LMNR - Earnings call transcript Q2 2021

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Operator

Greetings, and welcome to the Limoneira Second Quarter Fiscal Year 2021 Financial Results. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Dierdra Thompson with ICR. you. Thank

begin. may You

Dierdra Thompson

thank year joining XXXX and second for quarter fiscal conference you afternoon us for Limoneira’s Good call.

By Palamountain, On Edwards, the quarter Time. out Financial fiscal Mark which earnings the p.m. Eastern today President Harold should Officer. Chief went and Chief year access call Executive Officer; second today to now, everyone are at release, X have XXXX and approximately

the Investor be Company’s a view If at the chance release, Relations not portion well. on available replay Limoneira’s have call of you This as to the website and limoneira.com. is available had it’s webcast, website a being on will

Before we which more period ongoing comparing operations, questions. are understanding financial forward-looking XX-Ks future involve measures Company’s achievements and when risk adjusted any a during management such control differ remind cause underlying that of its information, measures, complete and required may or results of a the earnings the and that an otherwise. adjusted We to cause new discussing other particularly by as begin, results make basis. filed that include and with herein, believe result obligation factors to financial non-GAAP those or as of update the statements uncertainties, we the number from release. results, or XX-Qs and additional facilitate Please many greater law, of results Such no these results, period. Company’s today’s or Except prepared in from of SEC statements known achievements analysis mentioned in and or to could in unknown be to to your everyone contribute expressed such future performance we and remarks including forward-looking risks will statements. call, a Limoneira's can events on undertake Important outside note whether contain to could statements, would differences we forward-looking statements performance details implied or the significantly like forward-looking by response

as directly We a Also, items much call to and and is the financial its is most and discussed release, to the comparable measures CEO, pleasure in that, included my today’s EBITDA, adjusted reconciliation any over Edwards. Company’s GAAP of Company’s which with the financial have as it And A been basis. to have include release President Company’s turn measure. adjusted in on we the earnings Mr. non-GAAP is the detail prepared posted website. on within possible to XX-Q remarks, adjusted are provided EBITDA that an which press Harold

Harold Edwards

good Dierdra, afternoon, Thanks, and everyone.

volume. growth We Avocado our XX% bottom pleased strong topline quarter pricing driven These with second as record improved well are results and as quarter XX improvement. second were and volume very line by

continues perform Our vaccine in focus service on improvement sales grocery club COVID-XX retail business and from and well food food domestic we to to as are beginning and out increases an dining distribution. export experience

performance at in of a the detail very second same for initiatives, our a discuss for Limoneira, agribusiness. cost compared to estate period due of and I our perform I'll moments. continues starting now discuss will that quarter, in business few to our with well more each division's loss the last development Also, improved project, Additionally, a year. our million real $X Harvest improvement adjusted focus our to continued on $XXX,XXX EBITDA

same fiscal period XXXX. in to second XXXX. the of agribusiness year of was during million the $XX.X compared million fiscal was Lemon revenue $XX $XX.X Our year to million, million quarter revenue compared Fresh $XX.X

for utilization Avocado $XX.XX of million of the harvest. Our the rates carton. $X in timing to million Orange to driven carton XX% $X.X were by The slower higher stronger the oranges as period. last XX% prior same XX% and Fresh prices Overall to per offset was to year. price. our volume average had XX% to second partially the per period in than average Lemon year anticipated. results pricing to lower were by orange quarter, compared revenue were compared $XX.XX, price has was start price a revenue compared improved season

our fiscal similar similar revenue year However, year and have XXXX cartons it fewer to period profitability is prior to citrus other million. and oranges. fiscal $X.X crop expectation acres dedicated at for was on Specialty to

closes, inception, the including real XXXX and the third quarter now now closings segment, development in The XXX new lots year estate our fiscal of to have XX quarter lot so second XXXX. far of XX Turning has cash in and expected of distributions closed fiscal next this sales home we lot since the from closing the in confidence of over been we year timing increasing year Limoneira years, at $XX beginning Harvest XXXX. fiscal million quarter pace gained the as in each six of

there Harvest at campus the we of to of believe potential upside cash units housing opportunity our at Area is potential the well as a X In Limoneira, stated addition, as increased number East distributions to medical in our due development.

