Research Desk Line-up: Alico Post Earnings Coverage
LONDON, UK / ACCESSWIRE / September 6, 2017 / Pro-Trader Daily has just published a free post-earnings coverage on Adecoagro S.A. (NYSE: AGRO), which can be viewed by registering at http://protraderdaily.com/optin/?symbol=AGRO, following the Company's release of its financial results on August 15, 2017, for the second quarter fiscal 2017 (Q2 FY17). The Luxembourg-based Company's net sales surged 34.7% and posted positive net income for Q2 FY17. Our daily stock reports are accessible for free, and with those to look forward today you also will be signing up for a complimentary member's account at:
Get more of our free earnings reports coverage from other constituents of the Farm Products industry. Pro-TD has currently selected Alico, Inc. (NASDAQ: ALCO) for due-diligence and potential coverage as the Company announced on August 07, 2017, its financial results for Q3 FY17 which ended on June 30, 2017. Register for a free membership today, and be among the early birds that get access to our report on Alico when we publish it.
At Pro-TD, we make it our mission to bring you news that matter about the stock you follow. Today, our research desk covers a blog story on AGRO; also brushing on ALCO. With the links below you can directly download the report of your stock of interest free of charge at:
Adecoagro reported gross sales of $228.53 million in Q2 FY17, up 35.0% from $169.22 million in Q2 FY16. The Company's net sales grew 34.7% to $221.77 million in Q2 FY17 from $164.61 million in the last year's comparable quarter.
The producer of agricultural products and renewable energy posted net income of $3.80 million, or $0.03 per diluted share, in Q2 FY17 compared to a net loss of $17.75 million, or $0.15 loss per diluted share, in Q2 FY16. Wall Street had expected the Company to report net income of $0.21 per diluted share. Additionally, the Company reported negative comprehensive earnings of $33.29 million in Q2 FY17 versus positive comprehensive earnings of $55.64 million in Q2 FY16.
Adecoagro's cost of goods sold and services rendered increased to $195.95 million in Q2 FY17 from $139.41 million in Q2 FY16. The Company's general and administrative expenses also increased to $14.48 million in Q2 FY17 from $11.31 million in Q2 FY16. Selling expenses were $21.06 million during Q2 FY17 compared to $16.13 million in Q2 FY16. The Company reported profit from operations before financing and taxation of $28.66 million in Q2 FY17 versus $22.79 million in Q2 FY16. Furthermore, the Company posted adjusted earnings before interest, tax, depreciation, and amortization (EBITDA) of $67.18 million, or 30.3% of net sales, in Q2 FY17 compared to $51.16 million, or 31.1% of net sales, in Q2 FY16.
In Q2 FY17, the farming planted area grew 6.8% y-o-y to 224,841 hectares from 210,556 hectares in the last year's corresponding quarter. Sugarcane planted area also increased to 132,854 hectares in Q2 FY17 from 139,605 hectares in the year ago same quarter. Meanwhile, farming production was down to 760,317 tons during the reported quarter from 804,397 in Q2 FY16. The Company's sugar cane crushing also fell to 2,464 K tons in Q2 FY17 from 2,695 K tons in Q2 FY16.
Adecoagro's Farming & Land Transformation segment's net sales came in at $92.50 million in Q2 FY17 compared to $78.29 million in the previous year's same quarter. Furthermore, the segment adjusted EBITDA was $10.99 million in Q2 FY17; surging 116.5% from $5.08 million recorded in the year ago comparable quarter.
During Q2 FY17, the Company's Sugar, Ethanol & Energy segment generated $129.28 million as net sales compared to $86.32 million in prior year's corresponding quarter. The segment reported adjusted EBITDA of $61.36 million in Q2 FY17; rising 21.2% from $50.64 million in the last year's comparable quarter.
Cash Matters and Balance Sheet
During the three months ended June 30, 2017, net cash provided by operating activities was $59.37 million compared to $3.38 million in the year ago same quarter. Adecoagro had cash and cash equivalents worth $219.93 million at the close of its books on June 30, 2017, versus cash and cash equivalents worth $158.57 million as on December 31, 2016. The Company's borrowings as on June 30, 2017, stood at $537.48 million compared to $430.30 million as on December 31, 2016.
In the last 12 months, Adecoagro has repurchased a total of 1.5 million shares for a total of $15.1 million. Since the inception of the program in August 2013, the Company has repurchased an aggregate of 3.8 million shares for $33.4 million. Furthermore, on August 11, 2017, the Company's Board of Directors approved the extension of the share repurchase program for an additional twelve-month period ending on September 23, 2018, with an intent to repurchase a total of 6.1 million shares.
On Tuesday, September 05, 2017, Adecoagro's stock closed the trading session at $9.97, climbing 1.32% from its previous closing price of $9.84. A total volume of 570.44 thousand shares were exchanged during the session. Shares of the Company have a PE ratio of 45.53 and currently have a market cap of $1.20 billion.
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