- Alico Inc (NASDAQ: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.
