Shares of Adecoagro SA (NYSE:AGRO) ended Friday session in green amid volatile trading. The shares closed up +0.08 points or 0.75% at $10.76 with 1.49 million shares getting traded. Post opening the session at $10.62, the shares hit an intraday low of $10.53 and an intraday high of $10.98 and the price vacillated in this range throughout the day. The company has a market cap of $1.27 billion and the numbers of outstanding shares have been calculated to be 122.38 million shares.
Adecoagro SA (AGRO) on Aug. 11, 2016 announced its results for the first quarter of 2016.
Main highlights for the period:
- Adecoagro recorded Adjusted EBITDA of $51.2 million in 2Q16, marking a 7.6% increase compared to 2Q15.
- Adjusted EBITDA margin during 2Q16 reached 31.1% in 2Q16, compared to 28.9% in 2Q15.
- Adjusted EBITDA year-to-date stands at $94.4 million, 39.2% higher year-over-year.
Financial & Operational Highlights
- Adjusted EBITDA for our Farming and Land Transformation businesses’ in 2Q16 was $5.1 million, 84.9% higher than in 2Q15. The increase is primarily explained by a $24.1 million increase in margins, mostly stemming from our Crops segment as a result of: (i) higher realized corn and soybean prices driven by the elimination/reduction of export taxes and export quotas and the recent rebound in international markets; (ii) coupled with lower production costs in US dollars resulting from the devaluation of the Argentine peso and lower input prices for seeds, fertilizers and agrochemicals.
Results were partially offset by a $21.0 million loss generated by the mark-to-market of our commodity hedge positions, of which $8.7 million or 41.5% is related to the current crop and $12.3 million or 58.5% is related to the new crop. The hedging losses related to the current crop are offset by the higher fair value of biological assets and the mark-to-market of grain inventories. Hedging losses related to next year’s crop are offset the following fiscal year as the crop is planted and harvested.
Shares of J M Smucker Co (NYSE:SJM) ended Friday session in red amid volatile trading. The shares closed down -0.65 points or -0.47% at $137.03 with 1.48 million shares getting traded. Post opening the session at $137.09, the shares hit an intraday low of $135.92 and an intraday high of $137.26 and the price vacillated in this range throughout the day. The company has a market cap of $15.79 billion and the numbers of outstanding shares have been calculated to be 116.42 million shares.
J M Smucker Co (SJM) on Aug. 23, 2016 announced results for the first quarter ended July 31, 2016, of its 2017 fiscal year.
- Net sales decreased 7 percent, reflecting the impact of the divested U.S. canned milk business and price declines.
- Net income per diluted share increased 28 percent to $1.46.
- Adjusted earnings per share was $1.86, an increase of 16 percent, reflecting incremental synergy realization, a lower tax rate, and fewer shares outstanding.
- Synergy realization was $32 million in the first quarter as the Company remains on track to achieve $100 million of incremental synergies in fiscal 2017.
- Cash provided by operating activities was $238.9 million in the first quarter, compared to $307.0 million in the prior year.
- The Company maintained its full-year fiscal 2017 earnings outlook, with adjusted earnings per share expected to range from $7.60 to $7.75.
CHIEF EXECUTIVE OFFICER REMARKS
“We are pleased with the start to our fiscal year as we delivered record first quarter earnings per share, which exceeded our expectations,” said Mark Smucker, Chief Executive Officer. “Despite the impact of deflation on the top line, we remain on track to achieve our original expectations for full-year earnings per share. We are strengthening a great portfolio of brands by investing in new capabilities and on-trend platforms that are essential to long-term sales growth. At the same time, we are focused on sustainable cost reductions that are delivering significant bottom-line benefits. For these reasons, we remain confident in achieving our long-term objectives and delivering continued shareholder value.”