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Limoneira Co (LMNR-1.58%) has submitted its 10-K filing for the fiscal year ended October 31, 2024.
The filing reports total net revenues of $191.5 million, a 6% increase from $179.9 million in the previous year. This increase was primarily driven by higher revenues from avocados, partially offset by decreased revenues from lemons and specialty citrus.
Agribusiness revenues were $185.9 million, representing 97% of total revenues, while other operations contributed $5.6 million.
Costs and expenses totaled $197.7 million, up from $169.1 million, primarily due to the absence of a prior year's gain on asset disposal and an increase in selling, general, and administrative expenses.
Operating loss was $6.2 million compared to an operating income of $10.8 million in the previous year, with the decline attributed to higher costs and expenses.
Equity in earnings of investments contributed $18.4 million, up significantly from $5.3 million, driven by the closing of additional residential homesites by Limoneira's joint venture.
Net income for the year was $7.2 million, down from $9.1 million in the prior year. After accounting for preferred dividends, net income attributable to common stockholders was $7.2 million.
The company declared a cash dividend of $0.075 per common share, payable on January 15, 2025.
Limoneira continues to focus on its agribusiness and real estate development operations, with ongoing strategic reviews to maximize stockholder value.
The filing highlights potential risks, including adverse weather conditions, market fluctuations, and regulatory challenges, which could impact future operations.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Limoneira Co annual 10-K report dated December 23, 2024. To report an error, please email earnings@qz.com.