Agribusiness and real estate development company Limoneira posted revenue of US$24.8m in the second quarter ending 30 April 2014, up from US$23.3m in the same period last year.
Limoneira’s agribusiness revenue came to US$23.3m, with an increase in lemon sales from US$15.5m last year to US$18.1m this year. The increase in revenue from lemons sales was reflective of a higher price per carton, as lemon volumes were down following poor weather conditions, according to a company press release.
Avocado sales came to US$1.2m, while US$3.4m in revenue was brought in from orange sales.
“Our second quarter financial results reflect the steady progress we are making with our business,” said Limoneira’s chief executive Harold Edwards in a company statement. “We continue to grow our top line, reflecting our expanding agribusiness, including our lemon and citrus sales.”
Alex Teague, Limoneira’s senior vice president, said that the company is expecting a strong year in agribusiness. “The lemon prices we are currently enjoying are significantly higher than historical averages,” said Teague. “While we expect favorable prices to continue for the remainder of the year, we anticipate a settling back to historical averages in the coming months.”
Last year, Limoneira acquired Associated Citrus Packers, and now has over 140 direct lemon customers, with 78 per cent of its sales to customers in Canada and the US.
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