
Financial Results Alico, Inc. Reports First Quarter Financial Results for Period Ending December 31, 2024
Alico, Inc. (“Alico” or “the Company”) (Nasdaq: ALCO) has released its financial results for the first quarter ending December 31, 2024. The company has faced operational challenges, particularly within its citrus division, where year-over-year production levels have declined. These difficulties, compounded by the ongoing impact of citrus greening disease and environmental factors, have led Alico to anticipate a lower total harvest volume for fiscal year 2025 compared to the previous year.
John Kiernan, President and CEO, commented on these challenges, stating, “Our first fiscal quarter results reflect the struggles within our citrus operations. The persistent issues in production reaffirm our recent strategic decision to wind down our citrus business, as it is no longer economically viable. Looking forward, we plan to complete our final citrus harvest while setting the stage for Alico’s next chapter.”
Kiernan further highlighted the company’s ongoing transformation: “As announced in January, we are shifting towards becoming a diversified land company. This transition includes balancing alternative agricultural operations and strategic land monetization opportunities. By exiting capital-intensive citrus production, we strengthen our financial position and can focus on more profitable ventures. Currently, we are negotiating several land sales, projected to generate approximately $20 million in proceeds this fiscal year. These proceeds, combined with revenue from our upcoming Valencia harvest, should sustain operations through fiscal year 2027. Additionally, we have access to $73.5 million in unused credit facilities, should the need arise.”
This strategic transformation allows Alico to explore commercial and residential development while maintaining diversified farming operations, positioning the company for long-term profitability and enhanced shareholder returns.
Financial Performance Summary
For the three months ending December 31, 2024, Alico reported a net loss of $9.2 million attributable to common stockholders, a stark contrast to the net income of $42.9 million in the same period of the prior year. This decrease was largely due to the absence of land sales during the quarter. In comparison, Alico recognized a gain of $77.0 million in the same quarter of 2023, driven primarily by the sale of 17,229 acres of Alico Ranch to the State of Florida for $77.6 million in gross proceeds.
However, this decline was partially offset by a tax benefit of $2.2 million, compared to a $15.6 million tax provision for the first quarter of fiscal 2023. Earnings per diluted share for Q1 2024 reflected a loss of $1.20, compared to earnings of $5.64 per diluted share in Q1 2023.
Alico reported EBITDA of negative $6.7 million for Q1 2024, compared to $63.8 million in Q1 2023. Adjusted EBITDA, which provides a clearer picture of core operational performance, stood at $0.7 million for Q1 2024, an improvement from the negative $2.3 million recorded in Q1 2023.
Seasonality and Citrus Operations
The financial results also reflect the seasonal nature of Alico’s business. The majority of the company’s citrus crops are typically harvested in the second and third quarters of the fiscal year, resulting in a concentration of gross profit and cash flow in these periods. However, due to the timing of the previous year’s harvest, a larger portion of citrus was harvested earlier in fiscal 2024, contributing to shifting revenue patterns.
For Q1 2024, Alico Citrus harvested approximately 4.0 million pound solids of fruit, a decrease from the 4.7 million pound solids harvested in Q1 2023. This reduction was attributed to significant fruit drop caused by Hurricane Milton. Despite lower harvest volumes, the average price per pound solids increased by $1.03 compared to the prior year, due to improved pricing under one of Alico’s contracts with Tropicana.
Land Management and Other Operations
Alico’s land management operations encompass revenue streams such as grazing rights leases, hunting leases, farm leases, an aggregate mine lease, oil extraction rights leases, and other miscellaneous income sources.
For Q1 2024, revenue from these activities increased by 44.5% year-over-year, driven by higher rock and sand royalty income and sod sales. This growth was partially offset by lower revenues from farm, grazing, and hunting leases due to the previous sale of Alico Ranch.
Operating expenses for Land Management and Other Operations declined by 84.2% in Q1 2024 compared to Q1 2023, primarily due to reduced property and real estate taxes following the sale of Alico Ranch.

Corporate Financial Position
Alico continues to maintain financial discipline, as reflected in the following key balance sheet metrics:
- Working Capital: As of December 31, 2024, Alico reported $32.4 million in working capital, maintaining a strong current ratio of 4.84:1.
- Debt Levels: The company’s debt-to-total assets ratio stood at 0.26:1 as of December 31, 2024, compared to 0.23:1 at the end of fiscal 2024.
- Total Debt: Total outstanding debt was $104.9 million, with net debt at $100.5 million as of December 31, 2024, up from $92.1 million and $89.0 million, respectively, as of September 30, 2024.
- Available Borrowings: Alico has approximately $73.5 million available under its credit facilities, ensuring financial flexibility.
Dividend Announcement
Alico remains committed to returning value to shareholders. On December 13, 2024, the company paid a first-quarter cash dividend of $0.05 per share to common stockholders of record as of December 27, 2024.
2025 Outlook and Strategic Initiatives
Looking ahead, Alico anticipates a lower harvest volume in fiscal 2025 compared to the prior year, reflecting the continued impact of citrus greening disease and environmental factors. The company is shifting its focus towards land sales and alternative agricultural ventures to ensure long-term sustainability.
Key expectations for fiscal year 2025 include:
- Land Sales: Alico projects approximately $20 million in land sale proceeds, based on transactions currently under negotiation.
- Cash Flow Stability: These anticipated sales, along with expected revenue from the Valencia harvest, should provide sufficient liquidity to support operations through fiscal 2027.
- Strategic Transformation: The company continues to explore opportunities in commercial and residential real estate development, while maintaining diversified farming operations.
John Kiernan reaffirmed Alico’s commitment to executing its strategic transition: “We remain focused on strengthening our balance sheet, maximizing shareholder value, and repositioning Alico for long-term growth. Our ability to generate consistent cash flow through land sales and diversified operations will enable us to navigate this transition successfully.”
As Alico moves forward, it remains well-positioned to leverage its extensive land holdings and expertise in land management, creating sustainable value for shareholders and stakeholders alike.