Limoneira Q2 2025 Earnings Call Transcript

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Provided by Quartr
June 9, 2025

Key Takeaways

  • Partnership with Sunkist: Limoneira will merge its citrus sales and marketing into Sunkist starting Q1 FY26, saving approximately $5 million annually in selling and marketing expenses and boosting EBITDA by the same amount.
  • Second‐quarter net revenue fell to $35.1 million from $44.6 million year‐over‐year due to an oversupplied lemon market and below‐cost competitor pricing, though seasonal price improvements are expected in H2.
  • Avocado performance: Revenue climbed to $2.8 million from $2.3 million, with average pricing up to $2.26 per pound as the company strategically delayed harvest to capture stronger market prices.
  • The company reported a Q2 net loss of $3.5 million (–$0.20 per share) and an adjusted net loss of $3.1 million (–$0.17 per share), compared to net income of $6.4 million in the prior year period.
  • Fiscal 2025 outlook lowers fresh lemon volumes to 4.5–5.0 million cartons (from 5.0–5.5 million) and maintains avocado volumes at 7–8 million pounds, while planning to add 2,000 avocado acres by FY 27.
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Earnings Conference Call
Limoneira Q2 2025
00:00 / 00:00

Transcript Sections

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Operator

Greetings, and welcome to the Luminary Second Quarter twenty twenty five Financial Results Conference Call. At this time, all participants are in a listen only mode. A brief question and answer session will follow the formal presentation. It is now my pleasure to introduce your host, John Mills with ICR. Thank you, sir. You may begin.

John Mills
Managing Partner at ICR

Good afternoon, everyone, and thank you for joining us for Limoneira's second quarter fiscal year twenty twenty five conference call. On the call today are Harold Edwards, President and Chief Executive Officer and Mark Palamountain, Executive Vice President and Chief Financial Officer. By now, everyone should have access to the second quarter fiscal year twenty twenty five earnings release, which went out today at approximately four p. M.

John Mills
Managing Partner at ICR

Eastern Time. If you've not had a chance to review 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 the results, performance or achievements expressed or implied by such forward looking statements.

John Mills
Managing Partner at ICR

Important factors that could cause or contribute to such differences include risk details 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 as result of new information, future events or otherwise. Please note that during today's call, we will be discussing certain measures, including results on an adjusted basis. We believe these adjusted financial measures can facilitate a more complete analysis and greater understanding of Luminaire'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.

John Mills
Managing Partner at ICR

Also within 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 its 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
Harold Edwards
President & CEO at Limoneira Company

Thanks, John, and good afternoon, everyone. As we've discussed on previous calls, we've been executing our road map to create stockholder value through multiple strategic avenues. We conducted a lengthy process to explore strategic alternatives, which concluded in March and provided valuable insights leading to today's citrus sales and marketing announcement. I'm pleased to announce that beginning in the first quarter of fiscal year twenty twenty six, we're merging our citrus sales and marketing operations with SunKids Growers as one of their largest lemon growers and as a SunKids private licensed packer. We expect this to quickly improve the efficiency of our supply chain, significantly reduce cost and provide access to many of the best food service and retail customers in the country.

Harold Edwards
Harold Edwards
President & CEO at Limoneira Company

Our sales and marketing personnel will transfer to Sunkist with a significant cost savings to our bottom line. The move will also allow us to cooperatively partner with other Sunkist packers to utilize excess wash and storage capacity within the Sunkist system. These moves will save us approximately $5,000,000 a year in selling and marketing expenses and improve our EBITDA by approximately $5,000,000 a year. This transition directly advances several key objectives, enhances our citrus services business, sharpens our focus on sustainable value drivers, and expands our access to food service and regional and national quick serve restaurants. This citrus sales and marketing announcement reunites organizations built on a shared foundation with a legacy of collaboration, shared values and deep trust.

Harold Edwards
Harold Edwards
President & CEO at Limoneira Company

Both companies were founded in 1893 with common founders and worked together for over a century, developing a profound understanding of the land, our growers and the market, along with long standing relationships with customers and partners. Over the years, each entity has evolved in a specialized and distinct way, strengthening our capabilities, insights and regional expertise with learnings that now complement one another perfectly. This intentional reunion allows us to blend our individual strengths for greater impact, creating a unified system with aligned teams and shared strategic direction that honors what worked in our past while building new pathways forward. Together, we can deliver a leading platform serving foodservice and quick serve restaurants across multiple segments. This combined sales and marketing effort is uniquely positioned to drive continued growth in the fast growing QSR sector as well as a strong retail growth opportunity.

