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Jun 30, 2022
Alico Q3 2022 Earnings Report
Announced financial results for the third quarter of fiscal year 2022.
Key Takeaways
Alico Inc. reported net income attributable to common stockholders of $2.7 million, or $0.36 per diluted share, for the third quarter ended June 30, 2022. The results were impacted by a freeze event and greater fruit drop, leading to lower box production and pound solids per box. The company has updated its guidance for net income, EBITDA, adjusted net income and adjusted EBITDA for fiscal year 2022 to reflect the disappointing harvest season.
Box production for past harvest season was down from the previous year due to a freeze event and greater fruit drop.
Average pound solids per box was down from the previous year.
Market prices per pound solids increased for the second consecutive year.
Company’s latest ranch land sales sold at an average price of approximately $5,000 per acre. Interest from prospective buyers remains robust.
Alico
Alico
Alico Revenue by Segment
Revenue by Segment
Alico Citrus Revenue
CapyFin.comLand Mgmt & Other Ops Revenue
CapyFin.com Forward Guidance
The Company is revising its guidance for the fiscal year ended September 30, 2022 to reflect the lower than anticipated internal quality of the Valencia fruit, primarily resulting from the freeze event. In addition, certain ranch land sales transactions which were targeted to close before the end of fiscal year 2022 are now expected to close in fiscal year 2023.
Positive Outlook
- Projecting fiscal year 2022 net income to be between $30.7 million and $33.3 million.
- Projecting fiscal year 2022 EBITDA to be between $52.6 million and $56.6 million.
- Projecting fiscal year 2022 adjusted EBITDA to be between $11.0 million and $13.0 million.
Challenges Ahead
- The Company is now projecting fiscal year 2022 net income to decrease from its previous projection of between $35.6 million and $38.9 million to be between $30.7 million and $33.3 million.
- The Company is now projecting fiscal year 2022 adjusted net income (loss) to decrease from the previous projection of $(4.1) million and $(2.3) million to be between $(5.5) million and $(4.1) million.
- The Company is now projecting fiscal year 2022 EBITDA to decrease from its previous projection of $59 million and $64.2 million to be between $52.6 million and $56.6 million.
- The Company is now projecting fiscal year 2022 adjusted EBITDA to decrease from the previous projection of $13.0 million and $16.0 million to be between $11.0 million and $13.0 million.
Revenue & Expenses
Visualization of income flow from segment revenue to net income