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Limoneira Posts Upbeat Q2 Results, Street Says Buy

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Limoneira Co (LMNR), a public limited agribusiness and real estate development company, has announced strong second-quarter results.

Revenues of $45.1 million surpassed the Street’s estimates of $45.4 million and jumped 14% from the year-ago period. Growth was driven by the increase in fresh lemon and avocado volumes.

Earnings came in at $0.10 per share, beating consensus estimates of $0.06 per share. A loss of $0.09 per share was reported in the same quarter last year.

Limoneira CEO Harold Edwards said, “The pace of home sales has been increasing this year and as each quarter closes, we gain confidence in the timing of the expected $80 million of cash distributions from Harvest at Limoneira over the next six years beginning in fiscal year 2022.”

He added, “In addition, we believe there is a potential upside to our stated cash distributions due to the increased number of housing units in Harvest at Limoneira as well as the potential opportunity of a medical campus in our East Area 2 development.” (See Limoneira Co stock analysis on TipRanks)

On June 4, Lake Street analyst Ben Klieve initiated coverage on the stock with a Buy rating and a price target of $23 (13.2% upside potential).

Klieve commented, “As a leading producer and processor of a compelling speciality crop with several catalysts on the horizon, we believe Limoneira is well-positioned in an attractive market to capture meaningful growth.”

Consensus among analysts is a Strong Buy based on 4 Buys and 1 Hold. LMNR’s average analyst price target of $22.67 implies 11.6% upside potential from current levels. Shares have gained 48% over the past year.

TipRanks data shows that financial blogger opinions are 100% Bullish on LMNR, compared to the sector average of 69%.

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