Harold Edwards
Harold Edwards
President & CEO at Limoneira Company

We are now part of an offering that includes a full category of citrus, providing us access to the very best retail customers in the country who require one go to market partner to provide all their citrus needs. By combining with Sunkist, we immediately have access to the largest retail grocers throughout the country because we can assure reliable supply while operating at the lowest cost with a full citrus offering. Through our broader footprint and deeper combined expertise, we'll have enhanced scale and capabilities to serve customers more effectively across the entire citrus market. The combined go to market approach will generate meaningful operational efficiencies. SunChip will consolidate all sales and marketing functions for both companies' citrus production, enhancing our customer relationships while reducing overhead.

Harold Edwards
Harold Edwards
President & CEO at Limoneira Company

We'll optimize our supply chain through shared storage, washing and packing capabilities and deliver enhanced value added services for customers. Once the transaction is effective, our citrus brokerage business will transition to Sunkist, which will reduce our top line revenue. But more importantly, this process will enhance our operational capabilities and cost structure, improving our foundation for sustainable EBITDA growth and margin expansion in our citrus operations. This represents the natural evolution of strategies we've been discussing. We're not changing direction.

Harold Edwards
Harold Edwards
President & CEO at Limoneira Company

We're accelerating execution on our stated priorities of growing our citrus business through multiple channels and growing our long term citrus returns. The combined scale and capabilities position us to serve our grower partners more effectively, expand our packing services, both our own production and grower partner production and capture growth opportunities across multiple customer segments, including the high growth QSR market where consumer demand continued to drive category expansion. We remain committed to our multifaceted approach to shareholder value creation. This joining the forces strengthens our core operating business while we continue executing across our other strategic initiatives. Our avocado business remains unchanged.

Harold Edwards
Harold Edwards
President & CEO at Limoneira Company

We continue our planting regime as one of the largest growers in The United States while working with several different handlers, a structure that serves us well. Our real estate development project, Harvest at Limoneira, is seeing strong velocity in home sales with robust activity that could accelerate the timing of Phase three. We continue to advance our water monetization efforts with two transactions expected to close this year while also remaining focused on the divestiture of our farming assets in Chile and our Windfall Farms vineyard in Paso Robles. In summary, we're making meaningful progress across our business while positioning ourselves for stronger performance ahead. Our citrus operational enhancements, expanding avocado production, real estate development progress and water monetization initiatives all contribute to building sustainable long term shareholder value through our unique asset base and market position.

Harold Edwards
Harold Edwards
President & CEO at Limoneira Company

We look forward to updating you on our continued progress across all of these initiatives as we move through the year. And with that, I'll now turn the call over to Mark to discuss our second quarter results.

Mark Palamountain
Mark Palamountain
EVP, CFO & Treasurer at Limoneira Company

Thank you, Harold, and good afternoon, everyone. Before I begin, I would remind you it is best to view our business on an annual, not quarterly basis due to the seasonal nature of our business. Historically, our first and fourth quarters are the seasonally softer quarters, while our second and third quarters are stronger.

Mark Palamountain
Mark Palamountain
EVP, CFO & Treasurer at Limoneira Company

For the second quarter of fiscal year twenty twenty five, total net revenue was $35,100,000 compared to total net revenue of $44,600,000 in the second quarter of the previous fiscal year. Azure business revenue was $33,600,000 compared to $43,300,000 in the second quarter of last year. Other operations revenue was $1,500,000 in the second quarter of fiscal year twenty twenty five compared to $1,300,000 in the second quarter of last year. The decline in agribusiness revenue year over year stems primarily from a temporarily oversupplied running market. This oversupply has created significant pricing pressure as competitors are selling below cost to retain customers, forcing overall market prices down.

