Alico, Inc. announced its financial results for the fiscal year ended September 30, 2024, reporting net income attributable to common stockholders of $7.0 million, a significant increase from $1.8 million in the prior fiscal year. Diluted earnings per common share for the year were $0.91, up from $0.24 in fiscal year 2023.
The increase in net income was primarily driven by an $81.4 million gain from land sales in the current year, including the sale of 17,229 acres of the Alico Ranch for $77.6 million. This was partially offset by a $19.5 million inventory impairment charge related to the 2024-2025 estimated harvest.
Alico Citrus harvested 3.1 million boxes of fruit in fiscal year 2024, a 14.7% increase from the prior year, slightly outperforming the USDA industry report. The average realized price per pound solids rose to $2.81, benefiting from more favorable pricing in a contract with Tropicana. The company also noted an amendment to its Credit Agreement with MetLife in September 2024, increasing the RLOC to $95 million and extending its maturity to May 1, 2034, enhancing financial flexibility.
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