona. The Company is a leading producer of
lemons, avocados, oranges, specialty citrus and other crops that are
enjoyed throughout the world. For more about Limoneira Company, visit www.limoneira.com.
View source version on businesswire.com: http://www.businesswire.com/news/home/20160825005392/en/
John Mills, 646-277-1254
Source: Limoneira Company
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