Alico Inc. (NASDAQ:ALCO) Q1 2023 Earnings Conference Call February 6, 2023 8:30 AM ET
Company Participants
John Kiernan - President, Chief Executive Officer
Perry Del Vecchio - Chief Financial Officer
Conference Call Participants
Gerry Sweeney - Roth Capital
Operator
Welcome to Alico’s first 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 first quarter ended December 31, 2022. If you have not had a chance to review 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 risks detailed in the company’s quarter 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 the 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 Rob, and thank you everyone for joining us for Alico’s first quarter 2023 earnings call this morning.
As we start fiscal year 2023, Alico continues to maintain a strong balance sheet which will enable the company to navigate through the lingering impacts of Hurricane Ian on our 2023 harvest season. As a reminder, at the end of September 2022, Hurricane Ian struck southwestern Florida with 150 mile per hour winds. The slow-moving storm moved across the state and caused substantial fruit drop at the majority of our groves. For fiscal year 2023, we will see lower levels of revenue because we have less fruit available to sell. Based upon our prior experiences with storms of this nature, we anticipate it may take up to two full seasons or more for our groves to recover to pre-hurricane production levels.