NEW YORK (TheStreet) -- Limoneira (LMNR) shares are up 5% to $25.50 in after hours trading on Tuesday after increasing its full year operating income guidance to between $12.6 million and $13.7 million from its previous forecast of $10.6 million to $11.8 million.
The agribusiness and real estate development company also raised its full year EPS range to between 57 cents and 62 cents per diluted share from its previous forecast of between 45 cents and 50 cents per diluted share.
The improved outlook is due to a continuation of higher lemon prices than previously expected according to the company.
TheStreet Ratings team rates LIMONEIRA CO as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:
"We rate LIMONEIRA CO (LMNR) a BUY. This is driven by a number of strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its revenue growth, good cash flow from operations, largely solid financial position with reasonable debt levels by most measures, increase in stock price during the past year and notable return on equity. We feel these strengths outweigh the fact that the company has had sub par growth in net income."