Limoneira Co (NASDAQ: LMNR) Stock Soars
Limoneira’s shares hit a 52-week high of $27.9 USD, marking an 88.26% increase over the past year. Investors are excited about the company’s growth strategies and performance, indicating a strong future outlook.
Q3 Fiscal Year 2024 Financial Results
In its third quarter, Limoneira reported a 21% rise in net revenue to $63.3 million, driven mainly by fresh lemon and avocado sales. Adjusted EBITDA rose to $13.8 million, up from $2.8 million last year. Avocado sales alone brought in $13.9 million.
The company is also expanding its real estate developments, increasing residential units from 1,500 to 2,050, and reducing long-term debt by 33% to $39.6 million. However, farm management revenues fell to $3.2 million due to weather issues.
CEO Harold Edwards mentioned that they are evaluating all value-enhancement opportunities, including growth in citrus and avocado production. They plan to expand avocado production by 1,000 acres in the next three years, while fresh lemon output is expected to reach 4.5 to 5 million cartons.
InvestingPro Insights
InvestingPro notes Limoneira’s stocks are trading near their high, with a 91.42% annual return and a 44.93% return over six months, showing strong investor confidence. However, with a P/E ratio of 88.17, investors expect substantial future growth. Limoneira has paid dividends for 17 years but currently offers a low yield of 1.09%.
While revenue grew by 20.59% in the latest quarter, profit margins remain weak, presenting an area for potential improvement. InvestingPro provides 7 more tips for deeper insight into Limoneira’s financial status.
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