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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 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.
Alico, Inc. (Nasdaq: ALCO) has amended its Credit Agreement with MetLife, effective September 17, 2024. Key changes include:
1. Increased borrowing capacity under the revolving line of credit (RLOC) from $25 million to $95 million
2. Extended maturity date of the RLOC to May 1, 2034
3. The RLOC is secured by approximately 36,800 gross acres of citrus land
4. Alico paid off current borrowings under the $70 million working capital line of credit with Rabo Agrifinance, Inc.
5. Borrowings under the RLOC bear interest at one-month Term SOFR plus a 2.20% credit spread
6. Quarterly interest payments begin October 1, 2024, with no principal payments due until maturity
This amendment provides Alico with increased financial flexibility and liquidity for the next decade.
Alico (Nasdaq: ALCO) announced its financial results for Q3 and nine months ending June 30, 2024. Revenue rose 86.8% year-over-year to $13.61 million for Q3 and 16.7% to $45.71 million for the nine months. Net income fell 117.3% in Q3 to a loss of $(2.04) million, but surged to $25.1 million for the nine months due to gains from land sales. The company’s new three-year contract with Tropicana offers a 33%-50% price increase.
The balance sheet remained strong with $94.8 million available under lines of credit and a 2.67 working capital ratio. Alico also sold 798 acres of citrus land for $7.2 million and has an option to sell an additional 680 acres within nine months for the same price per acre. Production is expected to grow due to treatments of 4.5 million trees with Oxytetracycline.
Adam Putnam will become Chairman in February 2025. Despite a net loss in Q3, Alico is optimistic about 2025 with higher pricing and production recovery post-Hurricane Ian.
Alico (Nasdaq: ALCO) has announced the release of its third quarter 2024 financial results, scheduled for Monday, August 5, 2024, after market close. The company will host a conference call to discuss these results on Tuesday, August 6, 2024, at 8:30 AM Eastern Time. Interested parties can join the call by dialing 1-800-343-5172 (US) or 1-203-518-9856 (international). The participant identification for the call is ALICO. A telephone replay will be available approximately three hours after the call concludes until August 20, 2024. US listeners can access the replay at 1-844-512-2921, while international listeners can dial 1-412-317-6671. The passcode for the playback is 11156508.
Alico (Nasdaq: ALCO) has announced a new supply contract with Tropicana Brands Group to supply citrus fruit from June 5, 2024, to July 31, 2027. This agreement covers about 65% of Alico's currently planted acres and offers prices per pound solids that are 33% to 50% higher than last season's average. Alico's existing contract with Tropicana will continue through the 2024-25 harvest season. John Kiernan, Alico’s CEO, emphasized the long-term relationship and commitment to addressing challenges in the Florida citrus industry. Alico operates two main divisions: Alico Citrus and Land Management.
Alico has appointed Mitch Hutchcraft as Executive Vice President of Real Estate, effective May 28, 2024. The company, which owns approximately 54,500 acres of real estate across seven Florida counties, is committed to its citrus operations while also exploring the highest and best use of its land. Hutchcraft, previously with King Ranch, brings over 30 years of experience in land acquisition, entitlement, and strategic planning. His notable projects include Kingston, a 6,600-acre development. Alico's CEO, John Kiernan, praised Hutchcraft's ability to lead in optimizing the company's real estate portfolio.
Alico, Inc. announces financial results for the second quarter and six months ended March 31, 2024, with revenues of $32.1 million. Net income of $27.1 million and EBITDA of $47.3 million. An inventory write-down of $17.7 million due to lower box production. Oxytetracycline treatment increases yield. Negotiating new citrus supply agreements. Sale of underperforming land for $7.0 million. Strong balance sheet with $95.0 million available credit.
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