South Africa, the world’s second-largest exporter of citrus fruits, is bracing for the impact on the $2 billion industry of a 31% US levy that kicks in on July 9. https://t.co/A6NEMqAkek ...

During summer months when oranges in Florida and California aren't in season, the United States imports most of its fruit from Southern hemisphere producers like Peru and from Groves, such as this one in South Africa. It's South Africa's biggest agricultural export. With citrus products destined for the US alone, accounting for 32 million in 2022.We are here in Citrusdal, a town in the Western Cape that's home to around 200 farms. It's also the only fruit producing region in South Africa with direct access ...

VALENCIA, Calif., June 10, 2025 /PRNewswire/ -- Sunkist Growers, Inc., a citrus marketing cooperative founded in 1893, announced today that Limoneira Company, one of its original founding members, will rejoin the organization effective November 1, 2025. The move marks a meaningful reunion and a bold step forward for both companies."This is more than a return—it's a powerful alignment of shared history, values, and vision," said Jim Phillips, President and CEO of Sunkist Growers. "Together, we're transformin ...

Financial Data and Key Metrics Changes - Revenue for the second fiscal quarter decreased by 1% to $18 million compared to $18.1 million for the prior year period [13] - For the six months ended March 31, 2025, revenue decreased by 9% to $34.9 million compared to $32.1 million for the prior year period [13] - The company reported a net loss attributable to common shareholders of $111.4 million for the three months ended March 31, 2025, compared to a loss of $15.8 million for the same period in the prior year [17] - EBITDA for the three months ended March 31, 2025, was a loss of $14.7 million compared to a loss of $16.5 million for the same period in the prior year [17] - Adjusted EBITDA for the three months ended March 31, 2025, was a gain of $12.7 million compared to a loss of $16.5 million for the same period in the prior year [17] Business Line Data and Key Metrics Changes - Alico harvested approximately 4.7 million and 8.7 million pound solids of fruit for the three and six months ended March 31, 2025, respectively, compared to 5.8 million and 10.4 million pound solids in the same periods of the prior fiscal year [14] - Land management and other operations revenue increased by 10,774% for the three and six months ended March 31, 2025, primarily due to increased rock and sand royalty income and sod sales [15] Market Data and Key Metrics Changes - The company completed the sale of 2,100 acres of land in the second quarter of 2025, contributing to other income of $15.3 million for that quarter [16] - The company raised its outlook for land sales to potentially exceed $50 million for the fiscal year, a 150% increase from prior guidance [6] Company Strategy and Development Direction - The company is transitioning to a diversified land company, having completed its major capital investment in citrus operations [5] - Alico is actively engaged with agricultural operators to diversify its remaining agricultural activities, including sod production and seasonal crop leases [7] - The company is pursuing development opportunities for its properties, including the Corkscrew Grove Villages project, which aims to create mixed-use master plan communities [8][9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strategic transformation, projecting a cash balance of approximately $25 million and net debt of about $60 million by the end of the fiscal year [19] - The company expects to generate approximately $20 million in adjusted EBITDA for fiscal year 2025, supported by land sales and cash generated from citrus harvests [20] Other Important Information - The company amended its credit agreement to adjust financial covenants and reduce insurance coverage requirements, resulting in cost savings [12] - A $50 million share repurchase program was announced as part of the capital allocation strategy [12] Q&A Session Summary Question: Can you provide additional details on the $15.8 million from land sales in the quarter? - The $15.8 million was from the sale of 2,100 acres located in Henry County [25][26] Question: Are there ongoing discussions for additional land sales to achieve the $50 million target? - The company is in discussions for additional land sales, but the timing is uncertain due to the diligence process [28] Question: What milestones can be expected for the Corkscrew project before potential entitlement approvals? - The entitlement approvals themselves will serve as milestones, with individual meetings and revisions expected throughout the process [29]

Core Insights - Alico, Inc. is transitioning to become a diversified land company, concluding its capital investment in citrus operations after the fiscal year 2025 harvest [1][2] - The company has raised its land sales outlook to potentially exceed $50 million for fiscal year 2025, supported by ongoing negotiations and agreements [1][2][25] - Alico's financial guidance now includes cash balance, net debt, and adjusted EBITDA targets for fiscal year 2025, projecting a cash balance of approximately $25 million and net debt of around $60 million [1][2][26] Financial Performance - For the second quarter ended March 31, 2025, Alico reported revenue of $17.98 million, a slight decrease of 0.7% compared to $18.11 million in the same period of 2024 [3] - The net loss attributable to Alico common stockholders for the quarter was $111.4 million, a significant increase from a loss of $15.8 million in the prior year, primarily due to accelerated depreciation and impairment related to the strategic transformation [4][5] - Adjusted EBITDA for the second quarter was $12.7 million, contrasting with a loss of $16.5 million in the same quarter of 2024 [5] Citrus Operations - Alico completed its last major citrus harvest in April 2025, with plans for a final harvest on remaining operational citrus groves in fiscal year 2026 [2][24] - Citrus production saw a decline, with total processed boxes down 20.4% year-over-year for the three months ended March 31, 2025 [7] - The company experienced a significant drop in pound solids harvested due to adverse weather conditions, specifically Hurricane Milton [7] Land Management and Other Operations - Revenue from Land Management and Other Operations increased by 107.1% for the three months ended March 31, 2025, driven by higher rock and sand royalty income [10] - Operating expenses in this segment decreased by 46.5% compared to the same period in 2024, primarily due to lower property taxes following the sale of Alico Ranch [11] Strategic Initiatives - Alico is developing the Corkscrew Grove Villages project, which will encompass approximately 4,660 acres and aims to provide residential and commercial opportunities while enhancing public infrastructure [17][18] - The company has initiated a multi-year entitlement approval process for the Corkscrew Grove Villages, with the first village's approval expected in 2026 [18] - Alico's commitment to conservation is evident in its plans to place an additional 6,000 acres into permanent conservation as part of the Corkscrew Grove Villages project [21][22] Liquidity and Financial Position - As of March 31, 2025, Alico reported a robust liquidity position with $14.7 million in cash and cash equivalents and $88.5 million in available credit facilities [1][19] - The company's working capital was $36.1 million, reflecting a current ratio of 5.56 to 1.00 [19] - Total debt stood at $89.6 million, with net debt at $74.9 million, showing a decrease from the previous fiscal year [19]

Core Viewpoint - Alico, Inc. is set to release its financial results for the second quarter ended March 31, 2025, on May 13, 2025, after market close [1] Financial Results Announcement - The company will host a conference call on May 14, 2025, at 8:30 am Eastern Time to discuss the financial results [2] - Interested parties can join the call by dialing specific numbers for the United States and international participants, with the participant identification being ALICO [2] Telephone Replay Information - A telephone replay of the conference call will be available approximately three hours after the call concludes on May 14, 2025, and will remain accessible until May 28, 2025 [3] - Specific dial-in numbers and a passcode for the playback are provided for both U.S. and international listeners [3] Company Overview - Alico, Inc. operates two divisions: Alico Citrus, one of the largest citrus producers in the U.S., and Land Management and Other Operations, which includes land leasing and support operations [4] - Alico Citrus will wind down operations after the current crop is harvested in the first half of 2025 due to environmental and financial challenges [4] - The company remains committed to Florida's agriculture industry and will focus on a long-term diversified land usage and real estate development strategy [4]