Stock Monitor: Landec Post Earnings Reporting
LONDON, UK / ACCESSWIRE / January 18, 2018 / Active-Investors.com has just released a free earnings report on Limoneira Co. (NASDAQ: LMNR). If you want access to this report all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=LMNR. Limoneira reported its fourth quarter and fiscal 2017 operating and financial results on January 8, 2018. The agribusiness Company generated record revenue for fiscal 2017. Register today and get access to over 1,000 Free Research Reports by joining our site below:
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Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, Limoneira most recent news is on our radar and our team decided to put out a fantastic report on the company that is now available for free below:
Earnings Highlights and Summary
For the fourth quarter of fiscal year 2017, Limoneira's net revenue decreased to $15.9 million compared to net revenue of $19.5 million in Q4 FY16. The Company's revenue numbers topped analysts' estimates by $0.3 million.
For the fiscal year ended October 31, 2017, Limoneira's revenue was $121.3 million compared to $111.8 million in FY16.
During Q4 FY17, Limoneira's Agribusiness revenue totaled $14.6 million compared to $18.2 million in Q4 FY16, primarily due to decrease in lemon revenues stemming from the delayed lemon harvest at its Arizona ranches that were impacted by excessive heat during the reported quarter and lower prices. The Company's Rental operations revenue was $1.3 million in Q4 FY17 and Q4 FY16. There were no real estate development revenues in the reported quarter.
During Q4 FY17, Limoneira's Agribusiness revenue included $12.0 million in lemon sales compared to $16.4 million of lemon sales during Q4 FY16, with the decrease primarily the result of the delay in the timing of the lemon harvest as well as lower prices versus the prior year's same period. The Company sold approximately 414,000 cartons of fresh lemons at an average price of $21.01 per carton during the reported quarter compared to approximately 521,000 cartons sold at a $25.91 average price per carton during Q4 FY16.
For Q4 FY17, Limoneira's total costs and expenses were $20.2 million compared to $20.4 million in Q4 FY16. The decrease in operating expenses was primarily attributable to a drop in the Company's agribusiness costs mainly due to decreased third-party grower costs, partially offset by increased packing, growing, and depreciation costs and expenses. In addition, lemon packing costs were $4.1 million for Q4 FY17 compared to $4.0 million for Q4 FY16.
Limoneira's operating loss was $4.3 million for Q4 FY17 compared to a loss of $0.9 million in Q4 FY16, with lower lemon revenues being the primary factor in the decrease. The Company's adjusted EBITDA was a loss of $2.5 million in the reported quarter versus earnings of $2.0 million in the year earlier quarter.
For Q4 FY17, Limoneira's net loss per diluted share was $0.19 compared to a net loss per diluted share of $0.01 for Q4 FY16. The Company's reported numbers were better than Wall Street's estimates for a loss of $0.20 per share.
Limoneira's net income per diluted share for the fiscal year ended October 31, 2017, was $0.42 compared to net income per diluted share of $0.52 in fiscal 2016.
Balance Sheet and Liquidity
During fiscal year ended October 31, 2017, Limoneira's net cash provided by operating activities was $18.5 million compared to $14.3 million in the prior year. The Company's net cash used in investing activities was $26.4 million compared to $11.5 million in the prior year's same quarter.
Limoneira's long-term debt as of October 31, 2017, was $102.1 million compared to $88.2 million at the end of fiscal 2016.
Fiscal Year 2018 Outlook
For the fiscal year ending October 31, 2018, Limoneira is forecasting to sell between 3.1 million and 3.3 million cartons of fresh lemons at an average price of approximately $24.50 per carton and expects to sell approximately 6.0 million to 6.5 million pounds of avocados at approximately $1.30 per pound.
Limoneira expects operating income for fiscal year 2018 to be approximately $15.7 million to $17.8 million. The Company's fiscal year 2018 EBITDA is expected to be in the band of $23.0 million to $25.0 million. Limoneira is projecting fiscal year 2018 earnings per diluted share to be in the range of $0.55 to $0.65.
Stock Performance Snapshot
January 17, 2018 - At Wednesday's closing bell, Limoneira's stock marginally dropped 0.85%, ending the trading session at $21.07.
Volume traded for the day: 26.05 thousand shares.
Stock performance in the past twelve-month period - up 16.02%
After yesterday's close, Limoneira's market cap was at $304.67 million.
Price to Earnings (P/E) ratio was at 36.71.
The stock has a dividend yield of 1.19%.
The stock is part of the Consumer Goods sector, categorized under the Farm Products industry. This sector was up 1.0% at the end of the session.
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