Mark Palamountain
Mark Palamountain
EVP, CFO & Treasurer at Limoneira Company

We expect relief from these challenging market conditions in the half of the year as we achieve more substantial market share and benefit from the seasonal pricing improvements typically seen during summer months. Looking beyond this year, the citrus sales and marketing plan we announced with Sun Kiss will enhance our resilience to market volatility by creating a more efficient cost structure that enables us to maintain profitability during periods of pricing pressure. Agribusiness revenue for the second quarter of fiscal year twenty twenty five includes $19,700,000 in fresh packed lemon sales compared to $25,800,000 during the same period of fiscal year twenty twenty four. Approximately 1,400,000 cartons of US packed fresh lemons were sold during the second quarter of fiscal year twenty twenty five at a $14.52 average price per carton compared to 1,400,000 cartons sold at a $17.85 average price per carton during the second quarter of fiscal year twenty twenty four. Brokered lemons and other lemon sales were $2,400,000 and $3,800,000 in the second quarter of fiscal years twenty twenty five and 2024, respectively.

Mark Palamountain
Mark Palamountain
EVP, CFO & Treasurer at Limoneira Company

The company recognized $2,800,000 of avocado revenue in the second quarter of fiscal year twenty twenty five compared to $2,300,000 of avocado revenue in the same period of fiscal year twenty twenty four. Approximately 1,200,000 pounds of avocados were sold in aggregate during the second quarter of fiscal year twenty twenty five at an impressive $2.26 average price per pound compared to approximately 1,600,000 pounds at a $1.47 average price per pound during the second quarter of fiscal year twenty twenty four. Similar to prior year, the company has postponed a significant portion of its avocado harvest from the second quarter into the third quarter in order to capture more favorable pricing. The company recognized $1,600,000 of orange revenue in the second quarter of fiscal year twenty twenty five compared to $1,200,000 in the second quarter of fiscal year twenty twenty four. Approximately 92,000 cartons of oranges were sold during the second quarter of fiscal year twenty twenty five at a $17.07 average price per carton compared to approximately 66,000 cartons sold at a $17.58 average price per carton during the second quarter of fiscal year twenty twenty four.

Mark Palamountain
Mark Palamountain
EVP, CFO & Treasurer at Limoneira Company

Specialty citrus and wine grape revenue was $671,000 in the second quarter of fiscal year twenty twenty five compared to $839,000 in the second quarter of fiscal year twenty twenty four. Farm management revenues were 339,000 in the second quarter of fiscal year twenty five compared to $22,000,000 in the same period of fiscal year twenty twenty four. The decrease in farm management revenues in the second quarter of fiscal year twenty twenty five was primarily due to the previously announced termination of our farm management agreement effective 03/31/2025. Total cost and expenses for the second quarter of fiscal year twenty twenty five decreased by 22% to 38,500,000 compared to $49,300,000 in the second quarter of last year. Operating loss for the second quarter of fiscal year twenty twenty five improved by $1,300,000 to a loss of $3,300,000 compared to an operating loss of $4,700,000 in the second quarter of the previous fiscal year.

Mark Palamountain
Mark Palamountain
EVP, CFO & Treasurer at Limoneira Company

Total other income was $281,000 in the second quarter of fiscal year twenty twenty five compared to $16,500,000 in the same period of fiscal year twenty twenty four, primarily due to the equity and earnings of investments recognized on the sale of five fifty four residential home sites at Harvest at Limoneira in April 2024. Net loss applicable to common stock after preferred dividends for the second quarter of fiscal year twenty twenty five was $3,500,000 compared to net income applicable to common stock of $6,400,000 in the second quarter of fiscal year twenty twenty four. Net loss per diluted share for the second quarter of fiscal year twenty twenty five was 20 compared to a net income per diluted share of 35¢ for the same period of fiscal year twenty twenty four. Adjusted net loss for diluted EPS for the second quarter of fiscal year twenty twenty five was $3,100,000 compared to adjusted net income for diluted EPS of $8,100,000 in the same period of fiscal year twenty twenty four. Adjusted net loss per diluted share for the second quarter of fiscal year twenty twenty five was 17¢ compared to adjusted net income per diluted share of 44¢ for the second quarter of fiscal year twenty twenty four.

Mark Palamountain
Mark Palamountain
EVP, CFO & Treasurer at Limoneira Company

A reconciliation of net income or loss attributable to Luminaire Company to adjusted net income or loss for diluted EPS is provided at the end of our earnings release. Adjusted EBITDA for the second quarter of fiscal year twenty twenty five was a loss of $167,000 compared to a gain of $16,600,000 in the same period of fiscal year twenty twenty four. A reconciliation of net income or loss attributable to Luminary Company to adjusted EBITDA is also provided at the end of our earnings release. You will notice a decrease in the year to date estimated income tax rate we recorded in the six months of fiscal year twenty twenty five compared to the first quarter. We expect our tax rate to normalize by the end of fiscal year twenty twenty five as discrete transactions are completed.

