Alico, Inc. (NASDAQ:ALCO) Q3 2022 Earnings Conference Call August 3, 2022 4:30 PM ET
Company Participants
John Kiernan – President and Chief Executive Officer
Conference Call Participants
Gerry Sweeney – ROTH Capital
Operator
Welcome to Alico's Third Quarter 2022 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 third quarter ended June 30, 2022. 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, and 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 includes risk details in the company's quarterly reports on Form 10-Q, annual report on Form 10-K, current reports on Form 8-K and any amendments there too 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 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 now like to turn the call over to the company's President and CEO, Mr. John Kiernan.
John Kiernan
Thank you, Anna and thank you everyone for joining us for Alico's third quarter 2022 earnings call this afternoon. During this past harvest season, which is now complete, we along with the entire Florida citrus industry experienced several significant challenges, which resulted in disappointing financial results. We experienced a greater rate of fruit drop than in previous years. In late January 2022, we were hit with a freeze event, which was at an intensity which we believe had not occurred in Florida for almost 20 years. That freeze event contributed to lower production for our Valencia crop. The freeze also contributed to fruit failing to mature to its fullest levels, as normally occurs throughout the season, resulting in lower than anticipated pound solids. Because of these challenges, we have revised our fiscal year 2022 financial guidance to reflect the disappointing harvest season.