Quarterly profits nearly doubled for the La Belle-based firm, to $2.7 million.
LA BELLE — Alico Inc. (symbol: ALCO) earned $2.7 million in profits in the first three months of 2011, up nearly 100% from its $1.4 million total over the same timeframe last year. CEO JD Alexander said strong market prices for agricultural products boosted the La Belle-based firm's financial performance.
"Our results for the first half of fiscal 2011 reflect favorable market pricing for our citrus, sugarcane and cattle,” Alexander explains in a statement. “We were fortunate to avoid any significant damage from winter weather events, but benefited from the impact those events had on market supply and therefore pricing.”
Alico's quarterly revenues were $36.5 million, and its operating income was $6.5 million, up 15% and 182% respectively.
Alico's primary focus is on land management. The company owns approximately 139,607 acres of land located in Collier, Glades, Hendry, Lee and Polk counties. Given its current stock price of roughly $25.75 a share, the firm is worth just over $188 million.