Alico juices up citrus sales

FORT MYERS — Alico, the nation's largest citrus producer, more than doubled citrus sales in the second quarter ending March 31.

Alico reported citrus grove revenues of $50.4 million in the second quarter ending March 31. That compares with $22.6 million in the second quarter of 2014. The company attributed most of the increase to the acquisition in December of Orange-Co.

However, expenses related to citrus acquisitions, the sale of sugar land and lower prices for citrus impacted the company's financial results. Alico reported net income of $2.8 million on total revenues of $55.1 million in the second quarter compared with net income of $4.7 million on revenues of $40.6 million in the second quarter last year.

Still, earnings before interest, taxes, depreciation and non-recurring items were more favorable. Adjusted earnings by that measure totaled $15.7 million in the second quarter compared with $10.8 million for the second quarter of 2014.

You can read a recent story about Alico's recent business strategy in the Business Observer by clicking here.