confident we retail, year-over-year the achieve expanded well our As as third to are results will as we globally. and early of online, signs due domestically coming quarter, food our we enter service both very improving improved back in footprint

and Fresh in record our are improvement cost We during encouraged continued volume our quarter the the Lemon structure. by second

at turn estate you cash-flow end to updating I'll positive Mark. to now the from XXXX of over the agribusiness with look that, our in year And progress months. Harvest on and coming forward and the towards call Limoneira We fiscal expect real

Mark Palamountain

you, good Thank afternoon, and everyone. Harold

in million in Total of compared of share of Net costs the for fiscal crop to quarter with period $XX.X million total the a fiscal year the year. the sold fiscal year at to was per prior for revenue of of was of and For XXXX. acreage of the were year loss of net XXXX second year diluted quarter $X.X applicable It year in during revenue at was XXXX second company is $X.X quarter profitability earnings in average A income per carton during million of of quarter same of second year period compared for $X.XX year. were similar year in citrus revenue of fiscal million at XXXX, fiscal an year XXXX diluted or primarily of year similar quarter loss last the carton to oranges in to in of year net our income second was million of the fiscal of pounds to decreased Avocados price after the to to a fiscal the Agribusiness for year. dividends second loss quarter to million for the Other of Calavo. compared prior $X.XX price to X.X the fiscal of year the adjusted same $XX.X to $X.X an to quarter million business revenue previous total at during adjusted per the fiscal million revenue $X.X the net $XX loss year income was XXXX, revenue second reconciliation the XXXX quarter of quarter million is sold net year quarter million in million net second last $XX.X XXXX, includes of the the compared the fiscal stock operations fewer of per Orange $X.X XXXX. was in XXXX was year net quarter provided price share dedicated for on $XX.X quarter to for second sold. loss attributable lost per million second EBITDA year to the year. compared year quarter in for income second other second Approximately million the of million Agribusiness million XXXX $X fiscal $XX.X to compared average at XXXX second per of second XXXX Fresh sold which $X.XX the average fiscal of Operating fiscal second of were million. approximately partially second per a is the million less during a average at release. XXXX $X.X year EBITDA second oranges. million. fiscal an $X.X of end fiscal same during the were applicable offset release. $X.XX volume, of end XXX,XXX XXXX. carton average to X,XXX,XXX during XXXX in year previous XXXX oranges share quarter of XXXX, have net second preferred income fiscal our revenue of $X fiscal sales second common the and second compared of XXX,XXX Approximately, fiscal year fiscal of Lemon at Specialty operating $XX.X Adjusted quarter $X.X in year $X.XX net compared $X.XX the reconciliation Approximately revenue quarter period to prices Net common expenses earnings $XX.XX to period of provided diluted half cartons fiscal XXXX. in by expectation, in $X.X per compared $X.X the adjusted average loss second the of quarter net XXXX. Fresh income same excludes million is stock quarter loss X,XXX,XXX A the during net Lemons X.X fiscal million per fiscal year of million the approximately at of to Avocado for the $XX.X was year. of fiscal compared was sold pound stock to a cartons recognized compared a $X fiscal million income year price quarter fiscal million similar at compared Fresh to $XX.XX carton, cartons Lemon price year, compared Adjusted the of adjusted to sold fiscal company compared compared quarter higher in year to second fiscal fiscal or of the our XXXX. of of the period sold $XXX,XXX income year XXXX pounds fiscal of to of The second sales net second same Adjusted share of $X.XX per XXXX. The of diluted the carton the loss recognized fiscal at cartons was year $X.XX last of on approximately XXXX. quarter quarter cartons

period loss period same the loss period dividends fiscal of of April revenue Net million months the period in million $XX.X after diluted of Pablo same million six orange For six of same sales was Chile share first PDA XXXX of Company first in the $XX.X per and six $X.XX first six this fiscal to per in $X.X net compared Fresh year for recognized the fiscal in $XX.X Operating year by fiscal $XX.X $X.X the $X.X in six $X.XX last million last to share year. to ended and sales months applicable months for of XXXX lemon loss XXXX, loss common ended XXXX. last a April million fiscal loss the months in a year. by compared The loss million months XX, the lemon Net an diluted net million was Trapani to was compared of and San fiscal $X in million Argentina stock of this year. compared for same XX, to year of operating XXXX. the was year preferred

net months $X.XX six compared stock respectively for period of was first net to adjusted period shares for to net common same to loss diluted share Based approximately $X.XX share Adjusted year loss adjusted For of in million XXXX. in the diluted on of outstanding. XXXX. loss $X.X XX.X $X.X per fiscal million compared was adjusted XX.X the fiscal applicable per net same year and XXXX year weighted loss diluted million million the common fiscal

related of XXX,XXX Turning now fiscal million California refunds liquidity, was In additional and $X balance as the Act Company XXXX the of to to April year fiscal long-term of December million of The XXXX, of expects an compared refunds at our $XXX.X and tax CARES XXXX. end sheet federal in received to XX, debt, million XXXX. $XXX.X state

year would XXXX to fiscal I longer-term our the and call Now, turn back growth pipeline. Harold like to outlook to discuss

