Net Revenues Grew 21% to $63.3 Million in Third
Quarter of Fiscal Year 2024 Compared to Prior Year
Operating Income in Third Quarter of Fiscal
Year 2024 was $9.0 Million, Compared to Operating Loss of $1.5
Million in Prior Year
Company Achieved Year-Over-Year Pricing
Improvement in Fresh Lemons and Avocados in Third Quarter of Fiscal
Year 2024
Avocado Revenues Grew Over 300% to $13.9
Million in Third Quarter of Fiscal Year 2024
Company Significantly Increases Avocado Volume
Guidance for Fiscal Year 2024
Strategic Alternatives Exploration to Maximize
Stockholder Value Continues to Progress
Limoneira Company (the “Company” or “Limoneira”) (Nasdaq: LMNR),
a diversified citrus growing, packing, selling and marketing
company with related agribusiness activities and real estate
development operations, today reported financial results for the
third quarter ended July 31, 2024.
Management Comments
Harold Edwards, President and Chief Executive Officer of the
Company, stated, “We are extremely pleased with the overall
performance of our business this quarter, in particular our
avocados experienced robust demand and favorable pricing dynamics.
This strong market response positions us to achieve record avocado
revenue this fiscal year. Further, we anticipate reaching a
milestone as our avocado segment is expected to contribute
approximately four million to five million pounds in our seasonably
softer fourth quarter for the first time in our company’s history.
These results validate our strategic decision to significantly
expand our avocado production by 1,000 acres over the next three
years. In addition to our agricultural success, our real estate
development joint venture, Harvest at Limoneira (“Harvest”), has
seen increased momentum in the current lower interest rate
environment with steady home sales. The expansion of avocado
production, coupled with the ongoing expected earnings from
Harvest, reinforces our confidence in achieving strong EBITDA
growth into the future. The success across multiple segments of our
business underscores our commitment to sustainable growth and value
creation for our stockholders.”
Mr. Edwards continued, “Since announcing our exploration of
strategic alternatives, we have received interest and are
diligently working with our advisors at Stephens, Inc to engage
with these and other parties to evaluate potential opportunities.
We remain committed to thoroughly exploring all options to maximize
stockholder value and will provide updates if the board of
directors find that further disclosure is necessary or
advisable.”
Fiscal Year 2024 Third Quarter Results
For the third quarter of fiscal year 2024, total net revenue was
$63.3 million, compared to total net revenue of $52.5 million in
the third quarter of the previous fiscal year. Agribusiness revenue
was $61.8 million, compared to $51.1 million in the third quarter
of last fiscal year. Other operations revenue was $1.5 million,
compared to $1.4 million in the third quarter of last fiscal
year.
Agribusiness revenue in the third quarter of fiscal year 2024
includes $25.8 million in fresh packed lemon sales, compared to
$24.2 million of fresh packed lemon sales during the same period of
fiscal year 2023. Approximately 1,400,000 cartons of U.S. packed
fresh lemons were sold in aggregate during the third quarter of
fiscal year 2024 at a $18.43 average price per carton, compared to
approximately 1,352,000 cartons sold at a $17.92 average price per
carton during the third quarter of fiscal year 2023. Brokered
lemons and other lemon sales were $9.8 million and $8.0 million, in
the third quarter of fiscal years 2024 and 2023, respectively.
The Company recognized $13.9 million of avocado revenue in the
third quarter of fiscal year 2024, compared to $3.5 million in the
third quarter of last fiscal year. Approximately 8,855,000 pounds
of avocados were sold in aggregate during the third quarter of
fiscal year 2024 at a $1.57 average price per pound, compared to
approximately 2,822,000 pounds sold at a $0.99 average price per
pound during the third quarter of fiscal year 2023.
The Company recognized $1.2 million of orange revenue in the
third quarter of fiscal year 2024, compared to $1.3 million in the
same period of fiscal year 2023. Approximately 43,000 cartons of
oranges were sold during the third quarter of fiscal year 2024 at a
$26.98 average price per carton, compared to approximately 71,000
cartons sold at a $18.17 average price per carton during the third
quarter of fiscal year 2023.
Specialty citrus and other crops revenue was $0.6 million for
the third quarter of fiscal year 2024, compared to $1.9 million in
the same period of fiscal year 2023. During the third quarter of
fiscal years 2024 and 2023, approximately 25,000 and 70,000
40-pound carton equivalents were sold at an average per carton
price of $22.00 and $25.88, respectively.
