Call Start: 08:30 January 1, 0000 8:45 AM ET
Alico, Inc. (NASDAQ:ALCO)
Q4 2024 Earnings Call Transcript
December 02, 2024, 08:30 AM ET
Company Participants
John Kiernan - President and CEO
Brad Heine - CFO
Operator
Welcome to Alico's Fourth Quarter and Fiscal Year Ended 2024 Earnings Conference Call. At this time, all participants are in a listen-only mode. As a reminder, today's conference is being recorded. This morning, the company issued a press release announcing its results for the fourth quarter and fiscal year ended September 30, 2024. If you've 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 risk -- 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 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 law.
During this call, the company may also discuss non-GAAP financial measures, including EBITDA, adjusted EBITDA and net debt. For more details on these measures, please refer to the company's press release issued yesterday.
With that, I would like to turn the call over to the company's President and CEO, Mr. John Kiernan.
John Kiernan
Thank you, Madison, and thank you, everyone, for joining us for Alico's fourth quarter and fiscal year ended 2024 earnings call this morning. To begin, I want to recognize that Alico has more than 125 years of experience as a leader in Florida agriculture and land management. We have consistently stated that Alico seeks to provide our investors with the benefits and stability of a conventional agricultural investment, with the optionality that comes from active land management.
As a reminder, we own approximately 53,371 acres of land across eight counties in Florida as well as approximately 48,700 acres of oil, gas and mineral rights in the state. Since 2022, Alico has continued to face challenges in recovering from the aftermath of Hurricane Ian. More than half our crops dropped before harvesting in fiscal year 2023 and fiscal year 2024 fruit production did not return to pre-Ian levels. These lower levels of production remain a concern to management as we begin to harvest the fiscal year 2025 crops, and we are evaluating our performance daily.