California-based Limoneira (NASDAQ: LMNR) notched a 17% year-on-year increase in total net revenue to US$43.1 million in the second quarter of 2018, thanks primarily to stronger lemon sales. 

Agribusiness revenue for the period - which represented 97% of total revenue - includes US$33.6 million in lemon sales, compared to US$26.2 million last year. The company said this result was achieved due to both higher volume of fresh lemons and higher prices.

Nearly 1.2 million cartons of fresh lemons were sold during the period at a US$23.42 average price, compared to around 958,000 cartons sold at US$21.50 on average last year.

Orange revenue rose slightly from US$4.9 million to US$5.2 million, mainly due to higher prices but partially offset by lower volume, while specialty citrus and other crop revenues were US$2.1 million compared to US$2.3 million.

Avocado revenue fell to US$900,000 from US$2 million, primarily due to lower prices and volume.

EBITDA was US$11 million during the period compared to US$7.7 million last year.

"Record lemon sales combined with strong orange sales and leverage from our packing house drove a 50% increase in operating income," president and CEO Harold Edwards said.

"We have built a tremendous platform at Limoneira and are very well positioned to dramatically expand our fresh citrus offering nationally and globally for many years to come.”

He said the company remains confident entering the third fiscal quarter that the key drivers of the agribusiness that drove the record first-half performance will remain in place.

"Even with lower avocado pricing compared to last year, we are confident we will achieve our full year fiscal 2018 guidance targets," he said.

For the six months ended April 30, 2018, revenue was US$74.7 million, compared to US$65 million in the same period last year. 

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