Alico Inc ( (ALCO) ) has released its Q4 earnings. Here is a breakdown of the information Alico Inc presented to its investors.
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Alico, Inc. is an established company in the agriculture sector, focusing on citrus production and land management, primarily operating in Florida. With over 125 years of experience, Alico stands out as one of the nation’s largest citrus producers.
In its latest earnings report for the fiscal year ending September 30, 2024, Alico, Inc. announced a net income of $7.0 million, a significant increase from the previous year’s $1.8 million. Despite facing challenges from natural events such as Hurricane Ian and lower than expected citrus production, the company managed to achieve a notable gain from land sales.
Alico’s financial performance was marked by a total revenue of $46.6 million, an increase of 17.1% from the previous year. The company reported an EBITDA of $29.7 million and an adjusted EBITDA of -$3.8 million after accounting for non-recurring items. Alico’s strategic land sales generated $86.2 million in gross proceeds, which contributed significantly to the financial results. Additionally, the company strengthened its financial position by amending its credit agreement with MetLife, increasing its borrowing capacity.
Looking ahead, Alico’s management remains cautiously optimistic despite uncertainties in citrus production due to recent weather impacts. The company plans to focus on operating income potential and preserving capital to maintain competitive returns for shareholders. The new contract with Tropicana, offering higher prices, and ongoing efforts to combat citrus greening further align with Alico’s strategic objectives.
