Alico, Inc. (NASDAQ:ALCO) Q2 2023 Earnings Conference Call May 4, 2023 8:30 AM ET
Company Participants
John Kiernan - President and Chief Executive Officer
Perry Del Vecchio - Chief Financial Officer
Conference Call Participants
Operator
Ladies and gentlemen, welcome to Alico's Second Quarter 2023 Earnings Conference Call. At this time, all participants are in a listen-only mode. As a reminder, today's conference is being recorded.
Earlier today, the company issued a press release announcing its results for the second quarter ended March 31, 2023. 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 today contain forward-looking statements. Such statements are subject to risks, uncertainties and other factors that may cause actual results to differ materially from those expressed or implied in these statements.
Important factors that could cause or contribute to such differences include risk details 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 the law.
During this call, the company will also discuss non-GAAP financial measures, including EBITDA and adjusted EBITDA. For more details on these measures, please refer to the company's press release issued earlier today.
With that, I would like to turn the call over to the company's President and CEO, Mr. John Kiernan.
John Kiernan
Thank you, Jenny. Thank you, everyone, for joining us for Alico's second quarter 2023 earnings call this morning.
Alico, along with the Florida citrus industry, has experienced significant reductions in revenue due to having less fruit available for sale as a result of the impacts of Hurricane Ian. The April 11, 2023 USDA citrus crop forecast estimates a 61% decline in the Florida orange box production as compared to the prior year.
As we enter the second half of our fiscal year, with the 2022-2023 harvest season behind us, the Alico management team is focused on the caretaking of our groves and preparing them for the 2023-2024 harvest. Based upon prior experience with storms of this nature, we anticipate it may take up to two full seasons or more for our growth to recover to pre-hurricane production levels.