Benzinga | Jan 10, 2022 04:07PM EST

Limoneira Sees FY22 Fresh Lemon Volumes 4.5M-5M Cartons; Sees Avocado Volumes 5M-6M Pounds

Guidance

The COVID-19 pandemic continues to affect the Company's food service business and industry logistics on a global basis. The Company believes it will experience improving results in fiscal year 2022 compared to fiscal year 2021 due to its stronger position in retail food and club grocery and growing brokered fruit revenues. As food service and export markets recover, the Company expects lemon prices to increase in fiscal year 2022 compared to fiscal year 2021.

The Company expects fresh lemon volumes to be in the range of 4.5 million to 5.0 million cartons for fiscal year 2022. Avocado volumes are expected to be in the range of 5.0 million to 6.0 million pounds for fiscal year 2022.

The Company expects to receive $80 million from Harvest at Limoneira during the next five fiscal years, beginning in fiscal year 2022.