Alico reports Q1 net income $42.9M on $77.6M land sale; adjusted EBITDA negative

ALICO, INC.

2024-Q1 EPS reported $5.64 revenue$13,985,000

Net income $42.9M ($5.64 diluted EPS) vs loss of $3.2M in prior year quarter, driven by land sale.
Closed sale of 17,229 acres of Alico Ranch to State of Florida for $77.6M on Dec 21, 2023.
Adjusted EBITDA loss of $2.3M; $10.8M inventory write-down from Hurricane Ian impact on box production.
Repaid all working capital line and $19.1M Met Life loans with >7% interest; debt ratio improved to 0.19.
Net cash used in operations $13.2M vs $9.7M prior year, reflecting ongoing operational headwinds.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

ALICO, INC. reported the first fiscal quarter ended December 31, 2023 results: net income $42.9 million, EPS $5.64 per diluted common share.

Period: the first fiscal quarter ended December 31, 2023
Net income: $42.9 million
EPS: $5.64 per diluted common share
Result: reported results

Exact text from the filing

On February 7, 2024, Alico, Inc. (the “Company”) issued a press release announcing its financial results for the three months ended December 31, 2023

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ALICO, INC. filing history →

Source: SEC EDGAR

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