The following is a summary of the Limoneira Company (LMNR) Q2 2024 Earnings Call Transcript:

Financial Performance:

• Q2 revenue was $44.6 million, a 7% decrease from $48.1 million in the same period last year.

• Net income applicable to common stock for Q2 was $6.4 million, showing a turnaround from a net loss of $1.7 million in the previous year.

• Adjusted EBITDA dramatically increased to $16.6 million from $6.2 million in the previous year's quarter.

Business Progress:

• Limoneira is significantly expanding avocado plantings, expecting to raise long-term EBITDA projections to $45-55 million by 2030.

• Completed the sale of Phase 2 in the Harvest at Limoneiano project, now planning to increase the total number of residential units from 1,500 to 2,050.

Opportunities:

• The expansion of avocado production is expected to capitalize on robust consumer demand and favorable market trends.

• Real estate project Harvest at Limoneira plans to increase total future proceeds by 46% due to higher land values and additional residential units.

Risks:

• Seasonal and market factors have delayed the picking of lemons and impacted fresh utilization, which may influence future revenue and operations.

More details: Limoneira IR

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