Adecoagro EPS Beats Estimates, Income Up YoY

Adecoagro EPS Beats Estimates, Income Up YoY

LUXEMBOURG – Adecoagro S.A. (NYSE: AGRO), a outstanding sustainable manufacturing firm in South America, has reported a first-quarter EPS of $0.22, surpassing analyst expectations for the interval ending March 31, 2024. The corporate’s income reached $253.8 million, showcasing a stable efficiency with a 2.6% improve in comparison with the identical quarter final yr.

The corporate attributed its income progress to a better quantity of sugarcane crushed, resulting in elevated sugar manufacturing and gross sales at strong costs, together with an increase in common promoting costs within the Rice section. Regardless of the optimistic income development, adjusted web earnings for the primary quarter was $23.3 million, marking a 40.1% decline from the earlier yr. This lower was partly on account of a loss within the mark-to-market of organic property influenced by decrease sugar costs.

Adecoagro’s adjusted EBITDA for the quarter stood at $90.1 million, a slight 1.1% enchancment from the primary quarter of the earlier yr. This was primarily pushed by the robust efficiency of all three segments of the corporate’s Farming enterprise, which offset a 32% decline within the Sugar, & Power enterprise’s adjusted EBITDA on account of decrease sugar costs and better freight prices.

The corporate’s web debt noticed a major discount, down 23.0% YoY, with the online debt to LTM adjusted EBITDA ratio reaching 1.3x, a discount from the 1.9x reported within the first quarter of the earlier yr.

Of their remarks, Adecoagro’s administration highlighted the shareholder distribution accepted on the Annual Shareholder Assembly held on April seventeenth, with a money dividend distribution of $35 million to be paid in two installments. Moreover, the corporate has invested $26.6 million in repurchasing shares below its current buyback program.

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A current transaction in April 2024 noticed the sale of La Pecuaria farm in Uruguay, which generated an adjusted EBITDA of $15.3 million, to be recorded within the second quarter.

CFO Emilio Gnecco commented on the outcomes, “Our first-quarter efficiency displays the power of our diversified portfolio and the resilience of our enterprise mannequin. Regardless of market challenges, we stay dedicated to delivering worth to our shareholders and investing in sustainable progress.”

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