리모네이라(LMNR) 2026 회계연도 3분기 실적 발표: EBITDA 증가, 아보카도 가이던스 상향

주요 내용

• 2026 회계연도 3분기 순매출은 감귤류 중개 사업의 선키스트(Sunkist) 이전 여파로 전년 동기 4,780만 달러에서 4,380만 달러로 감소했습니다.
• 조정 EBITDA는 300만 달러에서 390만 달러로 증가했습니다. 리모네이라(Limoneira)가 연간 1,000만 달러 절감 목표를 향해 나아가면서 판관비는 100만 달러 감소한 400만 달러를 기록했습니다.
• 신선 레몬 판매량은 137만 3,000카톤으로 감소했으나, 카톤당 평균 가격이 19.88달러로 상승함에 따라 매출은 2,730만 달러로 증가했습니다.
• 리모네이라는 3분기에 약 700만 파운드의 아보카도를 판매한 후, 2026 회계연도 아보카도 판매량 가이던스를 기존 550만~650만 파운드에서 700만~725만 파운드로 상향 조정했습니다.
• 경영진은 아르헨티나산 수입 물량 과다로 판매량과 가격 모두 압박을 받았다며 신선 레몬 판매량 가이던스를 400만~425만 카톤으로 하향 조정했습니다.
• 회사 측은 2023년과 2024년에 식재한 재배 면적에 힘입어 2027 회계연도 아보카도 생산량이 2026 회계연도 대비 최소 30% 증가한 1,000만 파운드를 초과할 것으로 예상하고 있습니다.

주요 재무 데이터

2026년 7월 31일 기준 유동성 장기부채를 제외한 장기부채는 1억 70만 달러로, 2025 회계연도 말의 7,250만 달러에서 증가했습니다. 현금 및 현금성 자산은 220만 달러로 전년 말의 150만 달러 대비 늘었습니다.

사업 및 영업 실적

선키스트로의 이전으로 오렌지 및 특수 감귤류 매출이 사라지고 레몬 중개 판매가 감소했습니다. 이러한 영향은 신선 레몬 가격 상승 및 카톤 판매 호조로 일부 상쇄되었습니다. 리모네이라는 이번 분기 오렌지 매출이 전년 동기 170만 달러에서 0달러로 감소했다고 기록했으며, 중개 레몬 및 기타 레몬 매출은 380만 달러에서 미미한 수준으로 줄었습니다.

2분기에 출하를 조절하기 위해 미루었던 물량이 포함되면서 아보카도 판매량이 급증했습니다. 다만 평균 가격이 파운드당 1.50달러에서 1.15달러로 하락하면서 수익 증가 폭이 일부 상쇄되었습니다.

리모네이라는 2023년과 2024년에 식재한 400에이커의 농지가 2027 회계연도부터 수확에 기여하기 시작할 것으로 예상하고 있습니다. 미수령 농지 400에이커는 향후 2~4년에 걸쳐 생산을 시작할 전망입니다.

회사 측은 아그로민(Agromin)과 50 대 50 지분의 유기폐기물 재활용 합작법인을 설립했습니다. 경영진은 계획된 시설이 연간 최대 29만 톤의 유기폐기물을 처리할 수 있으며, 2027 회계연도 하반기에 가동을 시작할 것으로 예상된다고 밝혔습니다.

또한 리모네이라는 윈드폴 팜스를 1,500만 달러의 현금을 받고 매각하기로 합의했으며, 관례적인 조건에 따라 2026년 9월 14일 매각이 완료될 예정입니다. 매각 대금은 부채 상환 및 지속적인 아보카도 재배 면적 확대에 사용할 계획입니다. 리모네이라는 연간 20만 달러와 농장 운영 경비를 지급받는 조건으로 해당 농지의 위탁 경작을 계속할 예정입니다.

경영진 가이던스

• 2026 회계연도 신선 레몬 판매량: 400만~425만 카톤.
• 2026 회계연도 아보카도 판매량: 700만~725만 파운드(기존 550만~650만 파운드에서 상향).
• 2027 회계연도 아보카도 판매량: 1,000만 파운드 초과, 2026 회계연도 대비 최소 30% 성장.
• 2026 회계연도 4분기: 경영진은 흑자 조정 EBITDA 달성 및 수자원 이용권 현금화 거래가 일어날 것으로 예상하고 있습니다.
• 2027 회계연도: 경영진은 아보카도 생산 증가, 비용 절감 효과의 본격화, 선키스트 포장 최적화, 그리고 약 400만 달러의 추가적인 영업 개선 효과에 힘입어 EBITDA가 의미 있게 개선될 것으로 전망하고 있습니다.

