LMNR - Earnings call transcript Q4 2024

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Operator

Greetings and welcome to the Limoneira's Fourth Quarter Fiscal Year 2024 Financial Results Conference Call. [Operator Instructions] As a reminder, this conference is being recorded. It is now my pleasure to introduce your host John Mills with ICR. Thank you.

You may begin.

John Mills

Good afternoon, everyone, and thank you for joining us for Limoneira's Fourth Quarter and Fiscal Year 2024 Conference Call.

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

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

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

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

Harold Edwards

and afternoon, good John, everyone. Thanks,

and pleased are with XXXX fourth We our quarter extremely results. full fiscal year

for adjusted grew guidance compared the $XXX,XXX for year. For volume a was achieved $XXX.X to full avocado fiscal net We million, and year, million, record lemon a and loss EBITDA to XXXX. revenue of X% year $XX.X the

XXXX, which avocados pounds production platform In avocado to XX fact, almost results fiscal fiscal in in is agricultural sold validate sold decision the our acres year demonstrate the EBITDA year million years. through to expand overall X,XXX significant strength XX.X of XXXX volume the strategic by growth. our was of our drive and expected most These

lemon our fiscal offering quick addition, we meaningful market more and increased foodservice the penetration XXXX. restaurant penetration service In and channels, is year achieving expect in in

pathways strong stockholder a valuable with a Our agricultural create value. and real sheet, resources, lasting success, balance to combined compelling build of estate potential assets, water portfolio multiple

water anticipate Group joint fiscal estate the venture residential Companies Lewis well, and year real XXXX. monetization to of the we with our meaningful example, Harvest project in transactions perform very an continues As development for

or find exploring remain milestones. with all and the updates to estate is In that addition, we'll stockholder thoroughly year committed the real maximize of interest. XXXX, to and significant necessary we to provide Directors Board we assets achieved are our fiscal X pleased continue options for value, advisable. In if further alternatives explore We disclosure strategic very

April, in lot completing residential the units, XXX sales of units representing project's sellout on from thus closed of of A the inception. have residential with venture the closed joint First, X,XXX development. Lewis total our Phase X

further joint plans June Santa this project. this additional events in XXX number and the value year. the for multifamily project, May, spread over by of of a opportunities. Based the continued $XXX Paula units Harvest. Second, City these joint rental the from increased Phase with announced in expect projections home increase Council value we in to separate cash approved for-sale expected sites with XX% XXX-unit will mixed-use a proposal venture's A units. X X,XXX to homes increase project the portion to is on $XX provide X,XXX This construct the in receive residential our in proceeds venture to fiscal we of within out total unlocking Lewis increase X and million million on creation total units, land received with dwelling increase XX% XXX The flow single-family associated years,

the XXXX the and mandatory flood due zone zone time to insurance. to of various map. addition, real will we number mandatory area flood the zones, it approximately removes we significantly insurance map revise zone of effective residential to the residents reduces Santa East rate improve subject and property been as as a in expected pay owners Within X,XXX flood revised flood of be intensive process, December map flood that from Creek. has flooding the X, Revising received In approval estate zone It to not X, existing and Area Emergency future X, FEMA, correct East other XX, Area area agencies East Agency, real May Management is with commercial FEMA cost within insurance Paula in interest to the the of insurance the concern these of in been or Area are working XXXX, have flood within that zone future the to and required map. estate flood flood public Federal XXXX, since west

sheet. balance our to Turning

Our net was as October XX, of XXXX, $XX.X million. debt

XX, Additionally, $XX.X our of no XXXX, $XX.X $XX.X approximately real this We development million approximately venture an XX% million. of debt. has consider XX%/XX% is million net and our joint debt position as which offset had currently of estate cash The as October cash of venture joint million. to $XX.X equivalents

ongoing to and exploring Since disclosure nonstrategic we to of be or committed interest past provide and working after X.X and exploration reduced with our strategic advisors announcing from potential position, the a debt these and water. asset growth that pumping is Today, sales at diligently rights recently quick an received land strong to Now stockholder of represented business. with and financial we'll over our business Usage the value continue update evaluate advisable. Even recent the approximately if decision the a strategic long-term approximately XX,XXX tremendous alternatives the manage updates find to value, on stronger all acre-feet balance We projections maximize we for year, of XX,XXX owned to shift have with our very to net acres are opportunities. necessary flow having consider Directors significant our sheet through our position rightsized assets. options opportunities overall ourselves evaluate to Harvest further Board provide remain thoroughly we Limoneira. our asset-lighter strategic towards from model, cash alternatives, in of

to and fourth and year the obligation, significantly and quarter improvement assets with asset-lighter see by volume over and full agribusiness the XXXX, pension are monetizing our having is transition District. And fiscal Drainage I'll business the income guidance for call increased focus our Mesa stockholder that, use removed a a Irrigation following now of to program to Yuma Mark. with operating our achieved during can water an through We positive turn our the our in enhance best year, You model on value effect.

