- Earnings call transcript Q4 2022

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Operator

Greetings and welcome to Limoneira’s Fourth Quarter Fiscal Year 2022 Financial Results Conference Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation.

As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, John Mills with ICR. you. Thank

begin. may You

John Mills

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

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

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

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

net We are EBITDA, net diluted it adjusted adjusted possible per measures. EPS, measures and Also, per earnings that pleasure And financial adjusted prepared items website. and EPS with include we as loss which net financial common adjusted over as an our company’s to CEO, my of adjust within on most Edwards. to release to loss, the and loss the press common President have to the which much detail has diluted remarks, basis. EBITDA, in is Harold directly that, provided Mr. comparable in included diluted share turn are per A posted any on share the company’s release, EPS GAAP diluted are and reconciliation today’s been discussed non-GAAP company’s call

Harold Edwards

to am adjusted Thanks, by of generating to record diversified good John fiscal pleased line our afternoon, to and revenue top and of enabled us I $XX.X portfolio report that year achieve everyone. growing revenue EBITDA. million million our XXXX, $XXX.X XX% in drivers

revenue the with year driven with also the fourth in an quarter almost growth grew. pricing year demand Fresh double in XX% pricing, full volume $XX.X avocado and year. extraordinary saw volume Our over prior prior respectively over year, increased It XX% by XX% year. our prior We increasing revenues, and avocados, increasing fiscal orange was and strong realized seasonally both soft and also growth to the million. XXXX lemon

oversupply due continued and surplus marketplace. inventory. environment the remained the through year the to in This to fiscal lemon continued into global pricing as of a However, work year markets of overall global most pricing pressure for XXXX difficult the domestic has

price third quarters. and in second increases However, beginning we stronger expect seasonal our

it whether by Limoneira. pricing ourselves to distributed or working fruit insulate and and be by packed, distributed from expanding by marketed, the volatility commodity are of our We just supply, help Limoneira third-party marketed

partner and are into growers. have help leading volume the rising their investments the along our This asset-lighter and farming is our pivot the investments to Today, operations And made supply technology volatility fruit and and of XX% comes attractive reduce citrus. increase our we from to with third-party transparency outside producer, of toward have goal our growers roughly expertise, packager marketer to an us XX% to we of global to that chain, pricing impact and model. provide source costs. as We an insight a will made in

units we of received of fiscal are to We an have proceeds X,XXX in year to on has development Another XXXX Harvest this used monetization project. residential news The end closed project fourth residential and have additional property. XX-acre of of in prong some X,XXX on cash closed fiscal and the – project quarter a for within Paula Harvest X million monetization in of minimal with talks for amount time underway One land of our is Phase develop units. this currently the strategy X. of are when Phase good we be sale units from debt We or the certain been hold potentially that the to our Limoneira a we is assets. is Harvest. $X The more XXX we at from total at Santa year expand City will

and have XX% timeline projection Medical Pavilion street, increased at proceeds $XXX the both the I which Development by end will Harvest updated across include more over the to to million and the in our detail of cash Harvest the discuss our We call.

sales monetization that XX,XXX of XXX Chile years assets of properties and over is in real compared value and agricultural There to Arizona, market been estate identified have many since of own of Oxnard rich the to acres facility packing in California, ago early water over past been have acquired meaningful our assets over December, million. of announced Sevilla $XX fair our rights the for asset to at were and low have And the from October, company after, in announced as In these reduce addition $X.X million In founded. Harvest, basis. years our for proceeds current $XXX the used assets sale, acquired was We book our sheet. we well. Argentina difference for our a value these we right-size sale these million. shortly property, balance cost because we many another debt The

once We and XX which of will is next per continue model, an transition months. and in improving the operations, the dividends our increasing XX asset-lighter business streamlining consistency transition to to includes share earnings, complete our EBITDA

our new chairs for from committees, average a changed I’d This past turn ESG XXXX. Mark. worked asset minimum aligning with performance initiatives, Lastly, like I’d like to align shareholder-mandated that we of has in which updated highlight appointment This holdings executives, to policy, year, now governance increased to claw-back sales. to on refresh our maximize Board, initiatives. the as over of gains modernization our initiatives, of call an on of our X.X to This, December is that, focus update approaches. our to directly better compensating One year for we of area our now shareholders. other management I’d past and to score on governance, and provide has with X.X executives been the an includes executional enabled And through us shareholders with ESG methodically compensation many combined our by XX% improve with with

