Alico Predicts 11% Decrease In Annual Box Production

Alico Inc ALCO raised its FY22 EBITDA and net income guidance to include expected real estate gains from the completed ranchland sale and the expected additional sales.
The company raised the FY22 net income outlook to $35.6 million - $38.9 million from the previous guidance of $6.00 million - $7.9 million.
The company also raised FY22 EBITDA to $59.0 million - $64.2 million from its initial projection of $26.9 million - $30.1 million.
Alico noted that the current citrus harvest season has been challenging in Florida.
The company lowered its adjusted EBITDA and adjusted net income outlook, reflecting lower box production anticipated this season, exacerbated by the January 2022 freeze.
Alico sees FY22 adjusted EBITDA to decrease from the initial projection of $26.0 million - $29.0 million to $13.0 million - $16.0 million.
The company projects FY22 adjusted net income to decrease from the initial projection of $5.3 million - $7.1 million to $(4.1) million - $(2.3) million.
This year, Alico estimates an 11% decline in its annual box production versus the prior season.
Price Action: ALCO shares are trading higher by 3.39% at $37.21 on the last check Thursday.