Limoneira Company (NASDAQ:LMNR) Q4 2019 Earnings Conference Call - Final Transcript
Jan 13, 2020 • 04:30 pm ET
avocados and oranges, which hasn't happened to our Company in over 30 years. For the full-year of fiscal year 2019, we grew a record tree crop with our lemons. Based on the organic lemon growth, we are projecting for fiscal year 2020, as well as the expected rebound in avocado revenue and the fact that all of our recent acquisitions will have been online for a full year, we remain excited about the long-term growth of our Company.
Turning to our fiscal year 2020 guidance. In order to simplify our guidance and use metrics that we believe will help you better understand how the operational assets of our Company are performing, we are providing adjusted EBITDA guidance and lemon volume guidance by cartons and will not be providing earnings per share guidance going forward. We believe adjusted EBITDA can facilitate a more complete analysis and greater transparency into our ongoing results of operations and remove certain non-cash items that can create fluctuations in its earnings per share.
Excluding the non-cash mark-to-market on stock in Calavo and equity in earnings from Harvest at Limoneira, adjusted EBITDA for fiscal year 2020 is expected to be in the range of $22 million to $26 million. For fiscal year 2020, we believe our domestic and international affiliates are expecting to sell 7.5 million to 9.5 million cartons of fresh lemons globally. Included in the global cartons estimates, are 5 million to 6 million cartons the Company expects to sell domestically. Looking on 2020, we expect approximately $100 million in cash flow from Harvest at Limoneira over the six- to nine-year life of that project. The Company expects a full-year benefit from the Argentina joint venture formed with FGF Trapani and land acquisition in fiscal year 2020.
And with that, I'd like to open the call up to your questions. Operator?