Mark Palamountain

everyone. afternoon good and Harold you, Thank

stronger. As our are on and it view Historically, quarterly, second and our best while a seasonally an due our are the not fourth nature reminder, business, our quarters to third annual, seasonal is basis. the first to to quarters, quarters business softer

revenue improved of the quarter during $X.X fiscal were oranges XXXX. fourth quarter average were including of mandarins, from sold operations of $XX.X in for per nominal compared period the million revenues revenue $X.X fiscal limes. orange quarter was cartons last during fiscal average sales fourth in Adjusted grape in loss to revenue wine net sold For compared fresh million XXXX fruits, compared Adjusted year expenses the XXXX at $XX.X the at $XX The carton fourth increased in and per XXXX, XXXX. of was XXXX XXX,XXX fourth for net carton diluted orange fresh year at of were year per XXXX. per quarter Total price million $X fruit million XXXX million $X.XX fiscal $XX.XX compared for carton. Operating for $X.X in year fiscal of million share the fourth year of fiscal fourth loss year year and the loss cartons fiscal per per in quarter the million cost share quarter net million per to the loss other fiscal during of of EBITDA loss loss the quarter share fourth of of $X.X price period Other grapefruits years a quarter revenue sales million of net period million same XXXX loss to of million million attributable fiscal the compared which price total to fourth the lemons is avocado due $XX is the been same cartons the carton conform loss per revenue net year. A to $X.XX brokered XXX,XXX EPS total Approximately $XX.X same of of in to $XX.XX company of adjusted fourth of $XX.XX Limoneira last quarter quarter loss applicable $X.XX of the fiscal XXXX. brokered quarter diluted to now generated fourth of fiscal a the not XXX,XXX also of reconciliation XXXX in it A average XXXX of to of of to EBITDA margin compensation of loss cartons Company Approximately year year we XXXX. at a by to million excluded representation net of XXXX current cash peer at increased of period year has fourth fiscal in expense, XXXX a the a XXXX. average fourth XXXX been revenue an release. to provided year Agribusiness a the diluted Adjusted the fiscal carton year per to fiscal for during in of preferred carton the sold to in of fourth stock-based compared our fiscal is $XX.X for adjusted of revenue the brokered year The with XXXX. Net fiscal million compared were primarily at $XX.X after million diluted to previous sold sales of compared of recognized loss the to company $X.X fiscal and fourth previous quarter presentation. $X million earnings better to $X.X year in of year. previous quarter increase the fiscal the fourth fourth price and same and year year $XX.XX in in to in period recognized exclude adjusted of loss price our XXXX. Company to fourth the of to year. fiscal in fiscal Net fourth to believe fruit was fiscal common fiscal was fiscal quarter to of net sold in quarter fiscal Limoneira consistent share for The XXXX. the year quarter quarter loss period year million fiscal the and of crop XXXX nominal year year. fourth The higher cartons in periods attributable of to loss in of of XXXX net was XXXX release. the includes of Approximately The of Specialty restated compared was net the as year of XXXX. the quarter the quarter XXXX. fiscal same year the million compared year $XX.X million quarter of the quarter was million is same the XXXX fiscal dividends million XXXX. a net of diluted of of per year. provided lemon average year for $X.X quarter during stock EBITDA citrus quarter to earnings revenue year compared $X.X million fourth end of the operations fiscal reporting. prior fourth company diluted last recognized XXXX. EBITDA fourth the XX,XXX fourth during company was $X.X approximately million of for end fiscal $X.X quarter is to price quarter compared periods $X.X per compared $X.X of a average $XX.X compared was fourth fruit fourth higher XXX per at of a fourth a reconciliation $XX.X year the addition EPS $X.XX fiscal Agribusiness Adjusted the to year compared approximately the loss did Adjusted in XXXX to has a compared quarter

