Benzinga | Aug 25, 2021 12:52PM EDT

Limoneira Shares Dip On Lower Q3 Revenue

* Limoneira Company (NASDAQ:LMNR) reported a third-quarter FY21 preliminary total net revenue decline of 8.6% year-on-year, to $49 million, missing the consensus of $57.74 million.

* Agribusiness revenue decreased 8.4% Y/Y.

* The company expects a preliminary operating income of $2.8 million - $4.2 million.

* It sees an adjusted EBITDA of $7.2 million - $8.4 million against $6 million in Q3 FY20.

* Limoneira sees Q3 preliminary EPS of $0.18 - $0.23 versus the consensus of $0.39.

* Limoneira said supply constraints due to delayed harvests in Argentina and Chile paired with congested ports throughout the world have temporarily delayed shipments of many agriculture products, including lemons, into the Q4.

* "Wealso experienced the same global logistical delays in the third quarter that are affecting the entire agriculture industry," said CEO Harold Edwards.

* Price Action: LMNR shares are trading lower by 1.29% at $16.8 on the last check Wednesday.