Limoneira Company (LMNR), a global real estate development company yesterday reported their fiscal third quarter 2017 financial results.

Limoneira reported third quarter earnings of $7.8 million. Limoneira reported adjusted third quarter earnings of $0.52 per share. Limoneira reported adjusted third quarter revenues of $40.4 million.   

Limoneira Company CEO’s  Comments

Harold Edwards, President and Chief Executive Officer, stated, “Our record lemon sales in the first nine-months of fiscal 2017 enabled us to increase revenue by 14% and offset the lower volume of avocados this year. In addition, our expanding acreage and improving operating efficiencies enabled us to generate record adjusted EBITDA during the first nine months of 2017 and have us very well positioned for record results in fiscal 2017.”

Mr. Edwards concluded, “As we enter the last quarter of fiscal 2017, we are turning our focus to 2018 and will continue to leverage our strengths to provide customers with a year-round global supply of fresh citrus and avocados. We believe our One World of Citrus™ strategy will enable us to deliver meaningful growth and enhance shareholder value for many years to come.”  Business Wire

LMNR Technical Analysis

LMNR opened trading yesterday at $22.69 which was down from the previous day’s trading close of $22.81. LMNR closed trading yesterday at $24.37 and spiked down after market to $22.00, equivalent to a 10% decrease from the closing price. Taking a look at the daily chart we can see the last time LMNR traded below these levels we have to go back to September 5th when it traded at  $21.90.

Taking a closer look at the daily chart we can see that before the spike down LMNR had been in an overall upward trend dating back to May 31st when it traded at $18.43. LMNR has a float of 12.01 million shares and traded 4.41 times the normal daily trading volume on Monday.

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