stock loss XXXX same $XXX,XXX Net million $X.X XXXX. fiscal XXXX to for a in $X.X a million the per for the year loss diluted was year of XXXX, period compared in last revenue share per For was net record year Net $X.XX of XXXX. income common $XXX fiscal fiscal was million loss Operating year ended same for year. a of October to XX, period diluted dividends preferred year. versus compared in was million fiscal share net to fiscal $X.XX the to after last year $XXX.X loss applicable a XXXX million $X.X compared for loss

the average For loss was net XXXX, $XXX,XXX $XXX,XXX adjusted tax – of valuation EPS a provision which loss taxed per per deferred Adjusted rate fiscal provision income of from federal of net fiscal an shares year million and to non-deductible pre-tax certain $XXX,XXX of items, recorded common state XX.X foreign different due assets diluted net U.S. loss on XX.X loss of tax weighted $X.X outstanding. tax at XXXX compared was net tax loss million, differs million for year respectively, year of of million allowances diluted XX% based years tax jurisdictions fiscal diluted compared $X of and fiscal tax per $X.XX statutory benefit XXXX foreign year for $X.XX for $X.X adjusted respectively. primarily to XXXX. We a rates, income share and a and diluted taxes, share and impact compensation, are million stock-based fiscal recorded to XXXX of for The subsidiaries. on XXXX approximately

year XXXX, fiscal year million $X.X adjusted compared was For EBITDA fiscal $XX.X XXXX. to million for

XXXX in is compared assets now to level of million to XXXX, sheet fiscal balance of further as in down liquidity, the fiscal lowest year reduction past it XX% and This has certain October expect strategically to debt of fiscal our been XXXX. the X $XXX.X we to end continue years, at XXXX. and long-term now debt over was monetize XX, we Turning $XXX.X as the our in million

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

Harold Edwards

XXXX down reports crop Mark. from year XX% Initial Thanks, expected XX% to industry-wide Mother production lemon fiscal in for suggest be is Nature. to

and in fiscal to increase XXXX. we volume increase However, to of market planned expected year our our due fruit, third-party the expansion are share

in range up XXXX. million cartons X.X cartons year year X.X million X lemons of cartons year fiscal from This cartons for XXXX volumes to fiscal expect be is XXXX. fiscal million million X.X total in We to and the sales in

Also, Chilean For during the but the year quarter we fiscal the beginning results. lemons lead middle year prices due lower of costs fiscal first to be low in pricing year of quarter our first which in of to expect pricing, high experience will higher quarter production fiscal reflected to XXXX, XXXX. industry-wide the pressure will continued and transportation first XXXX, believe underperformed

million XXXX range trees to plant a production our fiscal knocked was to expect while September off crop million and the with a We the along year avocado X record typically crop. XXXX for due contributing alternating X temperatures a have experiences decline. note California November to our of will and physiology. of important weather the revenue, on fruit experienced avocado in event adverse year that early that be unusual to negative This, year-over-year It’s years impact and pounds. high wind We fiscal to conditions, is in year pounds for XXXX volumes avocado low in high

addition, $XX in Limoneira. expect In Harvest compared fiscal $XXX of fourth years, we the from over And million Harvest proceeds of previous $X of at X to of with estimate million the addition Medical Pavilion quarter million spread receive XXXX. the to the out now fiscal year received

to home X at which You the fiscal will been notice a new to reduced new is to is is fiscal is cash XXXX expected year generate Phase of generate number year year million Limoneira, expected XX have XXXX of of fiscal XXXX year have pushed starts million as expected $X as higher to Harvest assets months fiscal million, XXXX portion be Fiscal follows. year will million. is of generated million, generate expected on as hold. fiscal the to XXXX $X stated, to rate cash breakdown certain $XX current flow XXXX is environment, million, out previously the projections expected $XX year interest believe to million, approximately generate due $XXX generate $XX $X year lastly, of is And sale. the XXXX to for identified fiscal the we generate million, Limoneira expected We $XX and

made call with fiscal year progress months against to of sale the our million Operator? and open have the plan executing to thus questions. X great your with I’d like announcements in $XX XXXX. far similar expect We that, the have to And past in up

Operator

Stephens. line proceed question. question instructions] [Operator of with first the with Our your comes from Thank you. Ben Please Bienvenu

