Higher lemon prices and increased brokered fruit revenue helped Santa Paula, Calif.-based Limoneira Co. offset lower exports and reduced lemon volume for the fourth quarter ending Oct. 31, according to a news release.
“Throughout fiscal year 2021, we continued to focus on expanding our grocery opportunities as well as strengthening our foodservice relationships as many restaurants began to open again after closures due to the COVID-19 pandemic,” President and CEO Harold Edwards said in the news release. “We made a strategic decision to dramatically expand our brokered fruit business, which offset seasonally lower domestic volumes in the fourth quarter, providing supplemental fruit for our global customers.”
Limoneira achieved strong fresh lemon usage in fiscal year 2021, and the company’s brokered fruit revenue more than doubled compared to the previous year, the release said. Overall, fiscal year revenue was $166 million compared to $164.6 million the previous year, according to the release.
“Lemon pricing improved in the back half of fiscal year 2021 and we expect this trend to continue throughout fiscal year 2022,” Edwards said in the release. “Our fourth quarter revenue increased 13% over last year. We achieved our solid top line results even as the widely publicized global logistical delays continue to affect the entire agriculture industry and reduce exports to Asia.”
Because of these shipping delays and spoilage occurring in the fourth quarter, Limoneira expects to receive insurance compensation in the first quarter of calendar year 2022, the release said.
