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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. remains resilient following Hurricane Ian, with no employee casualties reported. The company is currently assessing damage across its 48,900 acres of citrus groves in Southwest Florida. Initial inspections suggest significant fruit drop but most trees remain intact. Alico’s crop insurance will cover any catastrophic losses, limiting financial impact. The company expects production recovery to take at least two seasons. Alico maintains a strong balance sheet with $89 million in undrawn credit. It will continue fulfilling contracts with major brands during the upcoming harvest season.
Alico, Inc. (NASDAQ: ALCO) announced the appointment of Perry G. Del Vecchio as Chief Financial Officer effective September 6, 2022. He brings 25 years of experience, including roles at a Fortune 500 company, enhancing Alico's financial management. Del Vecchio will oversee finance, treasury, and accounting, reporting to CEO John Kiernan. His expertise is expected to support Alico's strategy in the Florida citrus industry and increase shareholder value. The company operates primarily through Alico Citrus and Land Management divisions.
Alico, Inc. (Nasdaq: ALCO) reported disappointing financial results for Q3 2022, with net income falling to $2.7 million, a 90% drop from $27.1 million in Q3 2021. The decline is attributed to lower citrus production due to a freeze event and increased costs, leading to an adjusted net loss of $0.39 per diluted share. The company revised its FY 2022 guidance, projecting net income between $30.7 million and $33.3 million, down from previous estimates. Despite these challenges, Alico's balance sheet remains robust with a working capital ratio of 2.47. Recent ranch land sales averaged $5,000 per acre.
Alico, Inc. (Nasdaq: ALCO) will release its financial results for Q3 2022 on August 3, 2022, at 4:30 PM EDT. A conference call will follow the announcement for financial discussions, accessible at (888) 414-4463 in the U.S. and (646) 960-0375 internationally, using participant ID 9291358. A replay will be available shortly after the call until August 17, 2022. Alico operates primarily in citrus production and land management, reinforcing its position as a leading citrus producer in the U.S.
FORT MYERS, Fla., June 06, 2022 (GLOBE NEWSWIRE) -- Alico, Inc. (Nasdaq: ALCO) announced that its President and CEO, John Kiernan, will present at the Sidoti Small Cap Conference on June 15-16, 2022. The presentation is scheduled for 8:30 am ET on June 15 and will be accessible via a live broadcast in the Investor Relations section of Alico’s website. Alico operates two main divisions: Alico Citrus, a leading citrus producer, and Land Management and Other Operations, which includes land leasing services.
Alico reported strong financial results for Q2 FY2022, with net income of $30.8 million, or $4.08 per diluted share, compared to $8.7 million, or $1.16 per share, in the prior year. The increase was driven by gains from real estate sales and a tax benefit. However, box production fell by 14.2%, and revenue declined due to lower citrus output caused by a freeze event and increased production costs. EBITDA reached $43.6 million, up from $21.4 million, but adjusted EBITDA dropped to $7.7 million. The company projects FY2022 net income between $35.6 million and $38.9 million.
FORT MYERS, Fla., May 04, 2022 - Alico, Inc. (Nasdaq: ALCO) announced its participation in the Sidoti Microcap Conference, scheduled for May 11-12, 2022. The presentation will be led by President and CEO John Kiernan, along with CFO Richard Rallo, starting at 12:15 pm ET on May 11. Attendees can access the live broadcast via the Investor Relations section of Alico’s website. Alico operates two main divisions: Alico Citrus, a leading citrus producer, and Land Management and Other Operations.
Alico, Inc. (Nasdaq: ALCO) has announced it will release its financial results for the second quarter ended March 31, 2022, on May 9, 2022, after market close. The company will host a conference call at 4:30 PM Eastern Daylight Time to discuss these results. Interested parties can join the call via phone or through a live webcast on the company's Investor Relations website. A replay of the call will be available until May 23, 2022. Alico primarily focuses on citrus production and land management services.
FORT MYERS, Fla., April 13, 2022 (GLOBE NEWSWIRE) -- Alico, Inc. (Nasdaq: ALCO) announced that Richard Rallo, Senior Vice President and CFO, will attend the Noble Capital Markets’ Eighteenth Annual Investor Conference from April 19-21, 2022, at the Hard Rock Hotel & Casino, Hollywood, Florida. Alico's presentation is scheduled for April 20 at 12:00 PM ET, and the Company will also host small group meetings during the event. For inquiries, contact investor.relations@alicoinc.com.
Alico primarily operates Citrus and Land Management divisions.
Alico, Inc. (Nasdaq: ALCO) has updated its financial guidance for the fiscal year ending September 30, 2022, anticipating net income between $35.6 million and $38.9 million, a significant increase from previous projections. The company cites a challenging citrus harvest impacted by a January 2022 freeze, resulting in an estimated 11% decrease in annual box production. However, citrus pricing is expected to rise. Alico continues to sell non-core ranchland, realizing $28.3 million in proceeds. The company remains committed to its dividend strategy, yielding 5.6% based on recent stock prices.
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