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Alico Inc. (Nasdaq: ALCO) is a renowned Florida-based agribusiness and land management company known for its extensive expertise and innovative practices in citrus production, sugarcane cultivation, cattle raising, and resource conservation. The company's operations are managed through two primary segments: Alico Citrus and Land Management and Other Operations.
The Alico Citrus division is a significant contributor to the firm's revenue, focusing on the cultivation and delivery of citrus fruits, particularly Hamlin and Valencia oranges, to both processed and fresh citrus markets. Alico's partnership with major juice processors like Tropicana underscores its pivotal role in the citrus industry.
The Land Management and Other Operations segment diversifies Alico's revenue streams through land leasing for recreational, conservation, and mining activities. Alico has also been actively engaged in strategic land sales, optimizing the use of its vast land holdings.
Among its recent achievements, Alico reported a net income of $42.9 million for the first fiscal quarter ending December 31, 2023, primarily driven by a significant land sale to the State of Florida. The company has also secured a new supply agreement with Tropicana, ensuring a steady and profitable relationship through July 2027 at favorable pricing terms.
Despite challenges such as hurricanes and citrus greening, Alico has demonstrated resilience, leveraging insurance proceeds and federal relief to maintain strong financial health. As of March 31, 2024, Alico reported a robust balance sheet with a working capital ratio of 2.55 to 1.00 and substantial available credit.
Alico's commitment to sustainability and innovation is evident in its ongoing application of Oxytetracycline (OTC) treatments to combat citrus greening and improve fruit quality. The company's strategic initiatives, including new farming leases and land sales, reflect its adaptive approach to maximizing shareholder value.
With over 125 years of experience, Alico continues to be a leader in Florida agriculture, constantly evaluating its real estate portfolio for the highest and best use, ensuring long-term growth and stability for its investors.
Alico Inc. (NASDAQ: ALCO) reported financial results for Q1 2024, showing a net loss of $9.2 million compared to a net income of $42.9 million in Q1 2023. Revenue increased 20.8% to $16.9 million, while earnings per share decreased to -$1.20 from $5.64 year-over-year.
The company is executing a strategic transformation to become a diversified land company and will conclude capital investment in citrus operations after the 2025 harvest. Citrus production decreased to 4.0 million pound solids from 4.7 million in the prior year due to Hurricane Milton impacts and ongoing challenges with citrus greening disease.
Alico expects to realize approximately $20 million in land sales in fiscal year 2025 and maintains strong liquidity with $73.5 million in available credit facilities. The company has no significant debt maturities until 2029 and ended the quarter with $4.4 million in cash and $104.9 million in total debt.
Alico (Nasdaq: ALCO) has scheduled its first quarter 2025 financial results announcement for Wednesday, February 12, 2025, after market close. The company will follow up with a conference call on Thursday, February 13, 2025, at 8:30 am Eastern Time to discuss the results.
Investors can join the conference call using the following dial-in numbers: 1-800-343-4849 (US) and 1-203-518-9848 (International) with participant ID: ALICO. A replay will be available approximately three hours after the call until February 27, 2025, accessible at 1-844-512-2921 (US) and 1-412-317-6671 (International) with passcode 11158103.
Alico (Nasdaq: ALCO) has announced its participation in the inaugural LD Micro Summit, an exclusive, invitation-only conference scheduled for February 3-4, 2025, in Fort Lauderdale, Florida. John Kiernan, the Company's President and Chief Executive Officer, will conduct one-on-one meetings with investors during the event. The summit is specifically designed to showcase select dynamic companies to investors.
Alico (Nasdaq: ALCO) has announced its participation in The Microcap Conference 2025, scheduled for January 30th, 2025, in Atlantic City, NJ. John Kiernan, the Company's President and CEO, will lead the presentation and conduct one-on-one meetings with investors during the event.
The conference, recognized as the premier event for growth-focused companies and investors, will provide a platform for Alico's management to share insights about recent developments, growth strategy, and investment opportunities. Interested participants can register for the conference or schedule one-on-one meetings through the conference website.
Alico (Nasdaq: ALCO) has announced its participation in the upcoming Sidoti Micro-Cap Virtual Conference scheduled for January 22nd and 23rd, 2025. John Kiernan, the Company's President and Chief Executive Officer, will deliver a presentation on Wednesday, January 22, 2025, at 9:15AM EST.
The company will also facilitate virtual one-on-one meetings with investors during both days of the conference. Interested participants can register for the presentation or schedule one-on-one meetings through the Sidoti events website.
Alico Inc (Nasdaq: ALCO) has announced its participation in the 27th Annual ICR Conference scheduled for January 13-15, 2025, in Orlando, FL. John Kiernan, the Company's President and Chief Executive Officer, will deliver a presentation on Wednesday, January 15, 2025, at 8:00 am Eastern time.
The presentation will be accessible through a live webcast via the "News / Events" section on Alico's investor relations website at https://ir.alicoinc.com. Additionally, the company will engage in one-on-one and small group meetings during the conference.
Alico Inc (Nasdaq: ALCO) announced a strategic transformation to become a diversified land company, winding down its Alico Citrus division after the current 2025 harvest. The company owns approximately 53,371 acres across eight Florida counties and 48,700 acres of mineral rights.
The decision comes after citrus production declined 73% over the last decade due to citrus greening disease and hurricane damage. The company will focus on non-citrus agricultural opportunities and real estate development, with approximately 75% of land holdings remaining in agriculture and 25% having potential for commercial and residential development.
Management estimates current landholdings could be worth $650-750 million. Approximately 3,460 citrus acres will be managed by third-party caretakers through 2026. The company expects positive cash flow for the remainder of the fiscal year and sufficient cash reserves for at least two additional years without additional land sales.
Alico Inc. (NASDAQ: ALCO) reported financial results for fiscal year 2024, with net income of $7.0 million and EBITDA of $29.7 million. The company sold approximately 18,354 acres for $86.2 million in gross proceeds. Citrus production increased 14.7% to 3.1 million boxes, with average realized price rising to $2.81 per pound solids. However, an inventory impairment charge of $19.5 million was recognized due to lower-than-anticipated production estimates for 2024-2025. The company maintains a strong balance sheet with a working capital ratio of 3.81:1 and reduced debt-to-assets ratio of 0.23:1. Available credit under revolving line increased to $86.6 million with extended maturity to 2034.
Alico (Nasdaq: ALCO) has scheduled its Fourth Quarter and Full Year 2024 financial results announcement for Monday, December 2, 2024, before market open. The company will host a conference call at 8:30 am Eastern Time on the same day to discuss the results. Investors can join via phone using 1-800-225-9448 (US) or 1-203-518-9708 (international) with participant ID 'ALICO'. A replay will be available until December 16, 2024, accessible at 1-844-512-2921 (US) or 1-412-317-6671 (international) using passcode 11157554.
Alico, Inc. reports minimal tree damage from Hurricane Milton, with no employee casualties. The company's 48,000 acres of citrus groves across seven Florida counties experienced varying wind intensities. Initial assessments show measurable fruit drop in northern groves, particularly in Polk and Hardee County. Most trees remain intact, suggesting the storm's impact will affect current season production rather than long-term output. No significant flooding occurred, and office headquarters and equipment were largely unaffected.
Alico maintains crop insurance for catastrophic events but damage may not be sufficient for claims. The company will seek federal, state, and local assistance for recovery. Alico plans to fulfill its fruit supply contracts with Tropicana, Peace River, and Florida's Natural. Recently, Alico amended its Credit Agreement, increasing its revolving line of credit from $25 million to $95 million and extending the maturity date to May 1, 2034.