회사 측은 현금화가 가능한 부동산 개발 자산, 비전략 토지 및 수자원 이용권의 가치가 2억 달러 이상인 것으로 파악했습니다. 또한 경영진은 '하베스트 앳 리모네이라(Harvest at Limoneira)', '리모네이라 루이스 커뮤니티 빌더스 II(Limoneira Lewis Community Builders II)', '이스트 에어리어 II(East Area II)' 프로젝트를 통해 7개 회계연도 동안 총 약 1억 8,000만 달러의 수익을 거둘 것으로 기대하고 있습니다. 이 가운데 2,500만 달러는 2024 회계연도와 2025 회계연도에 수령했으며, 향후 5개 회계연도 동안 1억 5,500만 달러를 추가 수령할 예상입니다.

리스크 및 관전 포인트

남아프리카공화국산 공급물량이 서유럽 가격을 압박한 이후, 예상치 못한 아르헨티나산 레몬 수입이 미국 시장에 과잉 공급되었습니다. 경영진은 이로 인해 리모네이라의 레몬 판매량과 가격이 떨어졌다고 밝혔습니다. 가격이 반등하기 시작했으나, 회사는 4분기 시장에 추가 공급물량을 투입하는 데 대해 신중한 태도를 유지하고 있습니다.

2027 회계연도 아보카도 생산량은 과실의 착과 및 생육 상태, 기상 조건에 크게 좌우됩니다. 경영진은 특히 바람 및 기타 기상 관련 이벤트를 주요 위험 요인으로 꼽았습니다. 캘리포니아의 풍부한 강수량은 지하수층과 나무 건강에 도움이 될 수 있지만, 집중호우는 홍수를 유발할 수 있습니다.

장기부채는 2025 회계연도 말 대비 크게 증가했습니다. 계획된 부채 상환은 자산 매각 및 현금화 거래의 성공적인 마무리에 일부 의존하고 있습니다.

애널리스트 Q&A 주요 내용

경영진은 레몬 판매 부진의 주요 원인으로 서유럽 시장이 남아프리카공화국산 레몬으로 과잉 공급되자 아르헨티나산 레몬이 미국으로 우회 유입된 점을 꼽았습니다. 수입 공급량이 감소함에 따라 가격 압박이 완화될 것으로 전망하지만, 여파가 아직 완전히 해소되지는 않았습니다.

수자원 현금화와 관련하여 경영진은 해당 절차가 차질 없이 진행 중이라고 설명했습니다. 리모네이라는 애리조나에서의 레몬 재배를 중단하고 용수 소비가 적은 대체 작물을 찾고 있으며, 이를 통해 확보된 콜로라도강 수자원 이용권을 지자체용 장기 보존 프로그램에 제공할 수 있을 것으로 보고 있습니다.

2027 회계연도 아보카도 생산과 관련해 경영진은 이미 나무에 대규모 결실이 확인되어 1,000만 파운드 초과 목표 달성에 자신감을 더해주고 있다고 밝혔습니다. 다만 수확 전까지 과실이 나무에 잘 붙어 있어야 하고 기상 악화도 견뎌내야 하므로 생산량이 보장되는 것은 아니라고 덧붙였습니다.

실적발표 컨퍼런스 콜 전문

전체 실적 발표 컨퍼런스 콜 녹취록

경영진 발표

Operator

Thank you. Good afternoon, everyone, and thank you for joining us for Limoneira's Third Quarter Fiscal Year 2026 Conference Call. On the call today are Harold Edwards, President and Chief Executive Officer, and Greg Hamm, Chief Financial Officer. By now, everyone should have access to the third quarter fiscal year 2026 earnings release, which went out today at approximately 4 p.m. Eastern time. If you've not had a chance to view the release, it's available on the investor relations portion of the company's website at Limoneira.com. This call is being webcast and a replay will be available on Limoneira's website as well. Before we begin, we'd like to remind everyone that prepared remarks contain forward-looking statements and management may make additional forward-looking statements in response to your questions. Such statements involve a number of known and unknown risks and uncertainties, many of which are outside the company's control and could cause its future results, performance, or achievements to differ significantly from results, performance, or achievements expressed or implied by such forward-looking statements.

