Welcome to our dedicated page for Alico news (Ticker: ALCO), a resource for investors and traders seeking the latest updates and insights on Alico stock.
Alico Inc. (ALCO) maintains this dedicated news hub for investors and stakeholders tracking developments in Florida's agribusiness sector. Our curated collection provides immediate access to official press releases, financial disclosures, and operational updates from one of America's leading citrus producers and land management specialists.
Find timely information on citrus harvest results, land leasing agreements, conservation initiatives, and strategic business decisions. The archive serves as an essential resource for analyzing Alico's dual focus areas: supplying premium citrus to processed markets while managing over 100,000 acres of Florida land for agricultural and conservation purposes.
Key updates include quarterly earnings reports, processing facility expansions, environmental stewardship programs, and partnership announcements with major food producers. All content is sourced directly from company filings and verified releases to ensure reliability for investment research and market analysis.
Bookmark this page to monitor Alico's progress in balancing citrus production efficiency with sustainable land management practices. Check regularly for updates on how the company navigates commodity markets while maintaining its position as a responsible steward of Florida's agricultural resources.
Alico, Inc. (Nasdaq: ALCO) has amended its Credit Agreement with MetLife, effective September 17, 2024. Key changes include:
1. Increased borrowing capacity under the revolving line of credit (RLOC) from $25 million to $95 million
2. Extended maturity date of the RLOC to May 1, 2034
3. The RLOC is secured by approximately 36,800 gross acres of citrus land
4. Alico paid off current borrowings under the $70 million working capital line of credit with Rabo Agrifinance, Inc.
5. Borrowings under the RLOC bear interest at one-month Term SOFR plus a 2.20% credit spread
6. Quarterly interest payments begin October 1, 2024, with no principal payments due until maturity
This amendment provides Alico with increased financial flexibility and liquidity for the next decade.
Alico (Nasdaq: ALCO) announced its financial results for Q3 and nine months ending June 30, 2024. Revenue rose 86.8% year-over-year to $13.61 million for Q3 and 16.7% to $45.71 million for the nine months. Net income fell 117.3% in Q3 to a loss of $(2.04) million, but surged to $25.1 million for the nine months due to gains from land sales. The company’s new three-year contract with Tropicana offers a 33%-50% price increase.
The balance sheet remained strong with $94.8 million available under lines of credit and a 2.67 working capital ratio. Alico also sold 798 acres of citrus land for $7.2 million and has an option to sell an additional 680 acres within nine months for the same price per acre. Production is expected to grow due to treatments of 4.5 million trees with Oxytetracycline.
Adam Putnam will become Chairman in February 2025. Despite a net loss in Q3, Alico is optimistic about 2025 with higher pricing and production recovery post-Hurricane Ian.
Alico (Nasdaq: ALCO) has announced the release of its third quarter 2024 financial results, scheduled for Monday, August 5, 2024, after market close. The company will host a conference call to discuss these results on Tuesday, August 6, 2024, at 8:30 AM Eastern Time. Interested parties can join the call by dialing 1-800-343-5172 (US) or 1-203-518-9856 (international). The participant identification for the call is ALICO. A telephone replay will be available approximately three hours after the call concludes until August 20, 2024. US listeners can access the replay at 1-844-512-2921, while international listeners can dial 1-412-317-6671. The passcode for the playback is 11156508.
Alico (Nasdaq: ALCO) has announced a new supply contract with Tropicana Brands Group to supply citrus fruit from June 5, 2024, to July 31, 2027. This agreement covers about 65% of Alico's currently planted acres and offers prices per pound solids that are 33% to 50% higher than last season's average. Alico's existing contract with Tropicana will continue through the 2024-25 harvest season. John Kiernan, Alico’s CEO, emphasized the long-term relationship and commitment to addressing challenges in the Florida citrus industry. Alico operates two main divisions: Alico Citrus and Land Management.
Alico has appointed Mitch Hutchcraft as Executive Vice President of Real Estate, effective May 28, 2024. The company, which owns approximately 54,500 acres of real estate across seven Florida counties, is committed to its citrus operations while also exploring the highest and best use of its land. Hutchcraft, previously with King Ranch, brings over 30 years of experience in land acquisition, entitlement, and strategic planning. His notable projects include Kingston, a 6,600-acre development. Alico's CEO, John Kiernan, praised Hutchcraft's ability to lead in optimizing the company's real estate portfolio.
Alico, Inc. announces financial results for the second quarter and six months ended March 31, 2024, with revenues of $32.1 million. Net income of $27.1 million and EBITDA of $47.3 million. An inventory write-down of $17.7 million due to lower box production. Oxytetracycline treatment increases yield. Negotiating new citrus supply agreements. Sale of underperforming land for $7.0 million. Strong balance sheet with $95.0 million available credit.
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