In the US, Limoneira Company has announced that its revenue grew during the second quarter of the fiscal year, up to US$16.1m from US$12.5m in the same period of 2011.
According to the agribusiness group, revenue was primarily comprised of US$12.4m of lemon sales, reflecting a larger number of cartons of fresh lemons sold as well as a higher average price per carton.
Operating income for the quarter stood at US$1.1m, compared with an operating loss of US$1.5m in the corresponding period last year, while earnings before interest depreciation, taxation and amortisation came in at US$1.5m.
'We are pleased with our second quarter financial results, as we achieved strong top line growth of 29 per cent and significantly improved our profitability on a year-over-year basis,' said Harold Edwards, president and CEO. ' Our agribusiness revenue increased 31 per cent in the second quarter, driven by strong lemon sales due to more cartons sold and higher prices. Our avocado sales also increased, and we expect to generate significant revenue contribution from our avocado sales in the third quarter when avocados experience peak seasonality.'
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