Florida landowner Alico, Inc. announced May 13 that it completed its last major citrus harvest in April. The company will conduct a final harvest on the majority of its 3,783 acres of remaining operational citrus groves in fiscal year 2026. Alico has negotiated agreements to lease another 5,250 acres of different groves to third-party citrus growers next season.
Earlier this year, Alico announced it was ceasing citrus operations. The company cited increasing financial challenges from citrus greening disease and environmental factors.
For the three and six months ended March 31, Alico harvested approximately 4.7 million and 8.7 million pound solids of fruit, respectively. That’s down from 5.8 million and 10.4 million pound solids of fruit in the same period in the prior fiscal year. The decrease in pound solids harvested was driven by fruit drop caused by Hurricane Milton, which hit Florida in October of 2024.
“We are disappointed but not surprised that orange production this current season declined at Alico and across Florida,” said Alico President and Chief Executive Officer John Kiernan. “The continued challenges facing the citrus industry reinforce our recent strategic decision to wind down Alico’s citrus operations as it was not economically viable for us. By winding down our capital-intensive citrus production, we have strengthened our financial position.”
“Our strategic transformation to become a diversified land company has already exceeded our fiscal year 2025 goals,” Kiernan added. “At this time, we are forecasting that our cash balance at the end of this fiscal year will be approximately $25 million, and our net debt will be approximately $60 million.”
Kiernan said those projections are supported by the previously announced estimate of $20 million of land sales and cash generated by the 2024–25 citrus harvest. “We currently project that land sales could potentially exceed $50 million this year,” he said.
See Alico’s full financial results for the second quarter that ended March 31 here.
Source: Alico
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