Soaring lemon sales have helped U.S. fruit company Limoneira (NASDAQ: LMNR) to record excellent financial results for the third quarter, with total revenue growing by 22% to reach US$36.5 million.  

The company's EBITDA also improved 40% to US$14.9 million versus last year.

Lemon sales revenue was up 40% year-on-year, leading the company's agribusiness revenue to grow to US$35.2 million.

The company said the rapid growth was a result of a higher price than average per lemon carton and a small increase in the volume of cartons sold.

Limoneira also recorded earnings per share of US$0.61.

The company avocado sales fell 21% to US$6.1 million in the third quarter, reflecting lower pounds of avocados sold, partially offset by higher prices.

"We are pleased to report strong results for the third quarter, which is our seasonally strongest quarter of the year," said president and CEO Harold Edwards.

"Total revenue grew by 22%, highlighting our expanding agribusiness, particularly our lemon sales, which increased 40% on a year over year basis on higher than historical average lemon prices.

"We have recently made a number of important investments, including the acquisition of a citrus packing operation in Yuma, Arizona and our investment in Rosales S.A., a citrus packing operation in La Serena, Chile. These acquisitions strengthen the foundation of our core agribusiness and are consistent with our year-round global supplier of lemons strategy."

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