Alico, Inc. announced financial results for the first quarter ended December 31, 2024, reporting a net loss attributable to common stockholders of $(9.2) million, compared to net income of $42.9 million in the prior year period. Diluted loss per share was $(1.20), down from earnings of $5.64 in the same period last year.
The decrease in net income was primarily due to the absence of land sales in the current quarter, contrasting with a $77.0 million gain from the sale of Alico Ranch in the prior year. Adjusted EBITDA, however, improved to $0.7 million from $(2.3) million in the prior year period.
The company's Land Management and Other Operations segment saw revenue increase by 44.5% due to higher rock and sand royalty income and sod sales. Alico expects to realize approximately $20 million in land sales in fiscal year 2025 and anticipates sufficient cash to meet operating expenses through fiscal years 2026 and 2027, supported by $73.5 million in unused credit facilities.
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