US-based citrus specialist Limoneira has posted a strong set of results for the third quarter of the year, with improved lemon sales helping to push net income upwards to US$5m (€3.9m) from US$4.6m (€3.6m) last year.
Agribusiness revenue for the quarter jumped 19 per cent to US$23.7m (€18.5m), up from US$19.9m (€15.5m) in the same period of 2011, including US$15.5m (€12.1m) in lemon sales. Avocado revenue came in at US$5.5m (€4.3m), down from US$6.3m (€4.9m) last year.
'We arepleased with the continued progress of our business and our thirdquarter financial results,' said Harold Edwards, president and CEO. 'Our agribusiness revenue improved 19 per cent,reflecting our strong lemon sales, and we generated solid adjustedEBITDA of US$8.2m. We used our cash flow to invest in ouragriculture business and reduce a portion of our long-term debt andexpect to continue to do so in the fourth quarter.
'We continued to execute on our strategy ofadding productive agriculture land with our August acquisition of 230acres of agriculture property in the San Joaquin Valley of California,' Edwards continued. 'This property, which is adjacent to the Sheldon orchards, is highquality citrus land that will be planted with lemons and we expect thatit will produce approximately 1,000 cartons of lemons per acre. Withthis acquisition, we now own or lease over 8,000 acres of agricultureand real estate property.'
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