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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