Producer, seller, and marketer of citrus and avocados, Limoneira Company, released its third quarter fiscal year 2024 financial results. The report shows the company's net revenue grew 21% and thanks to the avocado volume increase in 2024, avocado revenues grew over 300%. 

For the third quarter of fiscal year 2024, total net revenue was $63.3 million, compared to total net revenue of $52.5 million in the third quarter of the previous fiscal year. 

The biggest agribusiness revenue came from lemons and avocados. In the third quarter of 2024 includes $25.8 million in fresh-packed lemon sales, compared to $24.2 million in 2023 and  $13.9 million in avocado revenue, compared to $3.5 million in the third quarter of last fiscal year. 

Orange revenue in the third quarter of 2024 was  $1.2 million, followed by specialty citrus and other crops which made up $0.6 million this year. 

Farm management revenues were $3.2 million in the third quarter of fiscal year 2024, compared to $5.4 million in the same period of fiscal year 2023 on similar acreage. The decrease was primarily due to farm management decisions based on weather and crop conditions.

For the nine months ended July 31, 2024, total net revenue was $147.6 million, compared to $138.5 million for the same period in fiscal year 2023. The increase was primarily due to increased lemons and avocados agribusiness revenues, partially offset by decreased specialty citrus and other crops agribusiness revenues.