Alico Inc 2026 Q3 Earnings Call
Review the key takeaways and the transcript of this earnings call.
- Alico reported third quarter fiscal 2026 total revenue of $9 million, a 7.7% increase from $8.4 million in the prior year period.
- Net income attributable to Alico common stockholders was $2.1 million, or $0.29 per diluted share, compared to a net loss of $18.3 million, or $2.39 per diluted share, in the prior year period.
- EBITDA for the third quarter was $4.6 million, down from $19.2 million in the prior year period, primarily due to decreased crop insurance proceeds and lower gains on property sales.
- For the nine months ended June 30, 2026, total revenue was $16.3 million compared to $43.3 million in the prior year period, reflecting the substantial completion of the citrus wind-down.
- EBITDA for the nine months was $23.7 million, compared to a loss of $2.2 million in the prior year period, and adjusted EBITDA was $24.2 million compared to $25.3 million in the prior year period.
- Cash and cash equivalents increased to $55.6 million at quarter end, up $17.5 million from fiscal year end, resulting in net debt of $29.8 million, down from $47.4 million at fiscal year end.
- Alico completed $10 million of its share repurchase program during the quarter, repurchasing a total of 245,399 shares since inception.
- The company acquired the remaining 49% interest in Citra, gaining 100% ownership of approximately 1,200 acres in Joshua Grove, DeSoto County, for $2 million in cash and assumed debt.
- Alico entered into an agricultural lease agreement for approximately 3,280 acres in Hendry County with an option to purchase at $9,000 per acre through June 2029, supporting its land monetization strategy.
- Corkscrew Grove East Village advanced into state and federal permitting after local entitlement approval, targeting potential construction commencement in 2028 or 2029.
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Transcript
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Good morning, and welcome to Alico's third quarter 2026 earnings call. Currently, all participants are in a listen-only mode. As a reminder, today's call is being recorded. I would now like to turn the call over to your host, John Mills, Managing Partner at ICR.
Please go ahead. Good morning, everyone, and thank you for joining us for Alico's third quarter 2026 conference call.
On the call today are John Kiernan, President and Chief Executive Officer, and Brad Heine, Chief Financial Officer. By now, everyone should have access to the third quarter 2026 earnings release, which went out yesterday at approximately 4:15 P.M. Eastern Time. If you have not had a chance to view the release, it is available on the investor relations portion of the company's website at alicoinc.com. This call is being webcast and a replay will be available on Alico's website as well. Before we begin, we would like to remind everyone that the prepared remarks contain forward-looking statements. Such statements are subject to risks, uncertainties, and other factors that may cause the actual results to differ materially from those expressed or implied in these statements.
Important factors that can cause or contribute to such differences include risks detailed in the company's quarterly reports on Form 10-Q, annual reports on Form 10-K, current reports on Form 8-K, and any amendments thereto filed with the SEC, and those mentioned in the earnings release. The company undertakes no obligation to subsequently update or revise the forward-looking statements made on today's call, except as required by law. During this call, the company may also discuss non-GAAP financial measures, including EBITDA, adjusted EBITDA, and net debt. For more details on these measures, please refer to the company's press release issued yesterday. With that, it is my pleasure to turn the call over to the company's President and CEO, Mr. John Kiernan.
Thank you, John, and good morning, everyone. Our third quarter results reflect a business that is generating cash and building the flexibility to execute our strategy on our own terms. We ended the quarter with $55.6 million in cash and cash equivalents, up $17.5 million since fiscal year-end, our strongest balance sheet position since we began our strategic transformation in January 2025. That cash position creates net debt of just $29.8 million and gives us valuable flexibility to advance our entitled real estate development pipeline on our own timeline, not one dictated by liquidity. Given that strength, we are raising our fiscal year 2026 guidance. Let me walk through the key developments during and subsequent to the third quarter end. First, we entered into an agricultural lease agreement for approximately 3,280 acres in Hendry County, structured with an option to purchase the property for $29.5 million or $9,000 per acre.
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