Ben Bienvenu

everybody. Hey. Good evening,

Harold Edwards

Ben. Hey,

Mark Palamountain

Ben. Hey,

Ben Bienvenu

we from congruent of we I cadence true So, debt far assume should about be been you quarterly you thinking be the bit about talk of where of year. It’s to proceeds then about the already XXXX? ask little hope sales. I paydown. how and through But with debt paydown kind of could as a thus to you should as of realization cadence the kind first this asset next move same want exit of and be substantial the kind

Harold Edwards

Yes, referenced. as cadence I just the you is exactly think

of we’re our we’ve modernization levels pleased think and I actually assets the thus exercise appreciation for the monetization. identified the of ahead been with far on very have plan with

XXXX we the think in to of quarters actually will cadence will be conservative, I But events. majority of through the continue think we So, the the two first the be year XXXX. fiscal believe

Ben Bienvenu

related kind question bearing volumes, Okay, great. numbers you we about We’ve see a around is What particular, – My second a should standpoint? is, between normal over do that of of, physiology. a those the model? from think seen just plant avocados the bounce your to and the multi-year we average be XXXX what there production alternating in own amount do XXXX a thinking recognizing kind about to basis how should on Or of as and, kind trajectory quite of bit. volumes

Harold Edwards

I of sort the the pounds consideration goal per So, older our younger of trees some internal maturation think XX,XXX trees. of sort into production acre, the of of is taking and

as should production the we X have stated land convert so, years. are X acres some next XXX avocado of XXX be probably we’ve planted million move we forward. about of older the before, to acres lemon pounds volume, average of production we X think plans And into land million actually to then, in at And as I as about a safe

bearing. it you begin production takes see actually know, actually become as for trees some increase. avocado those to But you’ll full our to of time So,

update average a assumption. we will go. think I as probably safe pound continue X So, million years to an is X to million between But we

Ben Bienvenu

is sheet. it of you to sales. your asset priority to step-one of is the sight quickly Okay. But asset what sight, then, the me have deleveraging last is balance one, asset purchases know And line line seems, or good investments? I pretty for

Harold Edwards

facility. do we round one point, the will Santa part update we our our up in The At map planning to board storage that next the our Paula March. due set to Oxnard this need of have are sale know of lemon road is strategic our thing February, capacity at and to increase of end we of with first

expansion our which and may placeholder we I than no leased storage path next operational. delever wash you at. recall, deploy that our X lemon And Santa think looking once that with integrating for exploring we step. in what clear the will be we but actually that plan will years, mentioned And in drive also within the Paula. a into X services with But But business here forward right providing to we’re expand other back washing need the significantly efficiency game capabilities, in capability on Chile we for I increasing – we that’s foot that grower us our greater as just keeps capacity directionally, really partner think next As we will years space, exploring capital the now. the to as explore operation marketing our avocado packing will our continue balance a just We’ve are continue and keep sheet, agency of gas suppliers. to increase of our sales other the and business, to

Ben Bienvenu

Okay, much. great. Thanks so

Harold Edwards

Ben. Thanks,

Operator

of line Our with your from Eric proceed the comes Larson with Seaport question. Research Partners. next Please question

Eric Larson

Hi, you How doing? everyone.

Mark Palamountain

Hi, Eric.

Harold Edwards

Eric. Hey,

warm staying You there? up

Eric Larson

No, it cold really minus my It’s oh XX, here here.It’s like windchill today, goodness. pretty XX bad. really, is

So, staying… I’m

Harold Edwards

what you Good the tell you. won’t is here. for temperature Yes. We

Eric Larson

trees would lemon here, so… The freeze

Harold Edwards

Yes.

Eric Larson

a gotten bit Asian your working Can a Japan it kind back much and service of little that the, some because is Number for one, the couple pure there give color opened could to out? China more of a you Asia, quick Harold just flavor just on your up production? more how maybe still of you us like us oversupply? as markets real normal it of has little purely is demand or of kind and Is is oversupply give food Just haven’t questions. fruit

Harold Edwards

Absolutely.

