US-based citrus specialist Limoneira has grown its total revenue to US$36.5m over the third quarter (Q3) of 2014 fiscal year, with the company citing rising lemon sales as a key driver for the strong financial performance. The third quarter result betters Limoneira’s total revenue of US$29.9mover the corresponding quarter of the previous fiscal year.
Year-on-year lemon sales rose from US$19.1m in Q3 2013 to US$26.8min Q4 2014. In a statement to investors, Limoneira said this reflected “a higher average price per carton due to more favourable market conditions, as well as a small increase in cartons of lemons sold.” Close to 78 per cent of Limoneira’s lemon sales over Q3 2014 where made to international customers.
Revenue from orange sales also rose, with the company recording US$1.7m in sales in Q3 2014, compared toUS$1.5m in 2013, reflecting an increase in the volume and average price of cartons sold.Specialty citrus lines and “other” crop revenues wereUS$470,000in Q3 2014, up from US$296,000in Q3 2013.
Avocado sales were at US$6.1m, down fromUS$7.7m the previous year. Limoneira attributed this result to a reduction in the volume of avocados sold, although this was partially offset by higher average prices.
Operating income for the Q3 2014 increased 34 per cent toUS$13.4m, compared toUS$10min 2013.Subsequent to the end of the third quarter,Limoneiraannounced an investment inRosales, a citrus packing, marketing and sales operation in La Serena,Chile. It followed the acquisition of a citrus packing operation in Yuma, Arizona.