Harold Edwards

is and service it business but believes market. are you, improvement the until in global guidance States XX Company The COVID-XX States. Lemon the Thank a this United provide openings the is to COVID vaccine time signs we to The not early of improvement the service seeing affect to continues see signs Mark. food see beginning widely food prudent and our begin basis, to we consistent at of of distributed of outside pandemic on

same year-over-year the marketers, improving expect slowly results We'll measures. experienced for to cost We we demand with service increasing third the food control continue due as as and improve the from export results improve quarter. well at year-over-year

acres organic become to growth We four come. also lemons over full become X,XXX years, have of an expects will enable of full estimated which achieve additional strong bearing X,XXX year bearing the to XXXX. for to company nonbearing The to fiscal acres many XXX years in next the

productive XXX,XXX as will this from lemons acreage the or increase domestic by additional and we acreage XX% XXX of acres plan X,XXX the these our years X.X lemons additional Beyond anticipate fresh our We nonbearing planned acres, additional level intend approximately that further to becomes cartons about acreage. long-term we two supply XXXX productive. an in will next pipeline of believe of build to million

a million. third harvest XXXX expect development million. to to In to will expected XXXX at million XXXX $XX years. generate as of due improvement medical housing, neutral. These expected as distributions Limoneira. confident our opportunity in XXXX continued XXXX be the cash Fiscal Fiscal XXXX of Also do generate upside expected $XX East $XX expected This is is to potential the grower developing development. Fiscal next Fiscal potential are is not to Fiscal at harvest million. cash million a in expected also party to of from expectations back of in generate expected Limoneira, from to harvest as follows. increase we fruit. generate will generate to cash million Limoneira. harvest, year to $X X $XX increased campus $XX from We the be generate density is to is the include Area is in steady six steady we and well have

to year. position with questions. a these I'd in provide that, be And like the up to your transparencies expect this to Operator? greater open opportunities now on We to later call

Operator

Our Instructions] Anderson from question. Vincent Please Thank Stifel. you. your state [Operator of first question is

Vincent Anderson

Yeah, thanks. Good afternoon fellows.

other to So nuanced saw last this than up we don't thoughts more couple I'd, of a that. I have weeks. get really ask on XX% to your in just prices shoot the way over lemon like

Harold Edwards

too. it saw We

enjoying has now, right approximately this and average between, That's Vincent, I it last our we're price right fact, is In real an assumed -- product up as up over the are within standard mix that averaging embedded costs $X. we're as between of the have date per fancy somewhere the and in we at grades, to average and oh, enjoying that that the in sorry, the know gone pricing our of $X and been month we carton keep price utilization, [indiscernible] year has gone allowing now a improvement story the us significant the the has you $XX to sort fresh sort inflating which low this think choice for while rapidly environment. but least us is

Vincent Anderson

perfect. is That right. All

a Argentina bit to turn here. let's over then little So

exceptionally So But that in year? is weather, logistics, what yields, seeing Argentina to rest and kind and now finally the maybe what country some your starting your dealing there for impacting operations are of well see as competitor’s is just compared advantaged labor outlook to with. just your of still this general pressure the you as we're both look

Harold Edwards

Yeah.

