Earnings Review and Free Research Report: Limoneira Reported Better Than Expected Revenue
Research Desk Line-up: S&W Seed Post Earnings Coverage
LONDON, UK / ACCESSWIRE / October 3, 2017 / Pro-Trader Daily has just published a free post-earnings coverage on Limoneira Co. (NASDAQ: LMNR), which can be viewed by registering at http://protraderdaily.com/optin/?symbol=LMNR, following the Company's posting of its financial results on September 11, 2017, for the third quarter fiscal 2017. The Company's total net revenue increased 1.2% on a y-o-y basis. Our daily stock reports are accessible for free, and with those to look forward today you also will be signing up for a complimentary member's account at:
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Get more of our free earnings reports coverage from other constituents of the Farm Products industry. Pro-TD has currently selected S&W Seed Company (NASDAQ: SANW) for due-diligence and potential coverage as the Company announced on September 14, 2017, its financial results for Q4 FY17 and FY17 which ended on June 30, 2017. Register for a free membership today, and be among the early birds that get access to our report on S&W Seed when we publish it.
At Pro-TD, we make it our mission to bring you news that matter about the stock you follow. Today, our research desk covers a blog story on LMNR; also brushing on SANW. With the links below you can directly download the report of your stock of interest free of charge at:
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Earnings Reviewed
For three months ended July 31, 2017, Limoneira's total net revenue increased 1.2% to $40.40 million from $39.90 million in Q3 FY16. The Company's total net revenue surpassed analysts' expectations of $37.94 million.
During Q3 FY17, the Company's Agribusiness revenue increased 1.6% to $39.05 million from $38.43 million in Q3 FY16. The increase was primarily due to stronger lemon sales. During Q3 FY17, the Company's lemon revenue increased 14.5% to $30 million from $26.2 million in Q3 FY16. For the reported quarter, the Company sold 919,000 cartons of fresh lemons compared to 846,000 cartons in Q3 FY16. During the Company's avocado revenue decreased 2.1% to $7.5 million from $9.6 million in Q3 FY16.
During Q3 FY17, Limoneira's earnings before interest, tax, depreciation, and amortization (EBITDA) decreased 22.9% to $14.91 million from $19.35 million in Q3 FY16. For the reported quarter, the Company's EBITDA margin decreased 1150 basis points to 36.9% of revenue from 48.4% of revenue in Q3 FY16. For the reported quarter, the Company's adjusted EBITDA margin decreased 1150 basis points to 36.9% of revenue from 48.4% of revenue in Q3 FY16.
For the reported quarter, Limoneira's selling, general, and administrative (SG&A) expenses decreased 5.5% to $3.23 million from $3.42 million in Q3 FY16. During Q3 FY17, the Company's depreciation and amortization (D&A) expenses increased 12.4% to $1.63 million from $1.45 million in Q3 FY16. During Q3 FY17, the Company's total costs and expenses increased 5.9% to $27.23 million from $25.71 million in Q3 FY16.
During Q3 FY17, Limoneira's operating income decreased 7.1% to $13.17 million from $14.19 million in Q3 FY16. The decrease was due to lower avocado production. For the reported quarter, the Company's operating margin decreased 300 basis points to 32.5% of revenue from 35.5% of revenue in Q3 FY16.
During Q3 FY17, Limoneira's net income decreased 27.6% to $7.65 million from $10.57 million in Q3 FY16. During Q3 FY17, Limoneira's diluted EPS decreased 26.7% to $0.52 from $0.71 in Q3 FY16. The diluted EPS was in-line with analysts' expectations of $0.52.
On September 26, 2017, the Company's Board of Directors declared a quarterly cash dividend of $0.05 per common share payable on October 17, 2017, to stockholders of record on October 09, 2017.
Balance Sheet
As on July 31, 2017, Limoneira's cash and cash equivalents was $1.82 million compared to $38,000 in Q4 FY16. During the nine months ended July 31, 2017, the Company's net cash provided by operating activities was $20.1 million compared to $10.9 million in the prior year.
During Q3 FY17, the Company's net accounts receivable increased 15.3% to $10.73 million from $9.30 million in Q4 FY16. For the reported quarter, the Company's accounts payable decreased 19.6% to $4.46 million from $5.55 million in Q4 FY16.
For the reported quarter, the Company's long-term debt, less current portion, increased 10.7% to $97.64 million from $88.16 million in Q4 FY16. On June 20, 2017, the Company entered into a Master Loan Agreement with Farm Credit West, FLCA and repaid $68.6 million outstanding under the Rabobank credit facility.
Outlook
For FY17, Limoneira expects operating income to be in a range of $14.7 million to $15.2 million and adjusted EBITDA to be in the range of $21.7 million to $22.2 million.
The Company estimates diluted EPS to be in the range of $0.51 to $0.55 for fiscal 2017.
Stock Performance
On Monday, October 02, 2017, the stock closed the trading session at $23.97, advancing 3.45% from its previous closing price of $23.17. A total volume of 24.43 thousand shares have exchanged hands. Limoneira's stock price surged 7.01% in the last one month, 15.97% in the past six months, and 26.83% in the previous twelve months. Furthermore, since the start of the year, shares of the Company have rallied 11.44%. The stock is trading at a PE ratio of 41.76 and has a dividend yield of 0.92%. The stock currently has a market cap of $353.80 million.
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