Loading
FORT MYERS — Florida orange producer Alico says sales and profits rose in the first quarter despite industry challenges.
Alico reported net income of $8.7 million on revenues of $71.9 million in the quarter ending March 31. That compares with net income of $4.2 million on revenues of $60 million in the same quarter one year ago. Of the $71.9 million in total quarterly revenues, $71 million resulted from its Orange Co. operations.
The results come despite challenges in the orange production industry. “The USDA estimates the entire Florida orange crop will decrease by 21.5% this season, and Orange Co. believes these declines are due to extreme weather patterns, such as El Niño, as well as citrus greening,” the Fort Myers-based company says in a statement accompanying the financial results.
“Orange Co.'s late season harvesting activities were accelerated this year, and the Orange Co. quarterly financial results have been positively affected by this accelerated activity,” Alico says in the statement.
Alico says Florida Commissioner of Agriculture Adam Putnam allowed the use of certain fungicides on March 4 that could help the citrus industry. “Florida growers can use these products until the Environmental Protection Agency completes its review of a specific exemption petition submitted by the Florida Department of Agriculture and Consumer Services,” Alico says in a statement. “Orange Co. is encouraged by the potential of foliar bactericide treatments to enhance the overall health of citrus trees and thereby mitigate the impact of citrus greening.”
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.