Important factors that could cause or contribute to such differences include risk detailed in the company's Form 10-Qs and 10-Ks filed with the SEC and those mentioned in the earnings release. Except as required by law, we undertake no obligation to update any forward-looking or other statements herein, whether a result of new information, future events, or otherwise. Please note that during today's call, we'll be discussing non-GAAP financial measures, including results on an adjusted basis. We believe these adjusted financial measures can facilitate a more complete analysis and greater understanding of Limoneira's ongoing results of operations, particularly when comparing underlying results from period to period. We have provided as much detail as possible on any items that are discussed on an adjusted basis. Also, in the company's earnings release and in today's prepared remarks, we include adjusted EBITDA and adjusted diluted EPS, which are non-GAAP financial measures. A reconciliation of adjusted EBITDA and adjusted diluted EPS to the most directly comparable GAAP financial measures are included in the company's press release, which has been posted to our website.

And with that, it is my pleasure to turn the call over to the company's president and CEO, Mr. Harold Edwards.

Harold Edwards

Thanks, John, and good afternoon, everyone. During the third quarter, we continued to make progress on our value creation strategy of growing long-term agricultural income, which includes streamlining operations, expanding avocado production, optimizing lemon packing with recently announced Sunkist partnership, and expanding our organic recycling facility. In addition, we have identified real estate development and non-strategic land assets and water rights of over $200 million. The third quarter results came in below our expectations due to lighter than anticipated lemon sales volume. However, adjusted EBITDA exceeded prior year third quarter results. The quarter benefited from higher total agribusiness operating income driven by stronger than expected avocado volume and progress toward our targeted $10 million in annual selling, general and administrative expense savings. We now expect to achieve the lower end of our lemon volume guidance as a result of higher lemon imports hitting the U.S. market.

However, we are again raising our avocado volume guidance for fiscal year 2026. Looking ahead, we expect to produce more than 10 million pounds of avocados in fiscal year 2027, an increase of approximately 30 percent over fiscal year 2026. This growth is driven by the 400 acres of avocados we planted in 2023 and 2024, which are expected to set a crop this year and contribute to volume in fiscal year 2027. We also have an additional 400 non-bearing acres that are expected to begin bearing in the next two to four years. As a reminder, California avocados command premium pricing due to the superior quality, and our strategic location provides logistical advantages to the highest per capita consumption markets in the U.S. Turning to the monetization of non-strategic assets, we expect the sale of Windfall Farms for $15 million to close on September 14, 2026, which is the most recent step in our ongoing strategy to monetize non-strategic assets, strengthen our balance sheet, reduce debt, and redeploy capital into higher return opportunities across our core agribusiness and real estate platforms. As we enter the fiscal fourth quarter, we expect another quarter of positive adjusted EBITDA and additional asset monetization events.

Regarding our water rights monetization, we've taken decisive steps in Arizona, ceasing citrus farming operations on 600 acres of lemons to focus on water monetization by farming low-water use crops, which we anticipate will make this asset significantly more profitable. We expect a monetization event from our Class III Colorado River water rights in 2026. Additionally, our Santa Paula Basin conserved pumping rights represent high-value, non-operational resources that we can convert to cash while maintaining our agricultural operations. Looking into fiscal year 2027, we are well positioned to achieve meaningfully stronger EBITDA. This includes the benefit from our recently signed 50-50 organic recycling joint venture with Agromin to create a potential high return facility with the capacity to process up to 290,000 tons of organic waste annually. This is expected to generate significant shared earnings when the facility becomes operational in the second half of fiscal year 2027. With a dramatic increase in our avocado volume from the additional acreage that was planted in 2023 and 2024, realizing the full benefit from our current cost savings initiatives, optimizing lemon packing with our transition to Sunkist, and an additional $4 million in anticipated operating improvement due to Windfall Farms management, improved lemon storage margins, and improved lemon logistics. Turning to our real estate development project, Harvest at Limoneira, we continue to expect future proceeds from Harvest, Limoneira Lewis Community Builders II and East Area II to total $155 million over the next five fiscal years.

