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FORT MYERS — Lower citrus prices and fruit sales drove Alico's revenues and profits lower in the first quarter compared with the same period one year ago.
The agribusiness company reported net income fell 46% to $1 million on revenues of $21.4 million in the first fiscal quarter ending Dec. 31. Revenues fell 18% in that period.
“Our first quarter results were as expected. Our citrus groves segment's sales and profitability were off compared to last year due to lower price-per-pound solids and lower pound solids per box,” says JD Alexander, Alico's president and CEO, in a statement.
Citrus revenues fell 12% in the first quarter to $7.4 million. However, the seasonal nature of the business means the company's highest revenues historically come in the second and third quarters of the year.
“We are encouraged by the increased profitability from our sugarcane segment,” Alexander noted in the statement. “We expect the increased profitability to continue as the production per acre as well as the acres in production increase over the prior year.”
Alico (stock symbol: ALCO; recent price: $42.75) owns 130,400 acres in Collier, Glades, Hendry, Lee and Polk counties where it grows citrus, sugarcane and raises cattle.
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