Limoneira (LMNR) announced Wednesday morning mixed results for fiscal Q3, with better-than-expected revenues on earnings that missed analysts’ forecasts. The company also cut its full year earnings guidance.
For Q3 ended July 31, the California-based agribusiness said earnings fell to $5.2 million or $0.36 per share from $8.8 million or $0.61 per share a year earlier, missing the mean estimate of $0.43 compiled by Capital IQ.
Sales fell to $29.8 million from $36.5 million, yet were above the $26.1 million consensus.
For the full year, the company expects EPS of $0.28 to $0.32, down from a prior outlook of $0.36 to $0.40. Analysts are expecting earnings of $0.38 a share.
Limoneira continues to expect to sell 2.8 million cartons of fresh lemons in fiscal 2015, however it expects 30,000 fewer cartons to be sold in the remainder of the year at a lower average price than previously anticipated. The average price of a carton is expected to be $24.00 to $25.00 for fiscal 2015, compared to $25.00 previously anticipated and the average per carton price for the remainder of 2015 is estimated at $25.50 compared to $29.00 previously anticipated for Q4.
Shares of LMNR were inactive pre-market Wednesday after closing in the lower half of the 52-week range of $17.66 to $26.23.