Mark Palamountain

Thank with To best encourage you, our everyone. viewing an QX our our and and QX more stronger natural historically and Harold, basis and on performance, QX good gauge QX seasonality, we moderate. annual given business afternoon,

in the fourth $X.X $XX.X revenue for packed price in year at fiscal was fourth operations quarter was average XXXX. XXXX during fiscal year previous quarter fiscal the of last $XX.X million $XX.XX the the of compared total Agribusiness fourth packed million, cartons average lemon year increased XXXX carton, XXX,XXX during of revenue million XXXX, million year. a compared a net quarter year. the were last sales, fiscal $XX.XX quarter fresh the sold compared U.S. to sold million quarter $X.X fourth net quarter compared fourth $XX.X fourth the of the to to million of For to of million $XX.X fiscal revenue $X.X quarter cartons million, includes year. of year fiscal the fourth at of carton fourth year price in to per to fresh compared lemons per in of fiscal year period Approximately same XXX,XXX XXXX. during quarter in the Agribusiness revenue revenue $XX.X X% Other total XXXX,

cartons pound. The Approximately During were fourth due and $X.X avocado fourth XX,XXX were The of were fourth desert million the revenues biannual of to the a lemon fiscal year quarter fourth in by year harvest compared of volume at coupled fiscal X.X Brokered of utilization million quarter carton fiscal our $XX.X fourth quarter in XXXX quarter the cartons year weather-driven the year compared fiscal to year fiscal price million of year per million and due the fiscal fourth quarter at lemons per and revenue XXXX, XXXX, fiscal years Approximately lemon average rates $X.X quarter pounds was million of price XXXX. compared the during XXXX fiscal start average to $XX.XX the fourth to the of company million during the representing of to year year in recognized at XX% to sold XXXX, in fresh year-over-year. $X.X approximately of a avocados XXXX. growth impacted other fruit. oranges no with of this region aggregate respectively, revenue of fiscal sold an the XX,XXX company XXXX, lower avocado delayed of price fourth during XXXX in per nature quarter the of $XX.XX orange of events, of fourth a quarter in quarter $XX.X period. average $X.XX sold recognized sales XXXX carton,

lemon crop fourth of fiscal retail quarter to specialty the revenue. and in was to a decrease fourth due sales. our As arrangements decreased the for foodservice orange of in to was compared citrus and Specialty XXXX, our and million opportunistically The 'XX. customers complement grape of primarily million citrus decreased volume revenue $X.X company year quarter orders other fiscal wine $X.X year the reminder, buy-sell sold with has

$X.X loss fourth for loss million year per $X.X million diluted $X.X were for $X.XX fiscal fiscal same year period in share Adjusted fiscal million, and to an loss diluted were year. Operating compared the period $XX.X to share in of compared for $XX.X year loss of of of quarter per compared Limoneira XXXX quarter fiscal the and quarter quarter loss fourth operating million last fiscal diluted quarter the per of Company of in quarter for the million, of net year loss equivalents year of compared million, our of of the were an compared of carton of loss was year XX-pound $X.XX per of income $X.XX of diluted and revenues the fiscal fiscal $X.X of share XXXX end the year quarter to EBITDA During for compared to the fiscal in at XXXX. million was $X.X A $X.X fourth compared $XX.XX, fourth and fiscal Total quarter the of net the expenses to provided loss at to the fiscal year per XXXX diluted of $X.X acreage. earnings million reconciliation was loss of were fourth quarter of Limoneira year a XXXX year period in the $XX.XX grape in to $X.X XXXX also net million, common XXXX or similar respectively. of compared or to for or to $X.XX quarter to XXXX adjusted period for our the the EBITDA XXXX earnings million diluted sold fiscal million fourth fourth year Net net in $X.X net the Wine of to year the XXXX quarter million to stock reconciliation year fourth the to the fiscal provided same of $X.X year A XX,XXX for attributable million, XXXX. after price loss fiscal approximately fourth XXXX. $X of quarter is for for of X,XXX Adjusted same million fiscal same of net per net compared XXXX year XXXX. loss fourth adjusted the adjusted at previous the preferred fourth attributable dividends the XXXX release. income was was year is common fourth quarters Company fiscal net share revenues fiscal of XXXX. a management of earnings XXXX, Farm fiscal quarter of stock share fourth loss income Net fourth period earnings loss to a XXXX. $X.X for release. Adjusted in year. of on was year same to applicable end costs applicable fiscal share in the average