the think, Eric. unfortunately, I So, latter, it’s

demand levels. normals or pre-pandemic is to think back I

in with that. lemons, seen service and cost here inflationary Argentina prices, pressures Southern of Hemisphere pullback We Arizona, in California, by like is a bit of the higher and higher also in in little Chile. rates, increases, interest oversupply living food and of the not things we’re driven just issue but wrestling have demand, only gas overplanting But real

to rationalized. beginning beginning to acreage we’re see Now, be

You’re seeing pulled acres out. get

being the And that, combination to and Nature-driven, County, Just see here, smaller the improvement less because lining shippers second lemons pricing locally, in the out. acreage think quarters is marketplace. to of third in Hemisphere the tree reduced you’re I in beginning of sort the in costs silver crop, – shipment in seeing Ventura – the logistics Mother a of we’re U.S. higher into The just probably the pulled imports going of Southern – from the with market. levels

So, I improvement think acreage that growers prior years, to in pricing has lemons actually bolstered crops pricing will have as accelerating as converting well. And forward well. accustomed into less we been But to move it’s that become people as from lead the than returns had their as currently. other

Eric Larson

Okay.

of So, you’re the this question, truly a the fruit-bearing is going kind delay this, or change how production to of are some really acres way it’s and lead does your into know they any a plant? next plant put it your bit in before there land of little follow-up lemons? on some Does X,XXX how production? X-year And trees. of you a kind And dynamics of time I your you that of of

Harold Edwards

next thousand the to over have non-bearing, come So are we X mature that years. acres will which currently X the

the already those So, are all ground. in

now. we’ve be We’ve evaluate old something The million acres another likely, lemons, most was XXX but then, north that’s or the of that either continue the that avocados specialty next are XXX, land Some X about acres in cartons. avocados to lemons past, tired right XXX using the we about are looking we mentioned at all hundred year. that And was will time. for trees suitable secured to to in

to footprint see, growth with you The I we as And a us. And come today. where our to so, in lot for where smaller. whole outside and that’s going is that increase our going not is is capacity really think our are get growers that

Eric Larson

million interest-bearing not Okay. if probably of another got you’ve million the already – most that so you’ve the Even interest-bearing non-strategic final so, XX is question, not And go. of today. XXX or you or of of kind of an property assuming or just sort that land properties and – And of assets. is kind then, to sort income-generating I’m an sold,

into, ROIC. is could market, So, you let’s it give certainly of kind the or just say, that money targets ROIC too to early put Do maybe goals your that actually those going money days, it’s these of can metrics? or to start you almost get looking types if we cash have us markets any improve X% at we

Mark Palamountain

That’s a great Eric. question,

So, our internally, with and as as some how being that new look, metrics have struggled always way, struggles we gone ROIC to had increases redevelopment, consider past have in overall we we can’t meet the along value the you have the – properties, embedded either and or have of metric.

getting to then relative and the goal. X% X% think As and will you up And our and X%, think X% back forward, that. of that go or are range now going ROIC is perfectly X% be sort to X% to said, I internally, we above in I that

been average takes of on years. work, that our X And had depending capital think X probably how cost the about I X%. monetizations weighted X.X%, years to traditionally

get of are hard goal. there. to is So, anything, obviously north our working And we that

Harold Edwards

land think of realization in on I will that some that that Eric, And was invested these that the the water the have of capital unlock embedded and will the actual accelerate capital invested other be comment, the the return into. we assets a of monetization appreciation the thing events that appreciation lot one of will

growth serving then grower you partners suppliers So, capital asset-light of accelerate the on require that on and of that’s return going doesn’t when invested grow. And sort really layer other the analysis. serving to capital to

capital. continues will see invested a transition, lot return on see to the I you as in think more our you business will growth

Eric Larson

Thank Perfect. you.

Harold Edwards

Thank you.

Operator

Capital of Please Our next question with Klieve with your proceed question. comes line Markets. from Street Ben Lake the

Ben Klieve

Thanks for taking my questions. Alright.

the a strategy. First, question context on – of monetization your asset plans on I in have the growth the

kind been several curious For very row, I your consistent. thought about the over your quarters your the a very the in last how it volatility challenges a am the and process interest macro the just here of environment common calls, these has the and avocado theme of space of And to has all and on day. been context in have answers plans evolved year within the other rate

are and these Your options? have wondering you been how as I in you plans factoring growth the am very consistent, think long-term macro about considerations

