Limoneira Co. Files 2024 10-K

Ticker: LMNR · Form: 10-K · Filed: Dec 23, 2024 · CIK: 1342423

Sentiment: neutral

Topics: 10-K, agribusiness, annual-report

TL;DR

Limoneira's 2024 10-K is in - check financials for citrus biz.

AI Summary

Limoneira Co. filed its 10-K for the fiscal year ending October 31, 2024, reporting on its agribusiness operations. The company's primary business involves the cultivation, marketing, and distribution of citrus fruits, primarily lemons and oranges. Key financial details and operational highlights for the fiscal year are detailed within the filing.

Why It Matters

This filing provides investors and stakeholders with a comprehensive overview of Limoneira's financial performance and strategic positioning in the agribusiness sector for the past fiscal year.

Risk Assessment

Risk Level: medium — The filing is a standard annual report and does not contain immediate red flags or significant new risks beyond those typically associated with agricultural businesses.

Key Numbers

Key Players & Entities

FAQ

What were Limoneira's primary revenue streams for the fiscal year ending October 31, 2024?

The filing indicates Limoneira's primary business is agribusiness, focusing on the cultivation, marketing, and distribution of citrus fruits, particularly lemons and oranges.

When was this 10-K filing submitted to the SEC?

This 10-K filing was submitted on December 23, 2024.

What is Limoneira's Standard Industrial Classification (SIC) code?

Limoneira's SIC code is [0100] AGRICULTURE PRODUCTION - CROPS.

Where is Limoneira Co. headquartered?

Limoneira Co. is headquartered at 1141 Cummings Road, Santa Paula, CA 93060.

What is the SEC file number for Limoneira?

The SEC file number for Limoneira is 001-34755.

Filing Stats: 4,618 words · 18 min read · ~15 pages · Grade level 14 · Accepted 2024-12-23 16:06:03

Key Financial Figures

Filing Documents

Risk Factors

Item 1A. Risk Factors 15

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 27

C . Cybersecurity

Item 1 C . Cybersecurity 27

Properties

Item 2. Properties 28

Legal Proceedings

Item 3. Legal Proceedings 29

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 29 PART II 30

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 30

Reserved

Item 6. Reserved 32

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 32

Quantitative and Qualitative Disclosures about Market Risk

Item 7A. Quantitative and Qualitative Disclosures about Market Risk 42

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data 43

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 82

Controls and Procedures

Item 9A. Controls and Procedures 82

Other Information

Item 9B. Other Information 84

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 84 PART III 85

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance 85

Executive Compensation

Item 11. Executive Compensation 85

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 85

Certain Relationships and Related Transactions and Director Independence

Item 13. Certain Relationships and Related Transactions and Director Independence 85

Principal Accounting Fees and Services

Item 14. Principal Accounting Fees and Services 85 Part IV 86

Exhibits and Financial Statement Schedules

Item 15. Exhibits and Financial Statement Schedules 86

Form 10-K Summary

Item 16. Form 10-K Summary 86

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS This Annual Report on Form 10-K (this "Annual Report") contains statements which, to the extent that they do not recite historical fact, constitute forward-looking statements. These statements can be identified by the fact that they do not relate strictly to historical or current facts and may include the words "may," "will," "could," "should," "would," "believe," "expect," "anticipate," "estimate," "intend," "plan" or other words or expressions of similar meaning. We based these forward-looking statements on our current expectations about future events. The forward-looking statements include statements that reflect management's beliefs, plans, objectives, goals, expectations, anticipations and intentions with respect to our financial condition, results of operations, future performance and business, including statements relating to our business strategy and our current and future development plans. The potential risks and uncertainties that could cause our actual financial condition, results of operations and future performance to differ materially from those expressed or implied in this Annual Report include, but are not limited to: success in executing the Company's business plans and strategies and managing the risks involved in the foregoing; changes in laws, regulations, rules, quotas, tariffs and import laws; adverse weather conditions, natural disasters and other adverse natural conditions, including freezes, rains, fires, winds and droughts that affect the production, transportation, storage, import and export of fresh produce; market responses to industry volume pressures; increased pressure from disease, insects and other pests; disruption of water supplies or changes in water allocations; disruption in the global supply chain; negative impacts related to the COVID-19 pandemic and our Company's responses to the pandemic; product and raw materials supply and pricing; energy supply and pricing; changes in interest ra

Business

Item 1. Business Limoneira Company, a Delaware corporation, is the successor to several businesses with operations in California since 1893. Our business and operations are described below. For detailed financial information with respect to our business and our operations, see our consolidated financial statements and the related notes to consolidated financial statements, which are included in Item 8 in this Annual Report. In addition, general information concerning our Company can be found on our website at www.limoneira.com. All of our filings with the SEC, including but not limited to, Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and any amendments thereto, are available free of charge on our website as soon as reasonably practicable after such material is electronically filed with or furnished to the SEC. The contents of our website referred to above are not incorporated into this Annual Report. Further, any references to our website are intended to be interactive textual references only. Overview We are primarily an agribusiness company founded and based in Santa Paula, California, committed to responsibly using and managing our approximately 10,500 acres of land, water resources and other assets to maximize long-term stockholder value. Our current operations consist of fruit production, sales and marketing, rental operations, real estate and capital investment activities. Agribusiness activities are performed through these four reporting segments: We are one of California's oldest citrus growers and are one of the largest growers of lemons in the United States. According to the California Avocado Commission, we are one of the largest growers of avocados in the United States. In addition to growing lemons and avocados, we grow oranges and wine grapes. We have agricultural plantings throughout Ventura and San Luis Obispo Counties in California, Yuma County in Arizona, La Serena, Chile and Jujuy, Argentina, whic

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