Lower citrus prices squeeze grower

FORT MYERS — Agriculture company Alico says lower volumes and lower prices for its citrus contributed to a drop in revenues and profits in the third quarter.

Alico, which owns nearly 131,000 acres in five counties, reported net income of $4.1 million on revenues of $35.2 million in the quarter ending June 30. That compares with net income of $9.6 million on revenues of $40.4 million in the same quarter one year ago.

“The declines were driven by weather conditions, horticultural changes and higher than average premature fruit drop in certain blocks of our groves,” says JD Alexander, Fort Myers-based Alico's president and CEO, in a statement.