Limoneira Company (NASDAQ: LMNR)
Limoneira Company (LMNR), a global real estate development company yesterday reported their fiscal third quarter 2017 financial results.
Limoneira reported third quarter earnings of $7.8 million. Limoneira reported adjusted third quarter earnings of $0.52 per share. Limoneira reported adjusted third quarter revenues of $40.4 million.
Limoneira Company CEO’s Comments
Harold Edwards, President and Chief Executive Officer, stated, “Our record lemon sales in the first nine-months of fiscal 2017 enabled us to increase revenue by 14% and offset the lower volume of avocados this year. In addition, our expanding acreage and improving operating efficiencies enabled us to generate record adjusted EBITDA during the first nine months of 2017 and have us very well positioned for record results in fiscal 2017.”
Mr. Edwards concluded, “As we enter the last quarter of fiscal 2017, we are turning our focus to 2018 and will continue to leverage our strengths to provide customers with a year-round global supply of fresh citrus and avocados. We believe our One World of Citrus™ strategy will enable us to deliver meaningful growth and enhance shareholder value for many years to come.” Business Wire
LMNR Technical Analysis
LMNR opened trading yesterday at $22.69 which was down from the previous day’s trading close of $22.81. LMNR closed trading yesterday at $24.37 and spiked down after market to $22.00, equivalent to a 10% decrease from the closing price. Taking a look at the daily chart we can see the last time LMNR traded below these levels we have to go back to September 5th when it traded at $21.90.
Taking a closer look at the daily chart we can see that before the spike down LMNR had been in an overall upward trend dating back to May 31st when it traded at $18.43. LMNR has a float of 12.01 million shares and traded 4.41 times the normal daily trading volume on Monday.
For trading purposes, I would like to see LMNR open trading on Tuesday below $22.70 and if it does I would be looking to take a short position at the bell. My stop order would be $0.20 from my entry position fearing anything more than that and the stock would start to fill in the gap down.
Limoneira Company operates as an agribusiness and real estate development company in the United States and internationally. The company operates through four segments: Lemon Operations, Other Agribusiness, Rental Operations, and Real Estate Development.
The Lemon Operations segment grows, processes, packs, markets, and sells lemons directly to food service, wholesale, and retail customers, as well as packs lemons grown by others. It has approximately 4,600 acres of lemons planted primarily in Ventura and Tulare Counties in California and in Yuma County, Arizona.
The Other Agribusiness segment grows avocado; oranges; and specialty citrus and other crops, including Moro blood oranges, Cara Cara oranges, Minneola tangelos, Star Ruby grapefruit, pummelos, pistachios, olives, and wine grapes. This segment has approximately 1,000 acres of avocados planted in Ventura County; 1,400 acres of oranges planted in Tulare County, California; and approximately 900 acres of specialty citrus and other crops.
The Rental Operations segment rents residential housing units; and commercial properties, such as office buildings and a multi-use facility consisting of a retail convenience store, gas station, car wash, and quick-serve restaurant, as well as leases approximately 500 acres of its land to third-party agricultural tenants. It is also involved in organic recycling operations. The Real Estate Development segment develops parcels, multi-family housing, and single-family homes. Limoneira Company was founded in 1893 and is headquartered in Santa Paula, California. Yahoo Finance