million common share was assets. Net income million $X.X preferred $X.X $X.XX of diluted net XX, was gain year primarily of sales. year was net stock $XXX.X year compared $XXX.X revenue XXXX year, fiscal of the dividends million for driven the for to due XXXX. last avocado year to $XX.X applicable primarily fiscal net to $X.XX XXXX For share fiscal total compared compared for Net for year, compared ended last was income by fiscal XXXX fiscal disposal Operating to record loss XXXX, diluted XXXX. income year operating per fiscal $X.X income to in million, per year after million million on to October

average net net based For diluted year share an and fiscal for diluted fiscal net common XXXX $X.X year an share respectively. per diluted shares year Adjusted income fiscal to million, adjusted XX.X% for loss was XX.X diluted earnings to XXXX million of XXXX diluted XXXX, and for compared per adjusted for earnings of fiscal weighted share net respectively. was per loss income XXXX, fiscal The $X.XX for $XX effective year XX.X%, share and approximately $X.XX year per million compared XX.X adjusted on rates outstanding, were for million tax XXXX.

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

to year sold was the of million the as year and In million as first our has to $XX.X million at our Long-term X.XX% last interest northern our resulted debt, down until pay which net sheet of The compared $X $XX.X in minus now a of AgWest used Farm domestic $XX July line resulted Turning million properties, X, of at were levels XXXX. fiscal balance XXXX. which position net October on of million, debt liquidity. of rate XXXX, $XX.X all except total proceeds of we nonrevolving a hand, of quarter in of million. $XX year, fiscal credit, of fixed October XX, proceeds debt the the XX, Debt end XXXX, end XXXX. to cash of Credit

cash flexibility. from our The hand million, as an October million. cash this our liquidity Limoneira $XX.X million additional estate as and net approximately venture April, in development We currently proceeds. position $XX.X closure joint debt. $XX of venture equivalents Our no partnership the in additional million XX%, has debt June, XXXX, financial with is of of residential million source which homesites consider Furthermore, XX, $XX to and further $XX.X of This offset the or XXX approximately million Limoneira's. had of venture the real cash XX%/XX% joint provides $XX.X received distributed in venture joint on joint

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

Harold Edwards

Mark. Thanks,

to XXXX in fiscal be of avocado million million X year expect X.X to to to of in XXXX. million range be fresh year X volumes for million lemon the and cartons expect volumes fiscal X pounds the range We for

received year $XXX we II million now expect Harvest, and $XX and Area fiscal to spread with addition, In in receive X out million II East of fiscal proceeds total LLCB years, from XXXX. LLC over

see XXXX robust expand plans acres by on by EBITDA Looking through to continue to year demand ahead, avocado to production X,XXX trends. a we capitalize consumer underpinned outlook fiscal strong

lower avocado do questions. the avocado asset monetization. Operator, take from fiscal now into These expects nature to company year gains not due account anticipated additional the bearing XXXX the year to trees. transition, of this fiscal results open to call volume we'll During alternate XXXX be compared operational to

Operator

question Instructions] Klieve is Ben first from Our [Operator Capital Lake with Markets. Street

Benjamin Klieve

a on Congratulations really good here. year

First, I of questions monetization a couple around water have the efforts.

First as just as 'XX. to here following events following 'XX I'm expect the of a And you meaningful. I'm all, characterized in that to relative well? characterize wondering anticipate fiscal can meaningful get coming of what in you accretive, trying you we relative scale appropriate which events, were have the been those events and would certainly to being fiscal

Harold Edwards

Yes.

talk good Ben. So, of first to all, to you,

extended So we another following but defined the believe for XX years will that be with XXXX. XXXX terms program Colorado River the new for in in enacted

water water new meaningful from monetization take Paula to the we we'll that the meaningful help Santa at the of us continued shares place accumulate do rights. in be Water water to exists create won't significant value of from will and the surplus better River I the that XXXX. some that Basin, that in Basin as monetization there pumping rights We expect So transactions basin, basin first point values Colorado that demonstrate in Santa from think, definition water meaningful have in standpoint the to those and our will, able be Paula

