Limoneira reports Q1 EPS (18c) vs. (21c) last year

Reports Q1 revenue $34.3M vs. $39.7M last year. Harold Edwards, CEO, stated, “The benefits of optimizing our revenue mix and transitioning to an asset-lighter model are evident in our financial results through decreased operating expenses and year-over-year financial improvement even though our first quarter revenue reflects the temporary oversupplied lemon market. Our multi-faceted approach – an asset-lighter business model, land and water monetization, expansion of avocado production, and growing our citrus business through multiple channels including quick serve restaurants – has strengthened our financial structure. This quarter’s results validate our longstanding commitment to a balanced portfolio that is designed to withstand temporary volatility in the lemon market. Through our exploration of strategic alternatives, we’re gaining valuable insights that are sharpening our focus on key value drivers for sustainable stockholder value. This evaluation exercise is enabling us to implement improvements across our entire operation. For example, we’re actively repositioning our farm management services division as the industry’s premier technology and expertise partner, offering cutting-edge agriculture solutions that enhance rather than compete with farm management service providers – which will expand our market reach and build stronger collaborative relationships throughout the agricultural ecosystem. Additionally, we’re building strong momentum this year with our land use conversion and water monetization initiatives. This is demonstrated by our January announcement of three separate water rights monetization transactions, with additional water monetization opportunities expected to materialize later this year. We anticipate further growth through enhanced sourcing of third-party lemons and expansion of avocado production, alongside the continued monetization of our water and real estate assets. Our compelling portfolio of agriculture and real estate assets, together with our valuable water resources and strong balance sheet, create multiple pathways to build lasting stockholder value.”