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Alico fiscal Q3 profit falls YOY

Alico Inc. said its normalized net income for the fiscal third quarter ended June 30 came to 63 cents per share, a decline of 48.2% from $1.22 per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $5.2 million, a decrease of 48.1% from $10.1 million in the prior-year period.

The normalized profit margin declined to 11.2% from 14.0% in the year-earlier period.

Total revenue decreased 34.6% year over year to $46.9 million from $71.7 million, and total operating expenses decreased 32.7% on an annual basis to $35.9 million from $53.4 million.

Reported net income decreased 49.4% year over year to $4.7 million, or 56 cents per share, from $9.2 million, or $1.11 per share.