Alico cuts dividend by 90% to 5c due to Hurricane Ian

in its Q4 earnings report last night, citrus producer Alico announced a quarterly dividend cut to 5c per per share from 50c. The company said, "Alico has paid common dividends to shareholders consistently since it became publicly held more than 6 decades ago. The rate of increased dividend payments since 2019 has been a source of pride as ranch sales proceeds and operations enabled significant amounts of capital to be returned to shareholders. However, taking into account the impact of the recent storm, Alico’s Board of Directors unanimously voted to reduce its next quarterly common dividend to $0.05 per share. As the Company recovers from the effects of the recent hurricane, future capital allocation decisions will be evaluated in an effort to maximize returns to shareholders, which may include but are not limited to pursuing opportunities to acquire additional citrus acreage at attractive prices, repurchasing common shares, making other acquisitions, or even considering special dividends as asset sales, such as additional portions of the Alico Ranch, are realized." Alico also did not provide investors with financial guidance for the 2023 "due to uncertainty related to Hurricane Ian."