Farm management revenues were $3.2 million in the third quarter
of fiscal year 2024, compared to $5.4 million in the same period of
fiscal year 2023 on similar acreage. The decrease in farm
management revenues in the third quarter of fiscal year 2024 was
primarily due to farm management decisions based on weather and
crop conditions.
Total costs and expenses in the third quarter of fiscal year
2024 were $54.3 million, compared to $54.0 million in the third
quarter of last fiscal year.
Operating income for the third quarter of fiscal year 2024 was
$9.0 million, compared to operating loss of $1.5 million in the
third quarter of the previous fiscal year.
Net income applicable to common stock, after preferred
dividends, for the third quarter of fiscal year 2024 was $6.5
million, compared to net loss applicable to common stock of $1.3
million in the third quarter of fiscal year 2023. Net income per
diluted share for the third quarter of fiscal year 2024 was $0.35,
compared to net loss per diluted share of $0.07 for the same period
of fiscal year 2023.
Adjusted net income for diluted EPS in the third quarter of
fiscal year 2024 was $7.8 million or $0.42 per diluted share,
compared to the third quarter of fiscal year 2023 of $0.4 million
or $0.02 per diluted share. A reconciliation of net income (loss)
attributable to Limoneira Company to adjusted net income (loss) for
diluted EPS is provided at the end of this release.
Non-GAAP adjusted EBITDA was $13.8 million in the third quarter
of fiscal year 2024, compared to $2.8 million in the same period of
fiscal year 2023. A reconciliation of net income (loss)
attributable to Limoneira Company to non-GAAP adjusted EBITDA is
provided at the end of this release.
Fiscal Year 2024 First Nine Months Results
For the nine months ended July 31, 2024, total net revenue was
$147.6 million, compared to $138.5 million for the same period in
fiscal year 2023. The increase was primarily due to increased
lemons and avocados agribusiness revenues, partially offset by
decreased specialty citrus and other crops agribusiness revenues.
Operating loss for the first nine months of fiscal year 2024 was
$3.4 million, compared to operating income of $20.5 million in the
same period last fiscal year primarily due to net gain on disposal
of assets. Net income applicable to common stock, after preferred
dividends, was $9.2 million for the first nine months of fiscal
year 2024, compared to $12.5 million in the same period last fiscal
year. Net income per diluted share for the first nine months of
fiscal year 2024 was $0.51, compared to net income per diluted
share of $0.69 in the same period of fiscal year 2023.
For the first nine months of fiscal year 2024, adjusted net
income for diluted EPS was $12.9 million compared to adjusted net
loss for diluted EPS of $5.0 million for the same period in fiscal
year 2023. In the first nine months of fiscal year 2024, adjusted
net income per diluted share was $0.70 compared to adjusted net
loss per diluted share of $0.28 for the same period in fiscal year
2023, based on approximately 18.3 million and 17.6 million,
respectively, adjusted weighted average diluted common shares
outstanding.
Balance Sheet and Liquidity
During the nine months ended July 31, 2024, net cash provided by
operating activities was $11.3 million, compared to net cash used
in operating activities of $12.6 million in the same period of the
prior fiscal year. Net cash used in investing activities was $6.7
million for the nine months ended July 31, 2024, compared to net
cash provided by investing activities of $92.4 million in the same
period last fiscal year. For the nine months ended July 31, 2024,
net cash used in financing activities was $7.1 million, compared to
$69.6 million in the prior fiscal year.
On January 31, 2023, the Company sold its Northern Properties,
which resulted in total net proceeds of $98.4 million. The proceeds
were used to pay down all the Company’s domestic debt except the
AgWest Farm Credit $40.0 million non-revolving line of credit with
an interest rate that is fixed at 3.57% through July 1, 2025.
Long-term debt as of July 31, 2024, was $40.0 million, compared to
$40.6 million at the end of fiscal year 2023. Debt levels as of
July 31, 2024, less $1.1 million of cash on hand, resulted in a net
debt position of $39.6 million at quarter end. However, as
previously noted, the Company’s 50%/50% real estate development
joint venture with The Lewis Group of Companies (Lewis”) closed an
additional 554 residential homesites in April 2024. The joint
venture distributed $30.0 million in June 2024, of which Limoneira
received $15.0 million. As of July 31, 2024, the joint venture had
$69.9 million of unaudited cash and cash equivalents on hand.
