Limoneira boosts Q3 income following strong grocery sales
Limoneira Company has posted higher revenue and income in the third financial quarter thanks to strong volume in grocery retail.
Adjusted EBITDA was $5.3m in the three months ended July 31, compared to $3.8m in the same period last year, while net income swung from a loss of $1.1m to $2.2m.
Total net revenue was $53.6m, compared to total net revenue of $50.9m.
Harold Edwards, President and Chief Executive Officer of the Company, stated, “We achieved revenue and earnings growth in the third quarter driven by lemons, avocados and oranges. Our overall business continues to be affected by the COVID-19 pandemic; however, we are experiencing strong volume in grocery retail as consumer buying patterns are focusing on at-home dining instead of foodservice venues."
He said the company continues to be a leader in foodservice and export and is well-positioned as dining-out continues to improve.
“We generated $5.3 million of adjusted EBITDA in the third quarter due to strong revenue and focus on expenses," he said. "In addition, we recently closed on the sale of a non-strategic property for $6.0 million in the Central Valley of California, strengthening our balance sheet for the fourth quarter of fiscal 2020.
"Looking forward, we are very excited about our growth opportunities in fiscal 2021 as we have dramatically increased our sales in grocery this year and believe we are very well positioned for foodservice growth as restaurants and bars begin to reopen."