Limoneira COLMNR
Limoneira CO Segments Disclosure
Segment Information
The Company operates in four reportable operating segments: fresh lemons, lemon packing, avocados and other agribusiness. The reportable operating segments of the Company are strategic business units with different products and services, distribution processes and customer bases. The fresh lemons segment includes sales, growing and harvest costs and third-party grower and supplier costs relative to fresh lemons. The lemon packing segment includes packing revenues and packing costs. Fresh lemons and lemon packing revenues relate to lemons grown on the Company’s orchards and lemons procured from third-party growers. The avocados segment includes sales, farming and harvest costs. The other agribusiness segment primarily includes sales, farm management, growing and harvest costs, brokered fruit costs of oranges and specialty citrus, wine grapes, fallowing revenue, shipping revenue and shipping costs. During fiscal year 2025, the Company changed its presentation of fresh lemons and lemon packing revenue and costs to remove reference to intersegment revenue, intersegment costs and expenses and eliminations. Prior years’ information has been restated to conform to the current year’s presentation.
The Company’s CODM is the chief executive officer. The Company’s CODM measures the operating performance of the Company’s operating segments and allocates resources based on its evaluation. Revenues and operating income or loss, excluding depreciation and amortization, are used to monitor budget versus actual results. The significant expense categories and amounts align with the segment-level information that is regularly provided to the Company’s CODM. No asset information is provided for reportable operating segments, as these specified amounts are not included in the measure of segment profit or loss reviewed by the Company’s CODM. The Company does not separately allocate depreciation and amortization to its fresh lemons, lemon packing, avocados and other agribusiness segments. The Company also does not allocate impairment charges, various gains or losses included in operating income or loss, selling, general and administrative expenses, total other income or expense and income taxes, or specifically identify them to its operating segments.
20. Segment Information (continued)
The Company adopted ASU 2023-07 as of fiscal year 2025 and, as a result, expanded its segment information to include significant segment expenses and other segment items. Other segment items for the lemon packing segment include lease expenses, utilities, repairs and maintenance, professional assessments and fees, insurance, property taxes, custom packing and other packinghouse operational expenses. Other segment items for the other agribusiness segment are primarily shipping expenses. Other segment items in Corporate and Other include rental and operations expenses. Prior years’ information has been restated to conform to the current year’s presentation.
Segment information for fiscal year 2025 is as follows (in thousands):
Fresh Lemons | Lemon Packing | Avocados | Other Agribusiness | Total Agribusiness | Corporate and Other | Total | |||||||||||||||||
| Revenues from external customers | $ | 75,811 | $ | 49,147 | $ | 11,741 | $ | 16,986 | $ | 153,685 | $ | 6,038 | $ | 159,723 | |||||||||
| Costs and expenses, excluding depreciation and amortization: | |||||||||||||||||||||||
| Labor and benefits | — | 19,820 | — | — | 19,820 | — | 19,820 | ||||||||||||||||
| Packing supplies and fruit treatments | — | 13,799 | — | — | 13,799 | — | 13,799 | ||||||||||||||||
| Harvest costs | 7,777 | — | 1,385 | 333 | 9,495 | — | 9,495 | ||||||||||||||||
| Growing costs | 8,884 | — | 4,621 | 4,005 | 17,510 | — | 17,510 | ||||||||||||||||
| Third party grower and supplier costs | 60,928 | — | — | 9,140 | 70,068 | — | 70,068 | ||||||||||||||||
| Other segment items | — | 13,762 | — | 2,113 | 15,875 | 3,786 | 19,661 | ||||||||||||||||
| Gain on sales of water rights | — | — | — | — | — | (1,488) | (1,488) | ||||||||||||||||
| Loss on disposal of assets, net | — | — | — | — | — | 706 | 706 | ||||||||||||||||
| Gain on remeasurement of previously held equity method investment | — | — | — | — | — | (2,852) | (2,852) | ||||||||||||||||
| Selling, general and administrative | — | — | — | — | — | 24,200 | 24,200 | ||||||||||||||||
| Total costs and expenses, excluding depreciation and amortization | 77,589 | 47,381 | 6,006 | 15,591 | 146,567 | 24,352 | 170,919 | ||||||||||||||||