Real Estate Development and Property Sales
The Company’s joint venture with Lewis for the residential
development of its Harvest real estate development project was
previously approved for approximately 1,500 total residential units
built and sold over the life of the project. In October 2023, the
joint venture closed on lot sales representing 121 residential
units, thus completing the sell-out of Phase 1 of the development.
In April 2024, the joint venture closed on lot sales representing
554 residential units, thus completing the sell-out of Phase 2 of
the development. Total lot sales of 1,261 residential units closed
since the project’s inception. In May 2024, the Company announced
that the Santa Paula City Council approved the proposal brought
forward by the joint venture to increase the total number of
residential units for the project from 1,500 to 2,050 units. The
550-unit increase will provide 250 additional single family
for-sale homesites within Phase 3 of Harvest. A separate joint
venture with Lewis plans to construct 300 multi-family rental homes
on a mixed-use portion of the project.
Updated Guidance
The Company now expects avocado volumes to be in the range of
14.5 million to 15.5 million pounds for fiscal year 2024, compared
to previous guidance of 9.0 million to 10.0 million pounds, a more
than 50% increase compared to prior guidance. We expect to complete
the avocado harvest in the fourth quarter with approximately 4.0
million to 5.0 million pounds remaining.
The Company now expects fresh lemon volumes to be in the range
of 4.5 million to 5.0 million cartons for fiscal year 2024,
compared to previous guidance of 5.0 million to 5.5 million
cartons, due to lower fresh utilization from late season rains. The
lemon harvest for fiscal year 2024 is approximately 85%
complete.
The Company continues to expect to receive total future proceeds
of $180 million from Harvest, LLCB II, LLC and East Area II spread
out over the next seven fiscal years.
Harvest at Limoneira Cash Flow Projections (in
millions)
Fiscal Year
2024
2025
2026
2027
2028
2029
2030
Projected Distributions
$18
$8
$15
$34
$41
$22
$42
The Company has 600 acres of non-bearing lemons and avocados
estimated to become full bearing over the next four to five years,
which the Company expects will enable strong organic growth in the
coming years. Additionally, the Company plans to expand its
plantings of avocados over the next three years and expects to have
an increase in third-party grower fruit. The foregoing describes
organic growth opportunities and does not include potential
acquisition opportunities for the Company in its highly fragmented
industry.
Looking ahead, we continue to see a strong EBITDA outlook that
is underpinned by plans to expand avocado production by 1,000 acres
over the next three years to capitalize on robust consumer demand
trends. During this transition, the Company expects fiscal year
2025 avocado volume to be lower compared to fiscal year 2024 due to
the alternate bearing nature of avocado trees and the Company
believes avocado pricing may be slightly lower compared to the
current year pricing environment due to international
circumstances. These operational results do not take into account
expected additional earnings from Harvest at Limoneira.
Conference Call Information
The Company will host a conference call to discuss its financial
results on September 9, 2024, at 1:30 pm Pacific Time (4:30 pm
Eastern Time). Investors interested in participating in the live
call can dial (877) 407-0789 from the U.S. International callers
can dial (201) 689-8562. A telephone replay will be available
approximately two hours after the call concludes and will be
available through September 23, 2024, by dialing (844) 512-2921
from the U.S., or (412) 317-6671 from international locations; the
passcode is 13748261.
About Limoneira Company
Limoneira Company, a 131-year-old international agribusiness
headquartered in Santa Paula, California, has grown to become one
of the premier integrated agribusinesses in the world. Limoneira
(lē moñ âra) is a dedicated sustainability company with 10,500
acres of rich agricultural lands, real estate properties and water
rights in California, Arizona, Chile and Argentina. The Company is
a leading producer of lemons, avocados and other crops that are
enjoyed throughout the world. For more about Limoneira Company,
visit www.limoneira.com.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. These forward-looking statements are based on Limoneira’s
current expectations about future events and can be identified by
terms such as “expect,” “may,” “anticipate,” “intend,” “should be,”
“will be,” “is likely to,” “strive to,” and similar expressions
referring to future periods.
Limoneira believes the expectations reflected in the
forward-looking statements are reasonable but cannot guarantee
future results, level of activity, performance or achievements.
