U.S.: Higher expenditures press Limoneira revenue in Q2 June 10, 2016 < div readability=”86.285481903213″ > California-based fruit business Limoneira (NASDAQ: LMNR) saw its EBITDA reduced by almost a 3rd year-on-year in the 2nd quarter of 2016, going down to US$ 3.4 million.
The decline could mostly be connected to higher agribusiness expenses as well as a postponed avocado deal relative to 2015, as both volumes as well as rates were up for the company’s primary earnings source– lemons.
Avocado earnings was down by even more compared to 70% at US$ 1.2 million, but lemon sales increased by US$ 2 million to hit US$ 20.8 million in sales.
Around 780,000 containers of fresh lemons were offered throughout the duration at a typical rate of US$ 22.44 each container, as compared to about 711,000 containers offered in the corresponding quarter in 2013 at an ordinary price of US$ 21.94.
Specialty citrus and also various other plant incomes were down by US$ 100,000.
” Our second quarter results mirror higher prices and also volume of fresh lemons offered, which were balanced out by the timing of avocado deliveries moving into the 3rd quarter compared with shipments taking place in the second quarter of in 2013,” CEO Harold Edwards said in a launch.
The company highlighted that a job to double the ability as well as raise the effectiveness of Limoneira’s packing facilities came to be functional in March, with expectations the performance advantages will be recognized in the third quarter. The task is estimated to set you back approximately US$ 28 million.
” I am pleased with the development and also innovation of our lemon packing home which ended up being functional in March of 2016,” said elderly vice head of state Alex Teague.
” We believe we are well placed to increase the productivity of our lemon company as well as anticipate meaningful expense financial savings and also enhanced performances as our lemon packing as well as sales volume continuouslies raise.”
Teague additionally highlighted the value of Limoneira’s current foray right into the South African citrus market.
” We are excited concerning the just recently revealed formation of Limoneira S. A. and also collaboration with South African based Real Citrus as an additional part of our One World of Citrus design. This stands for one more action to,” he said.
For the fiscal year ending October 31, 2016, the firm continuouslies expect to sell in between 2.7 million and also 3.0 million cartons of fresh lemons at a typical rate of roughly US$ 23.00 each carton, and also expects to offer around 8.5 to 9.5 million pounds of avocados at about US$ 0.80 per pound.