利蒙内拉 (LMNR) 2026财年第三季度业绩电话会议：EBITDA增长，牛油果业绩指引上调

核心要点

• 2026财年第三季度净营收从4780万美元降至4380万美元，主要由于柑橘代理销售业务向新奇士（Sunkist）过渡。
• 调整后EBITDA从300万美元增加至390万美元。随着Limoneira向实现1000万美元年化节省额的目标迈进，销售、一般及行政费用（SG&A）减少100万美元至400万美元。
• 尽管鲜柠檬销量降至137.3万箱，但由于平均售价增至每箱19.88美元，鲜柠檬销售额增至2730万美元。
• 在第三季度售出约700万磅牛油果后，Limoneira将2026财年牛油果销量预期从550万至650万磅上调至700万至725万磅。
• 管理层将鲜柠檬销量预期下调至400万至425万箱，理由是阿根廷进口过量对销量和价格均造成压力。
• 在2023年和2024年种植面积的支撑下，公司预计2027财年牛油果产量将超过1000万磅，较2026财年增长至少30%。

关键财务数据

截至2026年7月31日，不含一年内到期的长期债务为1.007亿美元，而2025财年年末为7250万美元。现金及现金等价物为220万美元，相比之下去年同期为150万美元。

业务与运营表现

向新奇士（Sunkist）过渡消除了脐橙及特种柑橘营收，并减少了代理柠檬销量。这些影响被更高的鲜柠檬定价及装箱销量部分抵消。Limoneira在本季度未录得脐橙营收，而去年同期为170万美元；同时代理柠檬及其他柠檬销售额从380万美元降至微不足道的金额。

牛油果销量大幅增加，其中包括从第二季度刻意推迟销售的果实。这一利好被平均售价从每磅1.50美元降至1.15美元部分抵消。

Limoneira预计2023年和2024年种植的400英亩农田将在2027财年开始产生收益。另外400英亩未结果农田预计将在未来两到四年内开始投产。

公司与Agromin成立了一家持股各半（50-50）的有机废弃物回收合资企业。管理层表示，规划中的设施每年可处理多达29万吨有机废弃物，预计将于2027财年下半年投入运营。

Limoneira还同意以1500万美元现金出售Windfall Farms，预计在达成习惯性交割条件的前提下于2026年9月14日完成交割。所得资金拟用于偿还债务和继续扩大牛油果种植面积。Limoneira将继续代耕该农场，每年收取20万美元费用并报销物业费用。

管理层业绩指引

• 2026财年鲜柠檬销量：400万至425万箱。
• 2026财年牛油果销量：700万至725万磅（自550万至650万磅上调）。
• 2027财年牛油果销量：超过1000万磅，较2026财年增长至少30%。
• 2026财年第四季度：管理层预计调整后EBITDA将录得正值，并实现一次水权变现事项。
• 2027财年：在牛油果业务增长、成本节省效益全面显现、新奇士（Sunkist）包装优化以及预期400万美元额外运营改善的支撑下，管理层预计EBITDA将实现显著增长。

公司已识别出价值超过2亿美元的房地产开发资产、非战略性土地及水权供潜在变现。管理层还预计，在七个财年内从Harvest at Limoneira、Limoneira Lewis Community Builders II和East Area II项目获得总计约1.8亿美元的收益。其中2500万美元已在2024和2025财年收到，预计未来五个财年还将获得1.55亿美元。

风险与关注点

在南非供应推低西欧市场价格后，意料之外的阿根廷柠檬进口导致美国市场供过于求。管理层指出，这降低了Limoneira的柠檬销量和价格。虽然价格已开始企稳，但公司对在第四财季投放额外供应仍保持谨慎。

2027财年牛油果产量仍取决于果实生长、留果率以及天气条件。管理层特别指出大风及其他天气相关事件为风险因素。加利福尼亚州的强降雨虽有助于补充地下水层和促进果树健康，但集中降雨可能会引发洪涝。

长期债务较2025财年末显著增加。计划中的债务削减部分取决于资产出售和变现交易的完成情况。

分析师问答要点

管理层将柠檬销量缺口主要归因于西欧市场被南非柠檬充斥后，阿根廷柠檬转销至美国。公司预计随着进口供应减少，压力将有所缓解，尽管其影响尚未完全消除。

关于水权变现，管理层表示相关工作仍按计划推进。Limoneira已停止亚利桑那州的柠檬生产，并正在寻找耗水量更低的替代作物，这有望释放科罗拉多河的水权，用于服务市政用户的长期节水计划。

关于2027财年牛油果产量，管理层表示果树上已能看到丰收景象，这增强了对实现超1000万磅目标的信心。然而，公司提醒称产量并不能得到保证，因为果实必须在采摘前稳固留枝并经受住天气的考验。

业绩电话会议完整文字实录

完整财报电话会议逐字稿

管理层陈述

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.

分析师问答

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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