Actual results may differ materially from those expressed or
implied in the forward-looking statements. Therefore, Limoneira
cautions you against relying on any of these forward-looking
statements. Factors that may cause future outcomes to differ
materially from those foreseen in forward-looking statements
include, but are not limited to: success in executing the Company’s
business plans and strategies, including the review and evaluation
of strategic transactions; the process by which the Company engages
in its evaluation of strategic transactions; the outcome of
potential future strategic transactions and the terms thereof; the
possibility that the evaluation of potential strategic transactions
will not realize any additional value to our stockholders, and
managing the risks involved in the foregoing; additional impacts
from the current COVID-19 pandemic, changes in laws, regulations,
rules, quotas, tariffs and import laws; weather conditions that
affect production, transportation, storage, import and export of
fresh product; increased pressure from crop disease, insects and
other pests; disruption of water supplies or changes in water
allocations; disruption in the global supply chain; pricing and
supply of raw materials and products; market responses to industry
volume pressures; pricing and supply of energy; changes in interest
and currency exchange rates; availability of financing for land
development activities; political changes and economic crises;
international conflict; acts of terrorism; labor disruptions,
strikes or work stoppages; loss of important intellectual property
rights; inability to pay debt obligations; inability to engage in
certain transactions due to restrictive covenants in debt
instruments; government restrictions on land use; and market and
pricing risks due to concentrated ownership of stock. Other risks
and uncertainties include those that are described in Limoneira’s
SEC filings that are available on the SEC’s website at
http://www.sec.gov. Limoneira undertakes no obligation to
subsequently update or revise the forward-looking statements made
in this press release, except as required by law.
LIMONEIRA COMPANY
CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
(in thousands, except share and
per share data)
July 31, 2024
October 31, 2023
Assets
Current assets:
Cash
$
1,090
$
3,631
Accounts receivable, net
21,398
14,458
Cultural costs
3,302
2,334
Prepaid expenses and other current
assets
5,593
5,588
Receivables/other from related parties
4,098
4,214
Total current assets
35,481
30,225
Property, plant and equipment, net
161,625
160,631
Real estate development
10,110
9,987
Equity in investments
80,375
78,816
Goodwill
1,505
1,512
Intangible assets, net
5,386
6,657
Other assets
12,831
13,382
Total assets
$
307,313
$
301,210
Liabilities, Convertible Preferred
Stock and Stockholders' Equity
Current liabilities:
Accounts payable
$
7,416
$
9,892
Growers and suppliers payable
11,456
9,629
Accrued liabilities
12,665
8,651
Payables to related parties
6,080
4,805
Current portion of long-term debt
594
381
Total current liabilities
38,211
33,358
Long-term liabilities:
Long-term debt, less current portion
40,049
40,628
Deferred income taxes
21,007
22,172
Other long-term liabilities
2,353
4,555
Total liabilities
101,620
100,713
Commitments and contingencies
—
—
Series B Convertible Preferred Stock –
$100.00 par value (50,000 shares authorized: 14,790 shares issued
and outstanding at July 31, 2024 and October 31, 2023) (8.75%
coupon rate)
1,479
1,479
Series B-2 Convertible Preferred Stock –
$100.00 par value (10,000 shares authorized: 9,300 shares issued
and outstanding at July 31, 2024 and October 31, 2023) (4% dividend
rate on liquidation value of $1,000 per share)
9,331
9,331
Stockholders' equity:
Series A Junior Participating Preferred
Stock – $0.01 par value (20,000 shares authorized: zero issued or
outstanding at July 31, 2024 and October 31, 2023)
—
—
Common Stock – $0.01 par value (39,000,000
shares authorized: 18,302,878 and 18,192,009 shares issued and