Mark Palamountain
Mark Palamountain
EVP, CFO & Treasurer at Limoneira Company

Turning now to our balance sheet and liquidity. Long term debt as of 04/30/2025 was $54,900,000 compared to $40,000,000 at the end of fiscal year twenty twenty four. Debt levels as of 04/30/2025 minus $2,100,000 of cash on hand resulted in a net debt position of $52,900,000 at quarter end. In April 2025, we received $10,000,000 of our share of a $20,000,000 cash distribution from our fifty fifty real estate development joint venture with the Lewis Group of Companies. The distribution came from the joint venture's available unaudited cash and cash equivalents, which as of 04/30/2025 totaled $37,300,000 Now I'd like to turn the call back over to Harold to discuss our fiscal year twenty twenty five outlook and longer term growth pipeline.

Harold Edwards
Harold Edwards
President & CEO at Limoneira Company

Thanks, Mark. We now expect fresh lemon volumes to be in the range of 4,500,000 to 5,000,000 cartons for fiscal year twenty twenty five, down from our prior expectation of 5,000,000 to 5,500,000 cartons and expect avocado volumes to continue to be in the range of 7,000,000 to 8,000,000 pounds for fiscal year twenty twenty five. The reduced lemon volume is due to lower fresh utilization in the but we believe our third quarter will be stronger than our second quarter. Fiscal year twenty twenty five avocado volume is expected to be lower compared to fiscal year twenty twenty four due to the alternate bearing nature of avocado trees. These operational results do not take into account anticipated additional gains from asset monetization.

Harold Edwards
Harold Edwards
President & CEO at Limoneira Company

Looking beyond fiscal year twenty twenty five, we have strong visibility on multiple value drivers and a strong EBITDA outlook. We expect to receive an additional $155,000,000 from harvest and East Area 2 over the next six fiscal years. We are expanding avocado production by 2,000 acres by the end of fiscal year twenty twenty seven to capitalize on robust consumer demand, which will significantly enhance our EBITDA outlook as these trees mature and reach full production. Our partnership with Sunkist fundamentally strengthens our citrus business model with $5,000,000 in annual cost savings beginning next year. While this partnership will reduce overall revenue by transitioning our brokerage business to Sunkist, it creates a stronger operational foundation.

Harold Edwards
Harold Edwards
President & CEO at Limoneira Company

For fiscal year twenty twenty six, we're estimating 4,000,000 to 4,500,000 cartons. Though it's early for formal guidance, this represents our current best assessment given the structural changes. What makes this partnership particularly exciting is the long term growth potential it creates. Over time, we could see the cartons process for our packing house increase significantly as this partnership enhances our ability to recruit growers and together, we expect to access more food service and retail customers. Importantly, we expect our packing margin per carton will increase, which is very favorable for us given the fluctuations in lemon pricing we've experienced over the past few years.

Harold Edwards
Harold Edwards
President & CEO at Limoneira Company

This stable pricing, combined with our enhanced ability to fill our packing house capacity and the operational efficiencies we're gaining, supports sustainable EBITDA growth and creates a strong foundation for long term value creation. In summary, we're executing a comprehensive strategy that positions us for both near term resilience and long term growth. Today's citrus sales and marketing announcements, combined with our other growth initiatives, demonstrates our commitment to creating sustainable shareholder value through multiple avenues. We have the asset base, the strategic partnerships and the operational improvements in place to deliver on these projections while maintaining the flexibility to capitalize on additional opportunities as they arise. Operator, we'll now open the call to questions.

Operator

Thank you. We will now be conducting a question and answer session.

Ben Klieve
Senior Equity Research Analyst at Lake Street Capital Markets, LLC

Congratulations on the Sun Kiss deal. And of all, my phone cut out for a minute or two here, so I'm quite certain I'm gonna ask you some stuff that's already been addressed, and I apologize I apologize here for making you guys repeat yourself. I have a couple questions on Sun Kiss deal. of all, just kind of some basic information. You said that that the brokered fruit business is gonna be going away.