Home sales for phase two continued to be robust with two to seven homes per week being sold. Phase three of the project consists of approximately 500 home lots, and we believe we will go to market with this phase in fiscal year 2027. In addition, we have 300 apartments approved and expect to break ground on this portion of the project in the second half of fiscal year 2027. Part of our real estate development is a 25-acre East Area II medical pavilion project that we believe could begin to be monetized in fiscal year 2026. Additionally, we have Leoncito Del Mar, our 221-acre agricultural infill property, which represents a strategic asset with potential for residential development and significant long-term value creation. In summary, as we enter the fourth quarter of fiscal year 2026, we believe we are very well positioned to achieve positive adjusted EBITDA and monetize one of our water assets in the quarter and continue building the foundation for sustained profitability. We've transformed our cost structure, focused our revenue streams, optimized our asset base, and positioned ourselves for sustainable EBITDA growth.

I believe the items just discussed have us very well positioned to unlock the tremendous asset value at Limoneira. Now let me turn the call over to Greg for the financial details, and then we'll take your questions. Thank you.

Greg Hamm

Thank you, Harold, and good afternoon, everyone. I'm pleased to be speaking with you today to discuss our third quarter fiscal year 2026 financial results. As we discussed last quarter, the third and fourth quarters were expected to be our seasonally stronger periods under the Sunkist Agreement, and our third quarter results are tracking in line with that expectation. Total net revenue for the third quarter of fiscal year 2026 were $43.8 million compared to $47.8 million in the third quarter of fiscal year 2025. Agribusiness revenues totaled $42.2 million compared to $45.9 million in the prior year third quarter. Other operations revenue was $1.6 million compared to $1.5 million in the prior year third quarter. The year-over-year decrease was primarily due to the transition of our citrus brokerage operations to Sunkist, which eliminated orange and specialty citrus revenues and decreased brokered lemon and other lemon sales, partially offset by increased fresh lemon and carton sales driven by higher pricing.

Additionally, avocado revenues decreased due to lower prices, partially offset by higher volume of avocados sold compared to the prior year third quarter. Fresh lemon carton sales were $27.3 million in the third quarter of fiscal year 2026, compared to $23.8 million in the same period last year. We sold approximately 1,373,000 cartons of fresh lemons at an average price of $19.88 per carton during the third quarter of fiscal year 2026, compared to 1,397,000 cartons at $17.02 per carton in the prior year third quarter. Fresh lemon carton sales and per carton prices for the third quarter of fiscal year 2026 are net of the Sunkist marketing fee. Brokered lemons and other lemon sales were immaterial in the third quarter of fiscal year 2026, compared to $3.8 million in the third quarter of fiscal year 2025. Turning to avocados, through the first nine months of fiscal year 2026, we sold approximately 7.3 million pounds of avocados, exceeding the high end of our previous full-year guidance range of 5.5 million to 6.5 million pounds. In the third quarter of fiscal year 2026, we sold approximately 7 million pounds at an average price of $1.15 per pound compared to 5.7 million pounds at $1.50 per pound in the prior year period.

The increase in volume includes some of the harvest we intentionally delayed from the second quarter to maximize pricing and reflects the alternating high and low production years that are typical of the California avocado crop, partially offset by lower average pricing this quarter compared to the prior year. There was no orange revenue in the third quarter of fiscal year 2026 compared to $1.7 million in the same period last year, and no specialty citrus and wine grape revenue compared to $600,000 in the third quarter of fiscal year 2025, both due to the transition of our citrus brokerage operations to Sunkist. Total costs and expenses in the third quarter of fiscal year 2026 were $46.8 million compared to $48.1 million in the third quarter of last fiscal year, primarily driven by a decrease in agribusiness costs and lower selling, general and administrative expenses partially offset by impairment of assets related to Windfall Farms. Selling, general and administrative expenses were $4 million compared to $5 million in the third quarter of fiscal year 2025, primarily reflecting lower salaries, benefits, and other selling expenses related to the Sunkist transition. Operating loss for the third quarter of fiscal year 2026 was $3 million, compared to an operating loss of $600,000 in the prior year period. This reflects the revenue and cost factors just described. Net loss applicable to common stock after preferred dividends was $3 million, or 17 cents per diluted share, in the third quarter of fiscal year 2026, compared to a net loss applicable to common stock of $1 million, or 6 cents per diluted share, in the third quarter of fiscal year 2025.