Arizona; and majority three in year is So plan this as you production supply chain. that California there’s areas different our of the us our know game gives

way desert summer. we're all coast XX% in finished here coastal here through fruit. our But used and We're about of and California. us the valley and we've sales be the we harvested that So and the accelerated what carried and to now done finished lemon the and the that on the the lemon into harvest spring that we've now we is the our

fruit, dealing will market and So an but now XX% in million we're the smaller attention and is coast. in the Argentina underserved on hemisphere believe outside all own with the fruit here from Southern will expect grower crop because of our of come down hit that out our XX% will and to Chile of to be fruit be and cartons X.X be Argentina to produced coming we we that Chile;

we the filling of model, in Citrus void year really will hemisphere Southern up there's of is question been so So to the that's that created one grades of market the business your that certain a to of full grades by certain that see driving wants shortage reason world essence actually be in lack believe this of part price is benefits we're where and fruit and position the that's sizes the our the and that sizes. fast, of perfect

Mark Palamountain

and you and last April, Clara caused delays cartons. I which for just rains and in add of days. had our XX This in lockdown down week know into us might recent we we Argentina, Santa in March got harvested a really I we getting believe or And the X had ranch XX,XXX

pretty and the stuff play should will summer September. mid-August, have which pricing it to get have fruit So by to on I just us we through off careful into have be think well water increase the the still

So it feels going play to out it's correctly. like

Vincent Anderson

and passing could all retail you back the the Okay, handle of come service queue if strong, exposure, this side end on burn back that either do the business the or through the to you to retail but I just back potentially hypothetical, availability having ask now you by all feel we coming retail demand -- this food without of on year that how have -- service could bridges hop about could and jump into one were excellent if more back talk after, if I'll side?

Harold Edwards

That's question. a great

demand through a challenge. versus supply demand in side side we're come think I months of just challenge XX about be to challenges. a side We’ve

the challenges will we the and of to that them. team nature our any adequate and of disappoint don't with very six realistic months, spot is it that on think supplies pretty on said, having to actual be that on question stay So customers. if there we your in handle access we've just has to certainly a have the next with just customer our But the supplies I be our to so are base good tried

we'd more by good we any expect situations, I not us bridges for all be -- to commitments will you always of keep. we I hard a wish these we to had very think in you it fruit, work making but always So burn scenario can't

Vincent Anderson

Yeah, the back to have. great that'd in queue. problem a I'll Perfect. hop be

Operator

is Our state of Bienvenu Please Stephens next Ben Inc. from question question your

Ben Bienvenu

guys, informal I for guess. I timing, in guys. then with Hey good the to of make potential in what comments you more formal need some way like the or at see upside versus in ask afternoon do both potential would guess, I that mindful from evening maybe things? and of you you harvest, about it outside prepared this be, be your to want what best point? start to release your seems and distributions press side there. to our It maybe confirm made should we And remarks it magnitude potentially and of

Harold Edwards

possible the across that a offering tax development. attitude partners funding. probably city to country of because story of the, harvest of like matter, their Santa a the retail the or highway big a and box the not impact potential Walmart serve for as pretty buildings box residential the revenues on with big goes profile at Ben, number the, plants and little physical of because the their of, behind And highway as Development became of city needs of bit sales it and the clear just that box from on there's know, box the investment of retailing been big, to then Santa retail to rethinking the Residential that Paula the changed were So the across had changed different the a a get closely around big big you, the retail city Target, of and retail world, answer who retailers working physical Paula, that and Limoneira, was depending drive the very we has but to may Internet's harvest you of this significantly

student a us additional they going started be entire a community new Limoneira, elementary Limoneira the allowed has XX the can So no up that across unified build Company the areas. generation because less project the development freed the It first and also general, those the asked and acre school to for potential plan school property an more actually and Limoneira has and district in we for also in in of city harvest is because as from middle that student which the benefit that lot the been didn't at longer much generate was the than generation it has the approached development ways just build harvest parcel a of so expansion a anticipated development acres Limoneira to then XX lower, need to that's within harvest, school. contemplated when

is up to open meet housing city more obligations of new future potentially city to the to tune to trying financial of fees they're the So additional more entertaining the as that of the supply a their manage. some them for increasing way idea for units generate to to and XXX

a what's city a Limoneira interesting is great at on to But of it venture the it'll for like Limoneira, about be come XX-XX acres development group companies. the project. a benefit because that seems seems for versus partner, Limoneira those the that by XX opportunity our chunk joint we would all that So and the it big Lewis pretty is directly good coming through approximately like harvest opportunity exclusively of with have there's of

Ben Bienvenu

see. I

of utilization fresh Does My that for supply this in Very be tighter think to that rate, that you utilization I of should be a, of higher pressure it kind balance that's the on range thinking question create expect range shoot were utilization I determine .Is that to range? fairly the kind end if XX% kind of XX I should what, utilization but what higher rate lower we that of mentioned on normalized helpful. to a you opportunity Okay. the second we getting environment. a – for trending and where fresh range? recall is about year of for Lemon think end or Because versus variable, the the the

