Based in Florida and focused primarily on the citrus industry, ALICO INC. just released its first quarter financial results, showing a decrease in citrus pound solids harvested and a loss in EBITDA (earnings before interest, taxes, depreciation, and amortization). 

John Kiernan, President and Chief Executive Officer of the Company, said the operational results during the first fiscal quarter of the year reflected "the ongoing challenges in our citrus division, with lower levels year-over-year of pounds solid being produced. Current season production trends, coupled with persistent impacts of citrus greening disease and environmental factors, indicate that our total harvest volume for fiscal 2025 will likely be lower than fiscal 2024." 

The CEO said the production challenges reinforced the organization's plans announced on January to wind down its citrus operation and become a diversified land company.

The decision included reducing most of its citrus production workforce effective immediately and having 3,460 citrus acres be managed by third-party caretakers for another season through 2026.

The CEO said the company's citrus operations are not "economically viable," and added that for the remainder of fiscal 2025, ALICO INC. expects to complete its final citrus harvest and position the company for its next chapter. 

The company reported a drop from EBITDA of $63.8 million in 2023 to $(6.7) million in 2024, and a profit of $0.7 million after adjusting for non-recurring items for the three months ended in December 31, 2024, showing an improvement in operational performance. 

For the three months ended December 31, 2024, Alico Citrus harvested approximately 4.0 million pound solids of fruit, compared to 4.7 million pound solids of fruit in the same period in the prior fiscal year. The decrease in pound solids harvested was driven byfruit drop caused by Hurricane Milton during the three months ended December 31, 2024.