Now, let me turn to adjusted results. Adjusted net income for diluted EPS in the third quarter of fiscal year 2026 was $400,000, or two cents per diluted share, compared to an adjusted net loss of $400,000, or two cents per diluted share in the prior year period. A full reconciliation is provided in our earnings release. Non-GAAP adjusted EBITDA was $3.9 million in the third quarter of fiscal year 2026, compared to $3 million in the same period last year. Reconciliation to net loss attributable to Limoneira Company is provided in our earnings release. Turning to our balance sheet, long-term debt less current portion as of July 31st, 2026 was $100.7 million compared to $72.5 million at the end of fiscal year 2025. Cash and cash equivalents were $2.2 million as of July 31st, 2026 compared to $1.5 million at the end of fiscal year 2025.

During the first nine months of fiscal year 2026, we received aggregate insurance proceeds of $5.4 million related to combined business interruption and casualty loss claims arising from incidents at our packinghouses. On September 2, 2026, we received confirmation from our insurance company then an additional $2 million of insurance proceeds is to be paid for these claims. We anticipate receiving these additional insurance proceeds in the fourth quarter of fiscal year 2026, at which time income will be recognized for the amounts received. I also want to update you on the Windfall Farms transaction. Subsequent to quarter end on August 17, we announced that we entered into a new agreement to sell Windfall Farms for $15 million all cash following a competitive public auction process. We expect this transaction to close on September 14, 2026, subject to customary closing conditions, and we intend to use the proceeds to reduce debt and fund continued avocado acreage expansion, consistent with our capital allocation priorities. There are two additional pieces of the transaction worth highlighting.

First, the buyer has executed a farming agreement under which we will continue to farm the vineyard property and will be paid $200,000 per year in addition to full reimbursement of all expenses on the property. Second, the buyer elected to exclude the 2026 crop from the sale so we will be able to collect the economic benefit of this year's vineyard crop, which we expect to be substantially complete by October 31st. Now I'd like to turn the call back to Harold to discuss our remaining fiscal year 2026 outlook and longer-term growth objectives.

Harold Edwards

pipeline. Thank you, Greg. We expect to achieve the lower end of our fresh lemon volumes due to higher import volume and now believe we will sell 4.0 million to 4.25 million cartons for fiscal year 2026. We have increased our expected avocado volumes to now be in the range of 7 million to 7.25 million pounds compared to the previous range of 5.5 million to 6.5 million pounds for fiscal year 2026. We expect at least 30% increase in volume in fiscal year 2027 compared to fiscal year 2026. We have identified over $200 million in real estate development and non-strategic land assets and water rights that we expect to monetize beginning in the fourth quarter of this year and over the next few years. In addition, we expect to receive total proceeds of approximately $180 million from Harvest, Limoneira Lewis Community Builders II, and East Area II spread out over seven fiscal years, of which $10 million was received in fiscal year 2025 and $15 million was received in fiscal year 2024. We're excited about our overall business for fiscal year 2027 and the tremendous opportunity we have to enhance shareholder value through improved agricultural results and monetization events. Operator, we'll now open the call to questions.

Thank you. We'll now be conducting a question and answer session.

Operator

[Operator Instructions]

Thank you. Our first question is from Puran Sharma with Stephens.

질의응답

Pooran Sharma

Good afternoon and thanks for the question here. Just wanted to understand the lemon volumes and imports you called out. I believe you mentioned higher imports as the reason you're going to the lower end of the guide here. Could you maybe give us a sense as to where you're seeing these imports coming from? Is this mainly a timing issue? Or is it just more industry supply than you're anticipating here in the back half? Yes.

Harold Edwards

Hi, Puran. Thanks for the question. Yes, so as usual, there's a series of connected dots items that happened that caused the challenges in our sales volume in the third quarter. So the first thing that happened was Western Europe got oversupplied with lemons from South Africa. And Western Europe is typically the outlet for Argentina fruit. And so as the price went down in Western Europe, the Argentina fruit diverted to the U.S. and, in essence, oversupplied the market. And so that's really what happened is Sunkist's sales plan fell short because there were just too many lemons in the market at this time. And it hurt us on volume and it actually hurt us on price as well.