Harold Edwards

pandemic food so less, that service back our through most of winds created very is and of as or improving effects the to challenge becoming It's XX it's your see grade East grade and But, we given our a Like, range. year, more which fruits XX% that to fruit a it. excellent that but, optimistic have it’s and trending an market that There's the the actually fancy standard for Mother even physiological and we in question fruit on the piece. rate, and struggling other we side for less but for first outlet is we've from target been the supply some that severe wants low that to was the earlier question to years, there's two demand has is food right right excited initially of -- always and the created XX% choice do answer recall, but right, fruit market pieces demand we, market -- actually prior you're that at two of now XX, demand, the to with the we're the much and as had the that and you or yes. has our really we're, normal. that the downgraded fruit had impact, the But, not returning the are been answer think it Nature to and fruit the is service us

sellable that going it us and But the of to fruit, in the think XX% terms how it for plant. these juice just expect sellable, of think to down we for it's is utilization how send given the not of to of I realistic season. wind much continue one maintained it is much us to should have XX the we remainder makes the levels this So actually come remainder harvest to that and fresh when if caveat and the fully of impact of get all with it is that because to in be the

Ben Bienvenu

understand. I Yeah, Okay.

Thanks great. Okay, guys.

Operator

from Cleave Our your Lake Ben next Street, is Markets. state question. Capital Please question of

Ben Cleave

I taking really couple afternoon. all, my encouraging this A the questions to growth gross in Thanks was first of for profit. me, from see

efforts environment. and good, were has how your guys relatively how to can that fresh was talk given much you you beyond and pricing quarter? restructuring seen about the rate of command the on You able in guys has, cost SG&A taken I'm the those structure have the production still wondering utilization being efforts on how here of the evolved light of benefit so given versus on, the, these cost your

Mark Palamountain

Yeah.

So that Ben. I'll one, take

incredible the done side, with so starting we've SG&A So SG&A, an job.

in to of it really, of million note we’ve the in I history completely $X units North was side of proud keep approximately of $X employees against As you minimum a Pandemic, fixed down, we've know our as and more And really cost costs. through prior production versus period the continued house people operations, gotten feel We to months the similar it's just run minimum wage units increases at here our don't right same or at current California, even in on similar then we wage. period heels the where more which you series of. vaccinated year-over-year, and cutting cost all the the is and showing through some conferences we've travel really in now. XX% kept year units through to packing people. those and company on of our of hitting to run it opportunity support there, more really side, G&A adds last everyone our of We've tune from initiatives went the the of that and the think you'll our through outside and has had the biggest been which were we From our

really nice and of it’s team I through. think proud and they've, to the coming and team, they've So see come the improvements together these we're everything

Ben Cleave

That a kind a back rates. moving of helpful quick it. where consider public have seeing vaccinated if here can talked on to hard market. driven we're market terms about what and XX% to at market Congratulations for inning you it's a the were that from normalcy? all into talk you to to guys the where couple improvements kind health, what, vaccination know you of what of back the I'm to challenges Got I you export this and think chain the be, get ones hustle -- return COVID other that's to degree the, may going the to, wondering me export lot seen a of in of elaborate side is are I and kind the getting versus by you supply but if still looking then you do suggest and Harold, international of of opportunities you this that normal? market state in in this really real

Harold Edwards

Yes.

I are, think primary and innings discussions they've as in pull our and markets, back our continue and because conversations then the markets prior are cautious Southeast and been open from pull still and extraordinarily early we're the to Asian back. open

to in issue. was to our little had just So, demand demand container spike pre-COVID Japanese of caused a get by sort back We levels. that is beginning the

in shipping them that lot a fill, as getting it demand the out and disruption and of You’ve and the resulted that market we and But then helpful supply challenges Japanese for they're really world and had having some about which containerized supply business. for as, pre-COVID. the the really the what the our during market, pipeline created in have to us challenges relates of chain might've back which created true the even we, just Korean market some to the what to go side, now was Japanese in just the back took that been it reading ports around challenges artificially on chain,

We anecdotally, the improvement United and we're the in our purchase XX% haven't going But just the more about are North we, just sort and then levels. a volume every in euphoric improving sort increases to of businesses in eat export bars and like like American some quite Hong U.S., of as we that behavior every seen moving spike week XX% where here at we're been but has in call spike a more that, say normal markets week, – of dramatic into what hopeful Kong domestically seeing part to biggest market what that purchase well. of and the fruit here seeing and of drink as again. I'd out would we States Asian of other and we're we’re bit the will in in where we're that's people probably

