From GlobeNewswire: 2024-05-06 17:00:00

Alico, Inc. announces financial results for the second quarter of fiscal year 2024, with revenues of $32.1 million. Net income was $27.1 million, EBITDA was $47.3 million, and Adjusted EBITDA was $(1.0) million due to lower box production post-Hurricane Ian. The company is negotiating new Citrus supply agreements for higher prices.

The Company entered into an agreement to sell 780 acres of citrus land for $7.0 million, with an option for an additional 680 acres at the same price. Alico has a strong balance sheet, with $95.0 million available credit and no significant debt maturities until 2029. Revenue for the six months ended March 31, 2024 was $32.1 million.

For the three and six months ended March 31, 2024, Alico Citrus harvested 1.2 million and 2.2 million boxes of fruit. Early and Mid-Season harvest was up 22.0% in boxes but down 4.1% in pound solids per box. Valencia harvest was 19.3% lower due to timing but has exceeded prior year’s results by 11% and 8%.

Land Management and Other Operations revenue for the three months ended March 31, 2024, remained flat. The Company reported a net loss of $2.07 per diluted common share for the three months ended March 31, 2024, compared to a loss of $1.02 in 2023. Alico plans to increase prices in the 2024/2025 harvesting season and expects a full recovery post-Hurricane Ian may take another season or more.



Read more at GlobeNewswire:: Alico, Inc. Announces Financial Results for the Second