Ben Klieve
Senior Equity Research Analyst at Lake Street Capital Markets, LLC

So wanna make sure I understand this right. So the revenue base, it's gonna be a little brokered fruit, which is about $2,728,000,000 dollars the last couple of years. That will be going away. But party cartons are gonna continue to run through your facility and and be reflected on the on the top line. Is that correct?

Mark Palamountain
Mark Palamountain
EVP, CFO & Treasurer at Limoneira Company

That's all correct, Ben. You got it.

Ben Klieve
Senior Equity Research Analyst at Lake Street Capital Markets, LLC

Okay. Perfect. And then, Donald, can you can you elaborate a bit on the on on how we should think about kind of the per box economics on this, you know, from day one?

Ben Klieve
Senior Equity Research Analyst at Lake Street Capital Markets, LLC

Is this is this a, know, something more of a fixed cost model between between the two of Is there a variable element to it, you know, depending on on, you know, market conditions or anything else? You know, how how exactly is this structured?

Harold Edwards
Harold Edwards
President & CEO at Limoneira Company

Yeah. So there's three pieces to it. The fir the piece is you went right right to it.

Harold Edwards
Harold Edwards
President & CEO at Limoneira Company

So if you look at our supply chain and the various packing assets that we we use to to wash, to store, and then to pack fresh lemons. You'll recall that we actually, when we made an acquisition of Oxnard Lemon, years ago, we then were very fortunate to be able to divest those assets. But once we divested them, we put ourselves into a required sale leaseback situation where we needed to lease back the wash and storage capability of our Oxnard facilities. And so that that's proven to be very expensive, not only because of the logistics of having fruit here in Santa Paula, but also in Oxnard, but but also just with the the pure lease payment. So by being by rejoining Sun Kits, we're now able to take advantage of, additional, capacities that exist in other Sun Kits supply chains, specifically in the wash and storage side of their assets that have extra capacity, which gives us the opportunity to use those that use that capability on assets that are closer to us, but also on an as needed basis with no lease requirements.

Harold Edwards
Harold Edwards
President & CEO at Limoneira Company

So that's the piece of of the benefit from it. The benefit from it is the entire sales and marketing staff that was part of Limoneira transitions now over to Sunkist and becomes part of the Sunkist team. So all of that cost, moves out of Limoneira and over to Sunkist. And Sunkist offers their marketing and sales services at a fixed fee, which was is considerably less than the cost per carton that we were paying to provide sales and marketing service. The the the aspect that was allowing us to continue to invest into this business was growth.

Harold Edwards
Harold Edwards
President & CEO at Limoneira Company

But as you've watched because of the competitive environment, the challenging space out there, the volume growth had been compromised, and certainly, the pricing growth had been challenged as well. So by moving into a fixed cost environment for the sales and marketing side, that's going to be a benefit, not to mention the fact that Sunkist has the full category of citrus offerings. So when we go to a customer, we're now able to offer oranges and clementines and easy peel citrus and limes and along with our lemons. Whereas before, we were pretty much of a one trick lemon pony that made it challenging for us to service our our retail customers who really like to have the full category of systems offered. So and and then the final piece to it is all the administration behind the effort to to take care of the accounting and and everything behind the sales and marketing effort is all of those are services that are provided in that 60% kit.

Harold Edwards
Harold Edwards
President & CEO at Limoneira Company

So no longer will we have that bear. As far as the margin aspect to your question, our packing margins for our own fruit and for our grower partner fruit remain virtually unchanged, but actually will be strengthened because of the more streamlined infrastructure behind our packing services and the elimination of the Oxnard lease. So the combination of all of those aspects are what give us the confidence in our being able to increase our EBITDA by $5,000,000 year over year from this year to next year and then ongoing in future years.

Ben Klieve
Senior Equity Research Analyst at Lake Street Capital Markets, LLC

Perfect. That's very helpful.

Ben Klieve
Senior Equity Research Analyst at Lake Street Capital Markets, LLC

And apologies again if you went over any of that for a time. One other question on Sunkist, and then I'll move over to the operational questions is around balance sheet. Is there any I didn't hear any balance sheet impact one way or another here when the transaction is completed. Is that correct?

Mark Palamountain
Mark Palamountain
EVP, CFO & Treasurer at Limoneira Company

Yes.

