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Alico Inc. (ALCO) has submitted its 10-Q filing for the quarterly period ended December 31, 2024.
The filing reports operating revenues of $16,894,000 for the quarter, an increase from $13,985,000 in the same period the previous year. This increase is primarily attributed to a rise in the price per pound solid for citrus products.
Operating expenses for the quarter were $25,132,000, down from $28,240,000 in the previous year. The decrease is mainly due to inventory adjustments related to the ongoing effects of citrus greening and previous hurricane impacts.
The company reported a gross loss of $8,238,000 for the quarter, compared to a gross loss of $14,255,000 in the previous year. This improvement is attributed to higher revenues and lower operating expenses.
General and administrative expenses decreased to $2,586,000 from $3,272,000, primarily due to lower employee costs and professional fees.
Net loss for the quarter was $9,251,000, compared to a net income of $42,436,000 in the previous year. The previous year's income included significant gains from land sales.
Cash used in operating activities was $7,597,000, an improvement from $13,169,000 used in the same period of the previous year.
Alico is undergoing a strategic transformation, focusing on diversified land usage and real estate development, and plans to wind down its citrus operations after the current harvest.
The company has announced a workforce reduction of up to 172 employees as part of cost-reduction initiatives related to its strategic transformation.
Alico continues to evaluate its land assets for potential conservation opportunities and has submitted applications for the Florida Rural and Family Lands Protection Program.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Alico Inc. quarterly 10-Q report dated February 12, 2025. To report an error, please email earnings@qz.com.