Limoneira Shares Slide 5% as Lemon Volumes Disappoint
LMNR sits 19% above its 52-week low of $11.665.
Summary
Limoneira shares fell 5% in after-hours trading after Q3 revenue missed estimates and the loss widened on weak lemon volumes. Revenue dropped 7.7% to $43.8 million versus the $49.6 million analysts expected, and the net loss expanded to $3.0 million from $855,000 a year ago. CEO Harold Edwards said results were below management's expectations, citing the transition of citrus brokerage operations to Sunkist. The company now expects lemon volume at the low end of full-year guidance due to higher imports, though it raised its avocado volume outlook. This follows the earlier earnings release and adds market reaction and operational detail.
At the time of this announcement, LMNR was trading at $13.90 on NASDAQ in the Trade & Services sector, with a market capitalization of approximately $270.9M. The 52-week trading range was $11.67 to $16.44. This news item was assessed with negative market sentiment and an importance score of 7 out of 10. Source: Dow Jones Newswires.