And it was just an unexpected oversupply from Argentina. And Argentina was the sole culprit of the oversupply in the lemons. And while that's beginning to be better and relieve itself as that fruit is diminishing in the market, we have intentionally held back on sort of pushing that additional supply forward in the fourth quarter out of an abundance of caution. We are seeing price beginning to firm and strengthen a bit, but there's still challenges with the aftermath of the oversupply caused by the imports of fruit from Argentina.

Pooran Sharma

Okay. Appreciate the color there. Maybe just on water monetization, I think you mentioned you have over $200 million of real estate, strategic land and certain water rights for potential monetization. I believe the Colorado River water monetization event, you're expecting it to occur here in fiscal 2026, which leaves kind of a narrow window. I just wanted to get your thoughts on what needs to happen here to complete a transaction. And has your confidence around the timing and the value of that monetization changed at all since the last quarter?

Harold Edwards

No, it's kind of right on track with the last quarter. So, a series of things needed to happen. The first is we needed to remove our lemons from our 1300 acres that we have of farmland in Yuma, Arizona. We've done that. The next thing is we needed to identify lower water-using crops that could be substituted for the lemons. And so we're close to some exciting announcements of what those crops will be. But by doing that, that then frees up a certain amount of water that won't be required for our agricultural operations, that we can contribute to following programs, long-term following programs that will allow water users, principally from municipalities, specifically probably the Central Arizona Project, so all of the housing Phoenix that goes all the way down to Tucson and throughout Arizona to take advantage of those water rights from the Colorado River. And so we're very confident that we're very close to entering into a long-term agreement to take advantage of these following programs, will provide significant benefit for us and our shareholders as we monetize those water rights in the fourth quarter of this fiscal year.

Great. Thank you very much. Thanks, Puran.

Operator

Thank you. Our next question is from Mark Smith with Lake Street Capital Markets.

Unknown Speaker

Hey guys, good afternoon. This is Alex Ewig on for Mark Smith. I just want to start. You guys raised avocado volume guidance again and are expecting over 10 million pounds in fiscal year 2027, which is about 30% increase year over year. Could you maybe walk us through the cadence of your 400 acres planted in 2023 and 2024 coming online and how much of that fiscal year 2024 is going to be? number is already locked in versus weather or yield dependent.

Greg Hamm

I would say that seven million, six to seven million is a lock-in because that's on acreage that is already producing and contributed to this year's volume. And then the rest of the increase would be on the expanded acreage from the 2022, 2023, 2024 planning.

Harold Edwards

I would just add to that that I think it's dangerous to use the word locked in because there's a lot of events that need to happen. Specifically, the fruit needs to grow. It needs to remain on the tree. It needs to survive wind events and weather-related events to get itself a runway between us and actual harvest and sales for 2027. But what we do know is we have a very large crop that's set for next year. We see the fruit on the tree right now. So we're off to a great start.

And so we're confident that we should see the trees that were planted in 2023 and 2024 begin to contribute to the overall production in 2027.

Unknown Speaker

Great, thank you. And what weather impact do you guys expect if the El Nino weather pattern is continuing?

Harold Edwards

Yes. So, they're predicting quite a bit of rain in this part of California, and just so long as it doesn't all come at once that creates flooding, then rain is actually a good thing for us. It fills up our aquifers and really helps with the physiology of our trees. The danger is, again, if it all comes all at once or too much at once, which causes flooding, which is always a challenge for us and potentially a risk for us. So we're ready. We've got our teams ready. We've got our culverts and our barrancas cleaned out, and we're ready for the rain. We're ready to face it. And I think the El Nino is predicted to have less rainfall in Mexico, which in theory would reduce the size of their crop and provide more opportunity for the California avocados.

Operator

Great. Thank you. I'll turn it over. Thank you. [Operator Instructions]

Thank you. At this time, there are no further questions. I'd like to hand the floor back over to Harold Edwards for any closing remarks.

Harold Edwards

So thank you all for your questions and your interest in Limoneira. Feel free to call Greg or I with additional questions, but we'd like to wish you a great day. Thank you. Thank you.

Operator

This concludes today's conference. You may disconnect your lines at this time. Thank you again for your participation.

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