Loading
FORT MYERS — Rising citrus prices boosted Alico's profitability in the second quarter ending March 31, the company reported.
Alico reported net income rose 47% to $4.1 million on revenues of $37.5 million in the second quarter compared with the same quarter in 2013. The company owns 130,800 acres in six central and Southwest Florida counties on which it grows citrus and sugarcane and raises cattle.
Revenues in the second quarter dipped 2.4% from the $38.4 million it reported in the second quarter last year. “Historically, our agricultural operations have been seasonal in nature with the second quarter and third quarter generally producing the majority of our annual revenue and the first and fourth quarters producing less revenue,” the company says in a statement.
The company's citrus operations delivered stronger results in the second quarter. “Second-quarter fiscal year 2014 included citrus groves revenue of $19.4 million compared to $17.1 million from the same period of fiscal year 2013, an increase of approximately $2.4 million or 13.8% due to a 25.5% increase in the market price-per-pound solid of the early and mid-season varieties, offset by a 10.3% decrease in boxes harvested,” Alico says in a statement.
Alico's shares are publicly traded (symbol: ALCO; recent price: $34).
Your free article limit has been reached this month.
Subscribe now for unlimited digital access to our award-winning business news.
Join thousands of executives who rely on us for insights spanning Tampa Bay to Naples.