Mark Palamountain
Mark Palamountain
EVP, CFO & Treasurer at Limoneira Company

So really, the main effect will be for us is AR and credit. So that will then all go over to the Sunkist system. But really, we're just gonna have an inventory and a sales position. And so that will be really helpful from a cost perspective and logistics on our side. And then like we said, we just have that fixed charge per carton of our own grown cartons.

Ben Klieve
Senior Equity Research Analyst at Lake Street Capital Markets, LLC

Okay. Alright. Very good. Thanks, Mark. Turning to kind of the the current state of affairs.

Ben Klieve
Senior Equity Research Analyst at Lake Street Capital Markets, LLC

On the avocado side, you've given that you are delaying the harvest, you know, with great intention here, it seems to me that you're pretty comfortable with with fruit size and quality at this point. But just going into harvest, wondering if there's anything you wanted to call out, you know, regarding either of those.

Harold Edwards
Harold Edwards
President & CEO at Limoneira Company

So mother nature has been good to us this year. The weather has been cooperative. We haven't had a lot of heat.

Harold Edwards
Harold Edwards
President & CEO at Limoneira Company

We've had, you know, warm days, cool nights. The we've we've had pretty good rainfall, less than average rainfall, but but spread spread out in in in a in a nice way that gives us comfort that we're going to continue to see the fruit size. And then as you know from from prior years, the longer you can hold the avocados on the tree, the better chance we can get a bigger size, and the bigger size typically create better pricing, but also more weight, and we get paid on the weight. So the strategy of holding fruit into the later months, we believe because of Mother Nature's cooperation that it's going to give us a good opportunity for some bigger size, more volume. And we still are confident that the market will remain in a really strong position.

Ben Klieve
Senior Equity Research Analyst at Lake Street Capital Markets, LLC

Okay. Perfect. And then one more for you on avocados, and I'll pass it on. The biannual nature of the harvest is is something you guys have talked about quite a bit. I appreciate you fighting it again though here for comparing this year's harvest to last year.

Ben Klieve
Senior Equity Research Analyst at Lake Street Capital Markets, LLC

But I'm wondering, you know, as you look from, say, fiscal twenty four to fiscal twenty six, do you think that any of the plantings that you've made over the past few years are going to be bearing that by '26 such that you expect kind of an increase in yield between '24 and '26? Or is that maturity still, you know, kind of a fiscal twenty seven and beyond type of that?

Mark Palamountain
Mark Palamountain
EVP, CFO & Treasurer at Limoneira Company

Yeah. No. It's a great question.

Mark Palamountain
Mark Palamountain
EVP, CFO & Treasurer at Limoneira Company

So we are actually very pleased with the progress of our early plantings. They come out of the nursery with about two years on them. And so our earliest plantings now have about three years on them. And we just did a harvest on a strip block there and and got over 10,000 pounds an acre for a three year So, you know, we're trying to get to an average of 17.

Mark Palamountain
Mark Palamountain
EVP, CFO & Treasurer at Limoneira Company

So we think those are about a year to a year and a half ahead of of what we expected. So that's why we have the confidence of getting those 2,000 acres into 50,000,000 of EBITDA by 02/1930.

Ben Klieve
Senior Equity Research Analyst at Lake Street Capital Markets, LLC

Great. Great. Very good.

Ben Klieve
Senior Equity Research Analyst at Lake Street Capital Markets, LLC

Well, thank you for taking my questions. Congratulations again on getting this deal across the finish line. I'll get back in queue.

Harold Edwards
Harold Edwards
President & CEO at Limoneira Company

Thanks, Benjamin.

Operator

Thank you. And as a reminder, if anyone has a question, you may press star one on your telephone keypad to join the queue. And it looks like we have reached the end of the question and answer session. Therefore, I would like to turn the floor back over to CEO, Hal Edwards, for closing remarks.

Harold Edwards
Harold Edwards
President & CEO at Limoneira Company

Great. I'd like to thank you all for your questions and your interest in Limoneira, and I hope you all have a great day. Thank you.

Operator

Thank you. This concludes today's conference, and you may disconnect your lines at this time. Thank you, and have a great day.

Executives
Analysts
    • John Mills
      Managing Partner at ICR
    • Ben Klieve
      Senior Equity Research Analyst at Lake Street Capital Markets, LLC
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