EarningsQ3 2026 Earnings Report
DE:2L2 Q3 2026 EPS Results
Actual EPS€0.02
Consensus EPS€0.17
Beat/MissMissed by -€0.15
One Year Ago EPS-€0.02
DE:2L2 Q3 2026 Revenue Results
Actual Revenue€38.15M
Expected Revenue€43.21M
Beat/MissMissed by -€5.06M
YoY Revenue Growth-7.73%
Earnings Announcement Details
QuarterQ3 2026
Date09/09/2026
TimeAfter Close
Conference CallWednesday, September 9, 2026
DE:2L2 Upcoming Earnings
Limoneira Co's next earnings date is estimated for December 17, 2026, based on past reporting schedules.
Q3 2026 Earnings Call Audio
DE:2L2 Q3 2026 Earnings Call
0:00 / 0:00
Q3 2026 Earnings Slide Deck
No slide deck is available for this earnings event.
Q3 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call was predominantly positive, with management emphasizing improved adjusted EBITDA, higher avocado volumes and guidance, cost savings, asset monetization, water rights progress, real estate proceeds and a stronger fiscal year 2027 outlook. These positives were tempered by lower third-quarter revenue, increased GAAP operating and net losses, lemon oversupply and reduced lemon volume guidance, lower avocado pricing and higher debt.Company Guidance
Adjusted EBITDA and Adjusted Earnings Improved
Third-quarter adjusted EBITDA increased to $3.9 million from $3.0 million in the prior-year period, while adjusted net income was $400,000, or $0.02 per diluted share, compared with an adjusted net loss of $400,000, or $0.02 per diluted share, last year.
Selling, General and Administrative Expense Savings
Third-quarter selling, general and administrative expense declined to $4 million from $5 million, a 20% decrease, primarily reflecting lower salaries, benefits and other selling expenses related to the Sunkist transition. Management also reported progress toward its targeted $10 million in annual SG&A savings.
Avocado Volume Guidance Raised
Through the first nine months of fiscal year 2026, Limoneira sold approximately 7.3 million pounds of avocados, exceeding its previous full-year guidance range of 5.5 million to 6.5 million pounds. The company raised fiscal year 2026 guidance to 7 million to 7.25 million pounds.
Strong Avocado Volume Growth and Expansion Pipeline
Third-quarter avocado volume increased to approximately 7 million pounds from 5.7 million pounds, an increase of approximately 23%. Management expects to produce more than 10 million pounds in fiscal year 2027, approximately 30% above fiscal year 2026, driven by 400 acres planted in 2023 and 2024. An additional 400 nonbearing acres are expected to begin bearing over the next 2 to 4 years.
Higher Fresh Lemon Pricing and Carton Revenue
Fresh lemon carton sales increased to $27.3 million from $23.8 million, approximately 15% higher year over year. Average pricing increased to $19.88 per carton from $17.02, approximately 17% higher, although cartons sold declined modestly to approximately 1,373,000 from 1,397,000.
Sunkist Agreement Tracking with Seasonally Stronger Quarters Ahead
Management stated that the third and fourth quarters were expected to be seasonally stronger periods under the Sunkist agreement and that third-quarter results were tracking in line with that expectation. The company is also optimizing lemon packing through its transition to Sunkist.
Windfall Farms Sale Expected to Close
Limoneira entered into an agreement to sell Windfall Farms for $15 million in cash following a competitive public auction process, with closing expected on September 14, 2026, subject to customary closing conditions. Proceeds are intended to reduce debt and fund continued avocado acreage expansion.
Additional Benefits from Windfall Transaction
Under the farming agreement, Limoneira will continue farming the Vineyard Property and receive $200,000 per year plus full reimbursement of property expenses. The buyer excluded the 2026 crop from the sale, allowing Limoneira to collect the economic benefit of this year's vineyard crop, which management expects to be substantially complete by October 31.
Water Rights Monetization Progress
Limoneira ceased citrus farming operations on 600 acres of lemons in Arizona to focus on water monetization through lower-water-use crops. Management said it expects a monetization event from its Class 3 Colorado River water rights in 2026 and is very confident it is close to entering a long-term fallowing agreement involving those rights.
Organic Recycling Joint Venture
The company signed a 50-50 organic recycling joint venture with Agromin for a facility capable of processing up to 295,000 tons of organic waste annually. The facility is expected to become operational in the second half of fiscal year 2027 and generate shared earnings.
Expected Fiscal 2027 Operating Improvements
Management expects meaningfully stronger EBITDA in fiscal year 2027 from higher avocado volume, the full benefit of current cost-saving initiatives, the Sunkist lemon-packing transition and an additional $4 million of anticipated operating improvement related to Windfall Farms management, improved lemon storage margins and improved lemon logistics.
Real Estate Development Pipeline
Home sales in Phase 2 of Harvest at Limoneira remained robust, with 2 to 7 homes sold per week. Phase 3 includes approximately 500 home lots and is expected to go to market in fiscal year 2027. The company also has approval for 300 apartments and expects to break ground in the second half of fiscal year 2027.
Real Estate and Asset Monetization Opportunities
Limoneira identified more than $200 million in real estate development, nonstrategic land assets and water rights for potential monetization beginning in the fourth quarter of fiscal year 2026 and over the next few years. Management also cited the 25-acre East Area II Medical Pavilion, which could begin to be monetized in fiscal year 2026, and the 221-acre Limco Del Mar agricultural infill property as strategic assets with potential for residential development.
Harvest-Related Proceeds Expected
Management stated that future proceeds from Harvest at Limoneira, Limoneira Lewis Community Builders II and East Area II are expected to total $155 million over the next 5 fiscal years. Later in the call, management stated that total proceeds are expected to be approximately $180 million over 7 fiscal years, including $10 million received in fiscal year 2025 and $15 million received in fiscal year 2024.
Insurance Proceeds Received and Expected
During the first nine months of fiscal year 2026, Limoneira received $5.4 million in aggregate insurance proceeds related to business interruption and casualty loss claims. The company received confirmation that an additional $2 million will be paid and anticipates receiving and recognizing those proceeds in the fourth quarter.
Positive Fourth-Quarter Outlook
Management expects another quarter of positive adjusted EBITDA, additional asset monetization events and the monetization of one of its water assets during the fiscal fourth quarter.
California Avocado Market Position
Management stated that California avocados command premium pricing due to superior quality and that Limoneira's strategic location provides logistical advantages to the highest per-capita-consumption markets in the United States. Management also noted that lower predicted rainfall in Mexico could reduce the size of Mexico's crop and provide more opportunity for California avocados.
Cash Balance Increased
Cash and cash equivalents were $2.2 million as of July 31, 2026, compared with $1.5 million at the end of fiscal year 2025.
DE:2L2 Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed