Alico Inc. sees strong first quarter with sale of real estate

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

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In its fiscal quarter ending Dec. 31, net income rose by more than 386{ac967ad544075fb2f6bcea1234f8d91da186cac15e616dc329e302b7c7326b8c} 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.

In case you missed it: State approves option agreement to buy more land from Alico for conservation in Hendry County

More: Alico earnings fall $14 million after challenging 2020 for citrus industry

The latest financial results reflect the seasonality of Alico’s business. Most of the company’s citrus crop is harvested in the second and third quarters of its fiscal year.

In

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Home remodeling market sees some bounce back in Colorado

Stuck day and night in homes that feel too cramped or outdated, and with the options to escape to something better increasingly limited, a growing number of homeowners across metro Denver and the state are spending large amounts to renovate and remodel.

“When COVID hit, our home became our offices overnight, it became a school. We moved our father-in-law in because we didn’t feel safe with him living where he was,” said Gina Earles, executive director of Blue Sky Bridge, a nonprofit that oversees child advocacy programs in Boulder County.

With five people crowded full-time into the confines of the family’s north Boulder home, every bit of space became important in a way it wasn’t before, she said. Defects that the family once tolerated became grating.

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Mitch Gould of Consumer Products International Sees Home Improvement Retail Sales Staying Strong in 2021

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Third-quarter sales for Lowes increased 30.1 percent to $22.3 billion, while Home Depot reported a 24 percent spike from 2019 as people spruced up their homes while stuck at home.

“The reason the U.S. economy has shown resiliency is that COVID-19 didn’t hurt all the consumer goods sections. For many consumers, they just switched from in-store purchases to online buying,” said Mitch Gould, founder and CEO of Boca-Raton based Consumer Products International. “Many consumer industries, such as home improvement, thrived during the health crisis.”

Gould said the U.S. economy in 2021 should continue to rebound as Americans receive stimulus and expanded unemployment checks, and businesses receive aid from the government.

“We have a $900 billion stimulus package that will fuel the immediate economy while the country expands its vaccination rollout to reach millions of people,” Gould said. “As more people receive the vaccine, I think you will see a return to normalcy.”

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