Limoneira said that quarterly agribusiness revenue fell to $12.9 million from $13.6 million in the prior-year period mostly because of lower avocado volume and revenue. Rental operations revenue was flat, while real estate development revenue more than tripled to $316,000. Avocado revenue declined to $1.2 million from $3.3 million as the avocado harvest was completed earlier in fiscal 2013 than in the previous fiscal year.
Fourth-quarter lemon sales climbed to $9.5 million from $8.5 million on higher prices per carton due to better market conditions, which was somewhat offset by a lower number of cartons of fresh lemons sold. Total costs and expenses climbed to $15.9 million from $14.3 million.
The Santa Paula, Calif. company's full-year earnings rose to $4.6 million, or 36 cents per share, from $2.9 million, or 26 cents per share. Annual revenue increased 29 percent to $84.9 million from $65.8 million.
Limoneira anticipates selling between 3 million and 3.3 million cartons of fresh lemons in fiscal 2014 and about 6 million pounds of avocados.
The company said the avocado crop usually has alternating years of high and low production due to plant physiology. Fiscal 2013 was a high avocado production year, so fiscal 2014 is expected to be a low avocado production year.
Lemon and avocado prices are expected to be higher in fiscal 2014 than the prior year due to lower industry production.
