Limoneira Boosts Avocado Guidance, Inks Sunkist Lemon Deal Despite Q2 Losses
LMNR is trading near its 52-week low of $11.665 (2.2% above the low).
Summary
Limoneira reported a Q2 net loss of $21.4 million and an adjusted EPS loss of $0.29. While the financial results were largely anticipated from yesterday's filings, the company also raised its avocado volume guidance to 5.5-6.5 million pounds. Additionally, Limoneira granted Sunkist a commercial packinghouse license, a strategic move that will shift lemon sales and marketing and impact future revenue recognition. This operational update provides some positive counterpoints to the ongoing financial challenges and recent dividend suspension.
At the time of this announcement, LMNR was trading at $11.93 on NASDAQ in the Trade & Services sector, with a market capitalization of approximately $219.1M. The 52-week trading range was $11.67 to $17.19. This news item was assessed with neutral market sentiment and an importance score of 7 out of 10. Source: Wiseek News.