Limoneira Company (NASDAQ:LMNR) Q3 2020 Earnings Conference Call - Final Transcript

Sep 09, 2020 • 04:30 pm ET


Limoneira Company (NASDAQ:LMNR) Q3 2020 Earnings Conference Call - Final Transcript


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Greetings, and welcome to Limoneira's Third Quarter 2020 Earnings Conference Call. [Operator Instructions] As a reminder, this conference is being recorded.

I would now like to turn this conference over to your host, Mr. John Mills with ICR. Thank you. You may begin.

John Mills

Good afternoon, everyone, and thank you for joining us for Limoneira's third quarter fiscal year 2020 conference call. On the call today are Harold Edwards, president and chief executive officer; and Mark Palamountain, chief financial officer. By now, everyone should have access to the third-quarter fiscal-year 2020 earnings release, which went out today at approximately 4:00 p.m. Eastern Time.

If you have not had a chance to view the release, it's available on the Investor Relations portion of the company's website at This call is being webcast, and a replay will be available on the Limoneira's website as well. Before we begin, we'd like to remind everyone that prepared remarks contain forward-looking statements, and management may make additional forward-looking statements in response to your questions. Such statements involve a number of known and unknown risks and uncertainties many of which are outside the company's control and could cause its future results, performance or achievements to differ significantly from the results, performance or achievements expressed or implied by such forward-looking statements.

Important factors that could cause or contribute to such differences include risk details in the company's 10-Qs and 10-Ks filed with the SEC and those mentioned in the earnings release. Except as required by law, we undertake no obligation to update any forward-looking or other statements herein, whether a result of new information, future events, or otherwise. Please note that during today's call, we'll be discussing non-GAAP financial measures, including results on an adjusted basis. We believe these adjusted financial measures can facilitate a more complete analysis and greater understanding of Limoneira's ongoing results of operations, particularly when comparing underlying results from period to period.

We've provided as much detail as possible on any items that are discussed on an adjusted basis. Also within the company's earnings release and in today's prepared remarks, we included adjusted EBITDA, which is a non-GAAP financial measure. A reconciliation of adjusted EBITDA to the most directly comparable GAAP financial measures is included in the company's 10-Q and press release, which have been posted to its website.

And with that, it's my pleasure to turn the call over to the company's president and CEO, Mr. Harold Edwards.

Harold Edwards

Thanks, John, and good afternoon, everyone. Despite COVID-19 continuing to affect our foodservice business due to temporary closures and reduced seating capacity at restaurants and bars, strong volume in grocery retail enabled us to achieve revenue, EBITDA, and earnings growth in the third quarter, driven by lemons, avocados and oranges. In addition, we continue to be a leader in foodservice and export and are well-positioned as dining out continues to slowly improve. Our team has shown tremendous agility during the past six months by greatly expanding our reach into retail and grocery and this has