Limoneira sees Q2 adjusted EPS (13c) to (8c), consensus 67c
The company states: "Excessive rains in Southern California during the first and second quarters of FY19 has created an overabundance of large fresh lemons, which is creating a decrease in lemon carton pricing. In addition, unfavorable weather conditions for oranges has resulted in significantly lower than expected pricing in the orange market. Lastly, the rains have also delayed the timing of the southern California lemon harvest into the third quarter of fiscal year 2019." CEO Harold Edwards says: "We continue to expect to deliver record volume, EBITDA and adjusted earnings per share in Fiscal Year 2019 despite different weather events that negatively impacted the price per carton of our lemons and oranges due to weather conditions. Our recent acquisitions, including Chile and Argentina are performing as expected and our domestic packing house is performing in-line with our fiscal year 2019 expectations. Our recent acquisitions, expanded lemon planting efforts, and affiliated grower recruiting efforts have us very well positioned for continued strong top and bottom line growth in fiscal year 2019 and beyond. The global market for lemons continues to expand and we believe with our One World of Citrus initiative has us well positioned to grow with our current and future global customers."