Ben Cleave

last Got when it, queue My regarding we the, water. back it's in all encouraging. question, is got very it. That, get

your for on what the be your it conditions Southwest. So pretty terrible can this looks environment the regarding affect be a water year, And current like that, you rights? would setup on across to does elaborate How outlook it drought helpful. with

Harold Edwards

you, of interesting parts certain full a any to no the creating agricultural our of it's beginning as very, of and and coming studying carefully cutbacks in of we're crop and very the them. are river assets the own think you've the to that sort on the more at and production scarcity serves, very our we're river thing of water, I are to systemic the of to with as first an really Colorado where and opportunities close But staying ability and pervasive been that's the envisioned some potential the up now for the shape keep to of continue say of drought, monetization that those some is water pressure new relates that sort in over-allocation putting dynamic it around our capacity irrigate as the constituents rights. with great maybe more reading Colorado to and

So not certain parts business. has as making state, we agricultural our to and that of parts own in keep I position characterize ample to continue just have we're we're we that very of or California access gone our the the and as production studying fortunately, But zero. to that access and irrigate to impacted sure we're our our own are parts there farm water, state are certain as the but would carefully. to very, there around, literally that in allocation others know the

So of just you’ll all rainfall, shape, fundamentally, in allocations winners to which to literally front severely really for going the year a us that see we'll how whole the this on plays of be of impacted in would value and intrinsic have you'll fraction was normal more California out X% scenario, year. this impacted, that is because water out that snowpack our and But of I a we're very all value value that state it California sort resource. have of say coming guess, in to just of agriculturally get row negatively more just for view the of seat a losers and great I and puts and a difficult the

Ben Cleave

that for Well, get I'll color back it all I in queue. does appreciate the me.

Operator

Instructions]. [Operator

Stifel. your Vincent question state Next is of Anderson Please question. from

Vincent Anderson

again. Yep. Thanks. Hello

So how year communicate nicely Company? to with color, stake their worth asking shares share, much have of but think for the Limoneira intentions terms can you're just you those if sure it's to not I’m you in anything date, allowed up in I here

Harold Edwards

don't, had would, was at don't that the significant we I their they I Calavo, thinking they not their in I've the at a originally under asset. discussions would liquidate anything guess upside No, we're recent board position, that know and we this think management guess with of this. were we I they ownership of At see but members point, and impression would,

at last had on liquidating really intending were the them not we point. their with communication this they position that is So

ability, that it or filing, shares. think recent So I that. was thing like add or I a most in only Actually, think something nominal to the recall, adding in was is can't they XX,XXX show think they but I topically I the the December their January,

holding. they're, So far they're as but as we know,

Vincent Anderson

than thank earlier on to That's the then quick more you. appreciate I about a question up get, I Okay, exports. it expected follow and just so

kind do question and you’re it U.S. in the of learn. of same about kind priorities getting go comments you by Chile up a the as where in S the on building you know demand to just with more of your think Chile and China where can, in all to versus between now you, has the trying about able So up you positive the to coming demand. more serve China U the that footprint getting you days to access, How build you'll learn what being

Harold Edwards

Chinese an we're cylinders, being production demand great oversupplied reason the is in that area fundamentally firing and very bullish That's sort world that the and a question situation. we and every on on if of in all exist optimistic

demand level to the It just material, us means market, So pricing if less more better give between certain which Southern of that improves into a U much amount that's that will balance hemisphere Chinese supply can so that that's a us fruit demand a be give power. comes into S the and and imported market. diverted

So really we, work. to important we think and is that Chinese and really demand is, significant develop

our part So its that of find we're Chinese into Chile production and doing a of out the can that very market. hopeful large way

Vincent Anderson

All Thank right. you again. Perfect.

Operator

questions more at this no are There time.

And end remarks. Harold now the have back the reached question-and-answer for to the We call over session. turn of will I closing Edwards

Harold Edwards

Have much questions your day. of in again. you your Thank great all Thank very you and for for interest Limoneira. a

Operator

This concludes today's conference.

have may lines your at this for You your time. you Thank a disconnect day. participation and great

Limoneira (LMNR) 9 Jun 212021 Q2 Earnings call transcript