| Depreciation and amortization | — | — | — | — | 8,243 | 966 | 9,209 | ||||||||||||||||
| Operating (loss) income | $ | (1,778) | $ | 1,766 | $ | 5,735 | $ | 1,395 | $ | (1,125) | $ | (19,280) | $ | (20,405) | |||||||||
| Total other expense | (600) | ||||||||||||||||||||||
| Loss before income tax benefit | $ | (21,005) | |||||||||||||||||||||
Segment information for fiscal year 2024 is as follows (in thousands):
| Fresh Lemons | Lemon Packing | Avocados | Other Agribusiness | Total Agribusiness | Corporate and Other | Total | |||||||||||||||||
| Revenues from external customers | $ | 86,917 | $ | 49,258 | $ | 25,114 | $ | 24,634 | $ | 185,923 | $ | 5,580 | $ | 191,503 | |||||||||
| Costs and expenses, excluding depreciation and amortization: | |||||||||||||||||||||||
| Labor and benefits | — | 16,841 | — | — | 16,841 | — | 16,841 | ||||||||||||||||
| Packing supplies and fruit treatments | — | 10,902 | — | — | 10,902 | — | 10,902 | ||||||||||||||||
| Harvest costs | 8,877 | — | 3,058 | 650 | 12,585 | — | 12,585 | ||||||||||||||||
| Growing costs | 10,258 | — | 4,276 | 13,043 | 27,577 | — | 27,577 | ||||||||||||||||
| Third party grower and supplier costs | 65,046 | — | — | 7,130 | 72,176 | — | 72,176 | ||||||||||||||||
| Other segment items | — | 15,008 | — | 2,601 | 17,609 | 4,605 | 22,214 | ||||||||||||||||
| Impairment of intangible asset | — | — | — | — | — | 643 | 643 | ||||||||||||||||
| Gain on disposal of assets, net | — | — | — | — | — | (507) | (507) | ||||||||||||||||
| Selling, general and administrative | — | — | — | — | — | 26,876 | 26,876 | ||||||||||||||||
| Costs and expenses, excluding depreciation and amortization: | 84,181 | 42,751 | 7,334 | 23,424 | 157,690 | 31,617 | 189,307 | ||||||||||||||||
| Depreciation and amortization | — | — | — | — | 7,117 | 1,257 | 8,374 | ||||||||||||||||
| Operating (loss) income | $ | 2,736 | $ | 6,507 | $ | 17,780 | $ | 1,210 | $ | 21,116 | $ | (27,294) | $ | (6,178) | |||||||||
| Total other income | 17,725 | ||||||||||||||||||||||
| Income before income tax provision | $ | 11,547 | |||||||||||||||||||||
Segment information for fiscal year 2023 is as follows (in thousands):
| Fresh Lemons | Lemon Packing | Avocados | Other Agribusiness | Total Agribusiness | Corporate and Other | Total | |||||||||||||||||
| Revenues from external customers | $ | 86,364 | $ | 51,654 | $ | 7,046 | $ | 29,317 | $ | 174,381 | $ | 5,520 | $ | 179,901 | |||||||||
| Costs and expenses, excluding depreciation and amortization: | |||||||||||||||||||||||
| Labor and benefits | — | 19,221 | — | — | 19,221 | — | 19,221 | ||||||||||||||||
| Packing supplies and fruit treatments | — | 14,711 | — | — | 14,711 | — | 14,711 | ||||||||||||||||
| Harvest costs | 17,374 | — | 759 | 480 | 18,613 | — | 18,613 | ||||||||||||||||
| Growing costs | 17,995 | — | 3,275 | 12,108 | 33,378 | — | 33,378 | ||||||||||||||||
| Third party grower and supplier costs | 51,152 | — | — | 10,122 | 61,274 | — | 61,274 | ||||||||||||||||
| Other segment items | — | 11,757 | — | 2,892 | 14,649 | 3,925 | 18,574 | ||||||||||||||||
| Gain on legal settlement | — | — | — | — | — | (2,269) | (2,269) | ||||||||||||||||
| Gain on disposal of assets, net | — | — | — | — | — | (28,849) | (28,849) | ||||||||||||||||
| Selling, general and administrative | — | — | — | — | — | 25,889 | 25,889 | ||||||||||||||||
| Costs and expenses (gains), excluding depreciation and amortization | 86,521 | 45,689 | 4,034 | 25,602 | 161,846 | (1,304) | 160,542 | ||||||||||||||||
| Depreciation and amortization | — | — | — | — | 7,323 | 1,253 | 8,576 | ||||||||||||||||
| Operating income (loss) | $ | (157) | $ | 5,965 | $ | 3,012 | $ | 3,715 | $ | 5,212 | $ | 5,571 | $ | 10,783 | |||||||||
| Total other income | 2,581 | ||||||||||||||||||||||
| Income before income tax provision | $ | 13,364 | |||||||||||||||||||||
Revenue related to rental operations are included in “Corporate and Other.” The detail of other agribusiness revenues for fiscal years ended October 31, is as follows (in thousands):
| 2025 | 2024 | 2023 | |||||||||||||||
| Oranges | $ | 7,745 | $ | 5,189 | $ | 5,779 | |||||||||||
| Specialty citrus and wine grapes | 4,010 | 5,089 | 9,515 | ||||||||||||||
| Farm management | 1,622 | 10,212 | 9,931 | ||||||||||||||
| Other | 3,609 | 4,144 | 4,092 | ||||||||||||||
| Other agribusiness revenues | $ | 16,986 | $ | 24,634 | $ | 29,317 | |||||||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Dec 23, 2025 | Showing above |
| 2021 | Jan 10, 2022 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.