Limoneira Company (NASDAQ: LMNR) reported its financial results for the third quarter ended July 31, 2026, in an 8-K filing dated September 9, 2026. The company announced total net revenues of $43.8 million for the quarter, a decrease from $47.5 million in the prior year's third quarter. This decline was attributed to lower brokered lemon, orange, and specialty citrus sales following the transition of the company's citrus brokerage operations to Sunkist. The company noted that these declines were partially offset by increased fresh carton lemon sales driven by higher prices.
For the third quarter, Limoneira recognized $27.3 million in fresh lemon carton sales, representing approximately 1.373 million cartons sold at an average price of $19.88 per carton. Avocado revenue for the quarter was $8.0 million, derived from the sale of approximately 7.013 million pounds at an average price of $1.15 per pound. The company reported an operating loss of $3.0 million for the quarter, compared to an operating loss of $0.6 million in the prior year. Net loss applicable to common stock was $3.0 million, or $0.17 per diluted share.
On the strategic front, Limoneira entered into a Purchase and Sale Agreement to sell its Windfall Farms property following a competitive public auction. The transaction is valued at $15.0 million and is expected to close on September 14, 2026, subject to customary closing conditions. The company stated this sale is part of an ongoing strategy to monetize non-strategic assets and strengthen its balance sheet.
Regarding future guidance, Limoneira raised its avocado volume guidance for fiscal year 2026. The company anticipates producing more than 10 million pounds of avocados in fiscal year 2027, an increase of approximately 30 percent over fiscal year 2026. This growth is expected to be driven by 400 acres of avocados planted in 2023 and 2024 that the company expects to set a crop this year.
For the first nine months of fiscal year 2026, total net revenues were $85.9 million, compared to $116.9 million in the prior year. The company reported a net loss applicable to common stock of $34.0 million, or $1.91 per diluted share, for the nine-month period. The company noted that long-term debt, less current portion, stood at $100.7 million as of July 31, 2026.
