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FORT MYERS — Alico, the country's largest citrus producer, says profits rose more than sevenfold in the quarter ending June 30 compared with the same quarter one year ago.
Alico benefited from a good harvest at its groves this season and several orange-grove acquisitions earlier this year that boosted its scale. The company reported net income of $7.8 million on revenues of $68.8 million in the quarter ending June 30 compared with net income of $1 million on revenues of $33.9 million in the same quarter in 2014.
“Alico is proud to have grown in this challenging industry environment and attributes the result to our purchase of high quality groves and superior crop care and growing practices in the field,” says Clay Wilson, Alico's CEO, in a statement.
Fort Myers-based Alico says prices for citrus declined, but lower prices were offset by the boost in production. Earlier this year, the company acquired two growers, Orange-Co and Silver Nip. In addition, it sold its sugarcane operations.
You can read a recent story in the Business Observer about Alico's strategy by clicking here.
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