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Limoneira reports profit, record sales

By   /   Wednesday, September 9th, 2020  /   Comments Off on Limoneira reports profit, record sales

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Santa Paula-based citrus producer Limoneira reported a solid third quarter on Sept. 9, with revenue up 5.3 percent and a profit of 12 cents per share that reversed a year-ago loss.

The company said it sold a record 2 million cartons of lemons for the quarter and avocado volume increased. The company’s real estate operations reported 144 lots sold at its Harvest project on the east side of Santa Paula during the first nine months of the year.

President and CEO Harold Edwards said in a news release that the company was “experiencing strong volume in grocery retail as consumer buying patterns are focusing on at-home dining.” He said interest in the Harvest project has been “strong.”

Edwards said the company’s $6 million sale of a Central Valley property will strengthen its balance sheet and that it expects stronger demand from foodservice clients once bars and restaurants reopen.

Revenue for the third quarter was $53.6 million, compared to total net revenue of $50.9 million in the previous fiscal year.

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