Harold Edwards

consistent, Yes. they not rising Ben. continue perfect, of But rate asset-lighter retirement interest strengthening And balance given and debt, the That’s long-term the but evolve. an shift only retirement reduction and model, the it the monetization certainly, evolved towards targeted assets, is of and is a specific sheet, – great have environment. the question, the of assets, to timing

changed So, that at all. hasn’t

laser-beam We plans focused off company’s de-levering on execution executing paying and these are and debt. the and

same. So, the that remains

as we steadfast our other continues that look forward opportunities, of the belief consumptions grow. future long-term to in Now, we avocado into remain

we look production our that out our of move. to some analysis. be The avocados excellent into this belief avocados how on of say that. of we where But have I study in part changed the greater analyze our the and call there think with continues together Peruvian, it we exploration at selling, expansion into I And transition avocado The will is and dynamic are And Chilean cautious that analysis. changing will of so, our ongoing chains. supplies, more to consider continue situation with right of forward supply very would marketing, we to California over a already. production months pause giving last as water adding availability, the XX us of production. the more California, supplies certainty to avocado there that we it of value forward. put makes continue But very beyond be handlers we forward and packaging, an avocado That’s production and dynamic – that’s move supplies and of that continuing Mexican, move most the our Colombian, moving avocado are that’s into increasing sort of avocado area, long-term is to

Ben Klieve

helpful. Very you, Okay. Thank Harold.

picture, fallowing the I bigger fallowing on can, out Arizona in any for today if assets. the in initiative. now Wondering updates one water years. on you around, one, entering process modernization rights prepared didn’t call program hear on around bigger two, about I potential me, scale? And Another X water its mentioned much your your water, us year of second a you on your a is thought remarks further on update believe

Mark Palamountain

Yes, absolutely.

$X and we fallowed acres we summer that acreage turned in as to million yes, $X around loser million from XXX the noted, being winner. So,

noted swing of feet taking summer Federal with in the government specific water, that. million amount primary states acre piece mandated this that. in the are of risk the having off in $X that that late We come between all So, Arizona river to

us toward X. Colorado recall, As X all Las River project rights. Arizona – Vegas are we central water Arizona Class below And you Class and are

will we be there. continue to So, opportunistic

to to best did district as represent fallowing is this the try that. evaluated give the Our it’s still And a point, and program to government what to at new being whole present for Federal the concepts. roadmap

we is how depending winter a Colorado XXXX imagine the due to River start in broken demand reasonable but I So, in on itself. have goes, and structurally had and already the the California,

that situation, asset that million are continue but right we $XXX any we on north we believe So, have of the XX% is up. worth to which in the don’t table, specific

Ben Klieve

helpful. outlook well. year, as Very was – pretty the Mark this time good don’t Okay. at last And,

So, the hope snow let’s coming. keeps

Mark Palamountain

Yes.

You bet.

Ben Klieve

have Chile, One more some I will level? am for back kind and of commented in you update getting the get of to shipping in if area shipping the you curious I us there. you international surprise just what observable and back if out you end the of of of at degree me, can seen then on of the though, on the challenges tunnel of on, kind export line light normalized no terms to see improvement any in business

Harold Edwards

seeing anecdotally, ports. Ben, are far the just we congestion in less So,

the back We lot pre-pandemic as system berthing levels. the has And congestion shipping turnaround of sort or around the back ports we of certainly the itself to beginning directionally worked of of to where a the in that Not to pre-pandemic, world, are seeing direction. through in see they containerized were are but decreased moving – decreases system right times in costs. now out

imports think of especially as quicker the to well Argentina and and in and our into in at both shipping it costs the relates decreasing our U.S. Chile. turnaround combination for containerized So, times the we operations ports future bodes

Ben Klieve

get for in both and will back Appreciate you it Thank taking questions. line. good. I Very my

Harold Edwards

you. Thank

Operator

Harold questions queue. no I closing for are back would in hand There Edwards the the like call to to Instructions] [Operator remarks. further

Harold Edwards

all your a day. interest you for Limoneira. Have Thank questions in and great your

Operator

for teleconference. Thank today’s you concludes this gentlemen, and your participation. Ladies

disconnect time wonderful You day. at have may this your and lines a

Limoneira (LMNR) 23 Dec 222022 Q4 Earnings call transcript