Limoneira Company (LMNR) has reported an 189.69 percent jump in profit for the quarter ended Apr. 30, 2017. The company has earned $3.54 million, or $0.24 a share in the quarter, compared with $1.22 million, or $0.08 a share for the same period last year.

Revenue during the quarter surged 34.82 percent to $36.89 million from $27.36 million in the previous year period. Gross margin for the quarter expanded 590 basis points over the previous year period to 28.29 percent. Total expenses were 83.16 percent of quarterly revenues, down from 91.91 percent for the same period last year. This has led to an improvement of 874 basis points in operating margin to 16.84 percent.

Operating income for the quarter was $6.21 million, compared with $2.22 million in the previous year period.

However, the adjusted EBITDA for the quarter stood at $7.84 million compared with $3.41 million in the prior year period. At the same time, adjusted EBITDA margin improved 879 basis points in the quarter to 21.26 percent from 12.47 percent in the last year period.

Harold Edwards, president and chief executive officer, stated, "Our solid lemon sales in the second quarter coupled with the efficiencies we are realizing from our packing facility drove a significant increase in our profit margins and cash flow. We are very proud of the team's efforts at our new lemon packing facility, which resulted in a per carton packing cost reduction of 19% in the second quarter. We continue to focus on the strategic expansion of our One World of Citrus marketing program and increased relationships throughout the world which are enabling us to expand our share of the global citrus market." Mr. Edwards concluded, "As we enter the third quarter of fiscal 2017, we remain confident that the key drivers of our growth that contributed to our first half performance will remain in place in the second half. Based on anticipated favorable avocado pricing and robust lemon revenues, we are raising our full year fiscal 2017 earnings guidance."

For fiscal year 2017, Limoneira Company expects operating income to be in the range of $14.70 million to $15.20 million. The company projects diluted earnings per share to be in the range of $0.51 to $0.55.

Cash conversion cycle (CCC) has decreased to 11 days for the quarter from 21 days for the last year period. Days sales outstanding went down to 31 days for the quarter compared with 40 days for the same period last year.

Days inventory outstanding has decreased to 3 days for the quarter compared with 7 days for the previous year period. At the same time, days payable outstanding went down to 23 days for the quarter from 26 for the same period last year.