Benjamin Klieve

Santa in the And the an water Harold, value River relative acre-foot Colorado us can versus is? Paula what you of of remind Basin

Harold Edwards

different. very they're Well,

us on right the River allows to Colorado fallow our of the there. productive land half So program following now

fallow us get grants paid now, acre-foot, fallowed, $X.X X.X Bureau us acre of fallowed. acres we for value an XXX of have for Reclamation about that generates $XXX acre-feet right not million are we taking we to water there. which water that So The per of and that

urban to So we're to than but in they really are when needs the In terms announce to we'll surrounding significant Basin, rights. those actually basin, economics sales, transaction, able Colorado the opportunities Paula we've some interests. announce water rights significantly us. as the be the of of finding those River accumulated rights of the begin that's we valuable and water And Santa those more for the that surplus monetize

Benjamin Klieve

these that as more stay may for regulatory barriers on Compact or information big-picture should the status a And think via for dynamic any this or local? state today pertains you it other effort, tuned to then place I'm is, that environment soon that, Are wondering catalyst coming agency of assets. to? question events monetization Colorado We'll there be open our have the Anything River in a the there. or a regulatory either or some ears like we water

Harold Edwards

numerous River. Well, the And Reclamation as needs. agricultural cut arm a reading, at be necessary been, to the Las for Tucson, mandated actual and that the that way anyways also level needs Colorado We all Arizona but off in derive which and be from not believe to negotiating what. into and the Mead, water because and one biggest some that, meeting states of but River and to urban will of exists fighting management feeder is Arizona the demands that of that uses is water. We Central Bureau probably the the Vegas primary housing have the their water been from divert Project, Department from have who's needs I word, all of believe down Scottsdale on which urban Lake of its consumptive of urban development you've of the Colorado Phoenix the benefit the of use going Interior think is X/X cut right

be programs. accord Class to the X And take believe position River of Colorado in river fallowing set XXXX. to XX-year we new so, rights be perfect will And needs begun therefore, those and beginning that our in advantage on that

going the the there'll negotiations those river we focus So to accord that's that keep administrations cut. to River. would actually up your that's consumptive And add being believe be right cut I our next on on that big on Colorado onto deal as question, now, the change and eye, use to of putting XX-year the X/X a

Benjamin Klieve

going One here news is in tuned me I'll and on queue, get around then here. fresh lot the on lemon for A more for for targets We'll agribusiness back 'XX. stay there. question the front,

X.X that or XX% you to So you're year, on cartons, I a nice targeting where which lower think up X utilization. so million this were million but is was step from

in in million So is figure? coming X in to more terms can embedded to third-party the X.X get million here improvement you what about growers, carton that X.X rate, talk million to any to million in X drivers of that big other from utilization an volume

Mark Palamountain

you Ben. Yes, to bet, Nice you. talking

couple a So of things.

Mother wind. the the year, So we times, of heat from in this cold as finished Nature's normal had times, we challenges, in to all to wrong wrong

fresh XX% our so, was And the hovering near year. for utilization at or

when we to our go down up. And so, costs levels, those unit get obviously

lemons. You're only out selling X XX of every

at us so we utilization, it so, foodservice net And price, and to selling gives will XX% the can if by our things: get back overall easier, down and this fresh as it up a up. year, gross quick-serve, into goes which average more into grower helps to range more our bring bit ourselves, look lemon little X that restaurants, it the our penetration and restaurants dollar standard but it we service does sell an quick we mentioned opportunity

through what -- year. recruited of excuse And our acres far seeing. We're have me, avocados and about over cartons our we're into X,XXX are recruiting. volume we this as planting gaining of pivot And from that's We've X.X million so avocados so lemons most know, avocados. you

of those our to outside million be of cartons will goal and to growers. out some fruit lemons be coming XX% still between But balance X is somewhere get of then X.X and XX% million owned, over our will the time. own So the

Operator

Partners. Sweeney Capital question from Gerard next Our is with ROTH

Gerard Sweeney

my questions, wanted was touch I which great. avocados. on a Ben asked to But of couple

X,XXX from but to and give be a multi-year that to into bit how I underlying is so, shift Could those I avocados process, this think, additional us less in is more maybe play, the acres. come know So going little position do that highlighted, if you're avocados, here a the obviously, lemons, shift? details? theme behind more a you you and economics

Harold Edwards

take and me can in then So a let Mark the stab, fill rest.

if look we now, our bearing. we're of did on acres year at XX million in planted. that back as and produced But have you fiscal XXX right we a over little that of So over sold pounds results XXXX, tremendous acres X,XXX