18,051,901 and 17,941,032 shares outstanding at July 31, 2024 and
October 31, 2023, respectively)
181
179
Additional paid-in capital
169,743
168,441
Retained earnings
24,164
19,017
Accumulated other comprehensive loss
(6,380
)
(5,666
)
Treasury stock, at cost, 250,977 shares at
July 31, 2024 and October 31, 2023
(3,493
)
(3,493
)
Noncontrolling interest
10,668
11,209
Total stockholders' equity
194,883
189,687
Total liabilities, convertible preferred
stock and stockholders' equity
$
307,313
$
301,210
LIMONEIRA COMPANY
CONSOLIDATED STATEMENTS OF
OPERATIONS (UNAUDITED)
(in thousands, except per share
data)
Three Months Ended July
31,
Nine Months Ended July
31,
2024
2023
2024
2023
Net revenues:
Agribusiness
$
61,849
$
51,092
$
143,445
$
134,296
Other operations
1,456
1,405
4,197
4,172
Total net revenues
63,305
52,497
147,642
138,468
Costs and expenses:
Agribusiness
45,437
46,845
124,987
126,275
Other operations
1,250
1,034
3,861
3,281
Impairment of intangible asset
643
—
643
—
(Gain) loss on disposal of assets, net
(12
)
1,545
(129
)
(29,199
)
Gain on legal settlement
—
—
—
(2,269
)
Selling, general and administrative
6,994
4,622
21,707
19,907
Total costs and expenses
54,312
54,046
151,069
117,995
Operating income (loss)
8,993
(1,549
)
(3,427
)
20,473
Other income (expense):
Interest income
27
178
63
248
Interest expense, net of patronage
dividends
(273
)
(241
)
(831
)
(417
)
Equity in earnings of investments, net
483
199
17,116
514
Other income (expense), net
5
(215
)
224
(2,627
)
Total other income (expense)
242
(79
)
16,572
(2,282
)
Income (loss) before income tax
(provision) benefit
9,235
(1,628
)
13,145
18,191
Income tax (provision) benefit
(3,019
)
378
(4,051
)
(5,537
)
Net income (loss)
6,216
(1,250
)
9,094
12,654
Net loss attributable to noncontrolling
interest
377
87
481
201
Net income (loss) attributable to
Limoneira Company
6,593
(1,163
)
9,575
12,855
Preferred dividends
(125
)
(125
)
(376
)
(376
)
Net income (loss) applicable to common
stock
$
6,468
$
(1,288
)
$
9,199
$
12,479
Basic net income (loss) per common
share
$
0.36
$
(0.07
)
$
0.51
$
0.70
Diluted net income (loss) per common
share
$
0.35
$
(0.07
)
$
0.51
$
0.69
Weighted-average common shares
outstanding-basic
17,756
17,621
17,701
17,597
Weighted-average common shares
outstanding-diluted
18,363
17,621
17,701
18,381
Non-GAAP Financial Measures
Due to significant depreciable assets associated with the nature
of the Company's operations and interest costs associated with our
capital structure, management believes that earnings before
interest, income taxes, depreciation and amortization ("EBITDA")
and adjusted EBITDA, which excludes stock-based compensation,
pension settlement cost, impairment of intangible asset, (gain)
loss on disposal of assets, net, cash bonus related to sale of
assets, gain on legal settlement and severance benefits are
important measures to evaluate our results of operations between
periods on a more comparable basis. Such measurements are not
prepared in accordance with U.S. generally accepted accounting
principles ("GAAP") and should not be construed as an alternative
to reported results determined in accordance with GAAP. The
non-GAAP information provided is unique to the Company and may not
be consistent with methodologies used by other companies.
EBITDA and adjusted EBITDA are summarized and reconciled to net
income (loss) attributable to Limoneira Company, which management
considers to be the most directly comparable financial measure
calculated and presented in accordance with GAAP, as follows (in
thousands):
Three Months Ended July
31,
Nine Months Ended July
31,
2024
2023
2024
2023
Net income (loss) attributable to
Limoneira Company
$
6,593
$
(1,163
)
$
9,575
$
12,855
Interest income
(27
)
(178
)
(63
)
(248
)
Interest expense, net of patronage
dividends
273
241
831
417
Income tax provision (benefit)
3,019
(378
)
4,051
5,537
Depreciation and amortization
2,115
2,019
6,273
6,510
EBITDA
11,973
541
20,667
25,071
Stock-based compensation
1,204
