Business Wire·Sep 9, 2026, 4:05 PM ET

Limoneira Company Announces Third Quarter Fiscal Year 2026 Financial Results

LMNR

Limoneira Company reported third quarter fiscal 2026 total net revenues of $43.8 million, a decrease from $47.5 million in the prior year quarter.
The Company entered an agreement to sell the Windfall Farms Vineyard property for $15.0 million in an all-cash transaction via public auction, with closing expected on September 14, 2026.
Management raised the full year fiscal 2026 avocado volume guidance to 7.0 million to 7.25 million pounds, while narrowing lemon volume guidance to the lower end of the 4.0 million to 4.5 million carton range.
Water monetization strategy remains on track for fiscal year 2026, with a potential monetization event tied to Colorado River water rights expected this year.
Agribusiness revenues for the quarter were $42.2 million, driven by higher fresh lemon carton prices averaging $19.88, despite a decline in volume to 1.373 million cartons.
Avocado revenue was $8.0 million from sales of 7.013 million pounds at an average price of $1.15 per pound.
The Company recognized no orange revenue in the quarter due to the transition of citrus brokerage operations to Sunkist, which also eliminated brokered lemon sales.
Total costs and expenses for the quarter were $46.8 million, including $4.1 million in impairment charges related to Windfall Farms.
The Company reported an operating loss of $3.0 million for the quarter, compared to a $0.6 million loss in the prior year period.
Net loss applicable to common stock was $3.0 million for the quarter, or $0.17 per diluted share, compared to $1.0 million or $0.06 per share in the prior year.
Non-GAAP adjusted EBITDA for the quarter was $3.9 million, an increase from $3.0 million in the prior year quarter.
For the first nine months of fiscal 2026, total net revenues were $85.9 million, with an operating loss of $35.2 million due to $13.5 million in asset impairments related to Windfall Farms.
Long-term debt as of July 31, 2026, was $100.7 million, up from $72.5 million at the end of fiscal 2025.
The Company received $5.4 million in insurance proceeds in the first nine months of 2026, with an additional $2.0 million confirmed to be received in the fourth quarter.
Limoneira formed a 50/50 joint venture with Agromin to develop a 70-acre commercial composting center in Santa Paula, expected to be operational in the second half of fiscal 2027.
Management anticipates producing more than 10 million pounds of avocados in fiscal 2027, representing a 30 percent increase over fiscal 2026 volumes.
The Company expects to close the Windfall Farms sale in September 2026 to strengthen its balance sheet, reduce debt, and redeploy capital into core agribusiness opportunities.