And so another and what the you'll course great planted. to news to next see we've of X being over comes got is being get trees the the them, produced. acres of is, Part from The that able to on years, balance of we've XXX X being that. stock accomplish enough the that got actually order. nursery them They're

of less that's concern. a So

-- are take December, sizing whether pounds the far. early As see see the can it trying guide, also year we're bigger to but we the It's towards Part production, relates get volume that, of do, so heavier here If end conservative. pounds pieces avocado make that you we've or had mentioned you'll to the actually size much as we have million will to even which to conservative is you tree A we rainfall, to lot you're of last X the not of of not, being number say that a amount the what but only lot X we on from alternate that trying be of tried nature the not fiscal that that to considerably million more economics driven in conservative, the of now, But that drives then pieces, sitting in get guided XXXX. we the achieved. necessarily a by how though bearing of we're, We've the rain hanging guidance. just done place got get, crop we and too to going that again, wouldn't fruit, year. growth be to the is sell.

pricing As acres be look but as XXXX he fruit. produce nonbearing attempt do are we be And expect But that us price forward, year the he us we've be. our are so point to know, the over the an look existing beginning I'll before of to some planted There pound. would us forward, I could to average and on per of -- year an would pound volume our that that. also in been look to we next But forecast, used a greater achieve what in you crop we've models allow expect can bigger that $X.XX we going a that, a Mark, it than just have tailwinds be $X.XX. in conservative, that we give with seeing significantly turn should again, to used acres, this maybe at at also,

So if model, Mark you're to a and I'll over you building make that's comments. it where forecast. turn see But can our he his

Mark Palamountain

Yes.

we're it, think X if we into let's So cadence, so X-year the, the years about call X- to replanting process.

at started in this years So as the XXX replanting that about point. ago. which are bearing X,XXX And Harold of acres acres we're almost mentioned, ground, X

X bearing. is real from and full start years is years commercial anywhere fruit, X then think first X when to we X your you So to getting

we've look a grown they've have how out planted You right We've at little of it neighbor growers the already. our commented well some them got some trees of bigger the now, nursery, even bit seems. on of and

first really sooner anticipating we're so seeing than years X And crop. of our

technology And ability so, our need also the higher serve. if be not trees we just to and trees, look it, at density we root best we're planting to have done we've robust able when compared and water different, to they feed implementing more historical when plantings, what stocks, to

the we years. per are acre an our take produce acre, on contributing going anywhere those between pounds factors of an historically, pounds pounds we'll average between think we all so XX,XXX to acre, were from and where And X,XXX now XX,XXX and XX,XXX off to

$X.XX, So at about you it. math, the back do $X,XXX costs making farm. a if acre to And $XX,XXX currently per acre significant at production. And an an quite acre you're increase $XX,XXX to farm the over it in us

So where lemons is. quite than where at anywhere different are depending to just the today $X,XXX, on from location $X,XXX

strategy So validated and year this confident, we're why change. that's that really

Gerard Sweeney

change in little more much numbers in a sort what avocado 'XX. Harold nonbearing Is about, Got the should into but it. 'XX, to This of... talked and come the there. play acres 'XX, not a in of in that XXXX, pounds: start just more And one, because lot rain; year, bit

Mark Palamountain

Yes.

So you could go equally.

on to the So million our way goal. is target pounds XX

X,XXX and in, once have million average, you'll years an have some As XX see that acres pounds, we pounds. million see XX some you'll years have that

pounds million price And is then there. as your so we think average, XX and to number XXXX assume a good have baseline by from

Gerard Sweeney

on say you $XX,XXX Did pounds. million avocados an average? acre for XX

Mark Palamountain

It's acre $X,XXX of levels. to per for when profit those us it's $XX,XXX $XX,XXX to farm we it, operating to get and

Gerard Sweeney

compelling. How to lemons? Very that does compare

Mark Palamountain

So go the days, lemons, Avocados, lot consumes. there, to per on noise if XX% they back depending about up XX,XXX-pound of to about U.S. so have and more who's a the down effort. what the XXXX produce got $XX,XXX Mexico, we with -- acre we gorilla you just

we on As cartel-type of and comments West and Latin a which issues, because consumed are produced where advantage, the distinct and avocados is U.S., of the lot are most see the California all tariffs, primarily of the XX% avocado, deforestation, U.S. other Rockies, avocados or avocados market potential in a has influence.

