• Sat. Dec 4th, 2021

Fort Myers-based Alico Inc. sees big gains from real estate

Fort Myers-based grower and land manager Alico saw its first-quarter profits soar.

In its fiscal quarter ending Dec. 31, net income rose by more than 386{911ea05452e114f1778c76ca86733b6032c246f8f651bb1f01d12abf04b54efb} over the year, primarily due to the sale of its real estate.

The publicly-traded company — one of the nation’s largest citrus producers — reported earnings of $3.8 million, or 51 cents a share. That was up from about $800,000, or 11 cents a year ago.

The results included a $3.4 million gain mostly related to the sale of 700 acres from its Alico Ranch in Hendry County — and the sale of mineral rights — to multiple private buyers.

Excluding the gain and other one-time revenues, the company lost 23 cents a share in the quarter. That compared to an adjusted loss of 29 cents a share a year ago.