March 15--Net losses narrowed in the first quarter for grower and developer Limoneira Co., based in Santa Paula, Calif., boosted by sharp increases in direct lemon sales.
For the first quarter of its fiscal year, Limoneira narrowed its net loss applicable to common stock to $2.9 million, or 26 cents per share, compared with $3.4 million, or 30 cents per share, for the same quarter a year ago.
The agribusiness company owes the improved earnings largely to an 89 percent increase in its agribusiness division, primarily lemons.
Limoneira said lemon sales jumped to $7.8 million compared with $3.1 million this time last year, caused by larger volume and higher prices due to the success of its year-old direct lemon marketing and sales strategy.
Lemon byproducts also increased in sales, Limoneira said.
Avocado sales increased to $124,000 for the quarter compared with $6,000 last year, according to the grower.
Specialty citrus and other crop sales dipped for the quarter.
The company attributed the earnings to "the expected soft seasonality of our business in the first quarter" but said the agribusiness had a "solid start" to the year.
Most Popular Stories
- American Airlines, US Airways Complete Merger
- ACA Delay Stresses Small Businesses
- Questions Remain in Jenni Rivera's Death
- Unemployed Wait as Lawmakers Debate
- Harley Issues Motorcycle Recall
- General Dynamics Plans 200 New Jobs in N.M.
- Auto Dealer Builds Big Solar Project
- Entrepreneurs' Next Creation May Be New Laws
- Saab Gets Back into the Game; U.S. Auto Sales Soar
- Dell Offers Undisclosed Number of Employee Buyouts