Shares for Santa Paula lemon grower Limoneira tumbled in after-hours trading Sept. 10 after its reported earnings just missed analyst estimates.

The company reported that revenues remained flat to the previous third quarter at $40 million, including a slight decline in agribusiness revenue as strong pricing and overall volumes of lemons and oranges were offset by lower prices for avocados.

“The positive pricing environment and increased volume for lemons continues to improve since the end of the third quarter and we are very confident we will achieve our full year guidance,” CEO Harold Edwards said in a news release. “Our Chilean lemon volume and pricing in the fourth quarter is exceeding our previous expectations and continues to reduce the seasonal nature of our business.”

Shares were up nearly 3 percent Sept. 10 to $33.26, but fell more than $5, or nearly 16 percent, to $27.97 in after-hours trading.

The company also lowered its guidance to a range of 65-70 cents per share, following a capital raise in June that increased the number of shares outstanding to 16.3 million.

The offering raised $69 million, the company said, which was instrumental in its purchases of the San Pablo ranch in Chile for $13.1 million and Oxnard Lemon Co. in Ventura County for $25 million.

“The two strategic acquisitions in the third quarter expand our client reach and enable us to reduce the seasonality in our business by being a year-round supplier of citrus, complementing our One World of Citrus platform,” said Senior Vice President Alex Teague, including significantly expanded production and seasonal diversification in Chile, as well as expanded packing capability in Oxnard.

“The capital raise combined with expected EBITDA growth in the coming years has us well positioned for additional acquisitions,” Edwards said, adding that the Harvest at Limoneira real estate development had completed a bidding process, bringing in income for the company from homebuilders.

“We are on schedule and believe this venture will be a significant contributor to our cash flow in the coming years.”

• Contact Marissa Nall at mnall@pacbiztimes.com.