756
3,139
2,785
Pension settlement cost
—
—
—
2,741
Impairment of intangible asset
643
—
643
—
(Gain) loss on disposal of assets, net
(12
)
1,545
(129
)
(29,199
)
Cash bonus related to sale of assets
—
—
—
2,000
Gain on legal settlement
—
—
—
(2,269
)
Severance benefits
(17
)
—
1,198
—
Adjusted EBITDA
$
13,791
$
2,842
$
25,518
$
1,129
The following is a reconciliation of net income (loss)
attributable to Limoneira Company to adjusted net income (loss) for
diluted EPS (in thousands, except per share data):
Three Months Ended July
31,
Nine Months Ended July
31,
2024
2023
2024
2023
Net income (loss) attributable to
Limoneira Company
$
6,593
$
(1,163
)
$
9,575
$
12,855
Effect of preferred stock and unvested,
restricted stock
(115
)
(152
)
(212
)
(439
)
Stock-based compensation
1,204
756
3,139
2,785
Pension settlement cost
—
—
—
2,741
Impairment of intangible asset
643
—
643
—
(Gain) loss on disposal of assets, net
(12
)
1,545
(129
)
(29,199
)
Cash bonus related to sale of assets
—
—
—
2,000
Gain on legal settlement
—
—
—
(2,269
)
Severance benefits
(17
)
—
1,198
—
Tax effect of adjustments at federal and
state rates
(499
)
(628
)
(1,331
)
6,539
Adjusted net income (loss) for diluted
EPS
$
7,797
$
358
$
12,883
$
(4,987
)
Diluted net income (loss) per common
share
$
0.35
$
(0.07
)
$
0.51
$
0.69
Adjusted diluted net income (loss) per
common share
$
0.42
$
0.02
$
0.70
$
(0.28
)
Weighted-average common shares outstanding
- diluted
18,363
17,621
17,701
18,381
Effect of preferred stock
—
—
607
(784
)
Adjusted weighted-average common shares
outstanding - diluted
18,363
17,621
18,308
17,597
Supplemental Information (in
thousands, except acres and average price amounts):
Agribusiness Segment
Information for the Three Months Ended July 31, 2024
Fresh Lemons
Lemon Packing
Eliminations
Avocados
Other
Agribusiness
Total
Agribusiness
Revenues from external customers
$
36,746
$
5,200
$
—
$
13,897
$
6,006
$
61,849
Intersegment revenue
—
10,499
(10,499
)
—
—
—
Total net revenues
36,746
15,699
(10,499
)
13,897
6,006
61,849
Costs and expenses
32,977
11,144
(10,499
)
4,104
5,912
43,638
Depreciation and amortization
—
—
—
—
—
1,799
Operating income
$
3,769
$
4,555
$
—
$
9,793
$
94
$
16,412
Agribusiness Segment
Information for the Three Months Ended July 31, 2023
Fresh Lemons
Lemon Packing
Eliminations
Avocados
Other
Agribusiness
Total
Agribusiness
Revenues from external customers
$
32,739
$
5,472
$
—
$
3,462
$
9,419
$
51,092
Intersegment revenue
—
9,684
(9,684
)
—
—
—
Total net revenues
32,739
15,156
(9,684
)
3,462
9,419
51,092
Costs and expenses
30,118
13,140
(9,684
)
3,030
8,506
45,110
Depreciation and amortization
—
—
—
—
—
1,735
Operating income
$
2,621
$
2,016
$
—
$
432
$
913
$
4,247
Lemons
Q3 2024
Q3 2023
Lemon Packing
Q3 2024
Q3 2023
United States:
Cartons packed and sold
1,400
1,352
Acres harvested
1,900
2,300
Revenue
$
15,699
$
15,156
Limoneira cartons sold
531
758
Direct costs
11,144
13,140
Third-party grower cartons sold
869
594
Operating income
$
4,555
$
2,016
Average price per carton
$
18.43
$
17.92
Avocados
Q3 2024
Q3 2023
Chile:
Pounds sold
8,855
2,822
Lemon revenue
$
300
$
500
Average price per pound
$
1.57
$
0.99
40-pound carton equivalents
134
292
Other Agribusiness
Q3 2024
Q3 2023
Other:
Orange cartons sold
43
71
Lemon packing
$
5,200
$
5,500
Average price per carton
$
26.98
$
18.17
Lemon by-product sales
$
1,200
$
600
Specialty citrus cartons sold
25
70
Brokered lemons and other lemon sales
$
9,500
$
7,500
Average price per carton
$
22.00
$
25.88
Farm management
$
3,202
$
5,383
Agribusiness costs and expenses
Q3 2024
Q3 2023
Other
$
1,094
$
846
Packing costs
$
11,144
$
13,140
Harvest costs
4,330
6,189
Growing costs
7,650
10,566
Third-party grower and supplier costs
19,860
14,575
Other costs
654
640
Depreciation and amortization
1,799
1,735
Agribusiness costs and expenses
$
45,437
$
46,845
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240909543754/en/
Investors John Mills Managing Partner ICR
646-277-1254
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