conservative. with feel think be comfortable we $X.XX And so, pricing to I at really

pricing out come to Produce XX% they Mission last be year-over-year. that with week see saw up their You earnings

things all up at for this So point. avocados point

Gerard Sweeney

estate, gears, Shifting real JV.

the to you outflows But I side June in inflows, And it, at no million speaking, know look one, know them: I'm think next number? the was when curious that there's debt. distribution will year. June, to... on on just $XX-some-odd you CapEx grow or past timeframe said Two I going of the last generally distribution be? about it? what I two, but as over time, Is it's the this to know questions do and

Harold Edwards

Yes.

at swing take just me that, let Jerry. a So

So that the revolving actually thing to self-fund is our credit the capital made now terminated had, working happened we the and we're line one when distributions, that of we in partnership CapEx. because our our position

across to And CapEx is a items. so, some we're bridge big The we Paula one have do Santa next build Creek. about

begin ground this And... so, scheduled spring. break construction And that's to and

Gerard Sweeney

Is that the Harold Edwards Bridge?

Harold Edwards

that? What's

Gerard Sweeney

Bridge? Edwards Harold the that Is

Harold Edwards

I [indiscernible] think Bridge. that's the

the to to people town actually yes, to that's create more really Project. part of out project, going in Harvest So great actually because better access and a a that's for lot the get

actually will that's the then that's for really so, to a from go expenditure of well. be still some infrastructure our part be but final to as And X the of required we project, there have Phase capital that. And going part beneficial

community that. point. So there also distribution districts be, benefits and your will CapEx will of that that next not the bit we're issuance but is come, will help to balance there's at when this requirements, the is sure little more bond question a answer fund The

So at this keeping the partnership in share we're point. our

Operator

is question Capital Lake Market. Our Klieve next Ben with Street from

Benjamin Klieve

on follow-up acre, were Mark, about this. talking had a yield you I avocado per and

the then the XXX is years over in that on even this be a So second, heard rough sure, you you talk alternating the to a XX,XXX, possible a to are constructing where this. an you'll that is I that right, you to this the said from few real think now. few current going year, via here bit like year, the you yield cycle, different that if the that and acres between make how and next huge pounds And I acre. to going elaborate support and one, down the downside, your that something yield That's is think about X,XXX in math to drivers on orchards that you be technologies can increase. years want guys

Mark Palamountain

Yes.

did hear right. So you it

more acre, been in some double with a lot obviously per instances. almost have potentially We trees mode in replanting

this together we really harvest executive a since Our last never has together, And season, Congress, year, agricultural sometimes weekly called go back stakeholders has put intelligent from young we did. market started that through focused practices, together to the the during go to farming the farm which the from to group to that just come Board Avocado and to farming and internally team even I'll pruning take to the member how an farming best sales the team external to all to avocados. say

were helps from weekly that's Where it give would when on versus it spoon-feed really all was more so, just lines, cycles. do like long-term per we before new time, and easy as more have trees number. to And also going precise going had things acreages we it a it far we we're where which forward, for turn obviously, pressurized higher have replant systems these off, pretty which to literally antiquated irrigation we're acre, a drone nutrients get they're We really, need, now, a as it doing and long really productivity sounds you have to on actually sprays tree. X-week but basis, And could a the fundamental, and now you as for helicopters. much turn

over million multifactor So pounds. XX saw Like year, XXX we of this things. it's just acres on

are trees half that and just those older trees. so of alone still legacy And

per So in number when XX,XXX getting over those have to XX,XXX pound perfect we we're high confident really and acre conditions. in pounds years weather that

Harold Edwards

And for acre. planted had XX old statistics, plantings approximately the just Ben, so, so trees per

All per with XXX new of plantings trees acre. our over are high-density,

higher. was just acreage. significant on way plantings So our farming team internal be models pounds see acre mentioning he XX,XXX should there. drive operation. XX,XXX as are there'll the the new the and really them, lower, there'll the you that in per And that are the years increase averaging are the Mark our acre But at retool we're years said, also, confident as be an that And that as that new pretty can we feels new planting pounds

Benjamin Klieve

congratulations Congress Avocado Very hooray the and interesting. ag-tech. to for Well,

Operator

hand the back are Thank I'd comments. like further for floor time. Edwards There to at no Harold questions closing this over you. any to

Harold Edwards

Thank in for to interest your your of all, all you, and Limoneira. Happy holidays you. questions

Operator

This concludes today's conference.

lines disconnect for Thank participation. you at this may time. You your your

Limoneira (LMNR) 23 Dec 242024 Q4 Earnings call transcript