GLTALongs. Burn the shorts. Still low share price. 07:19 AM EST, 03/09/2022 (MT Newswires) -- Ag Growth International (AFN.TO) earlier Wednesday reported its Q4 earnings.
The company reported quarterly sales of $327 million, a 44% increase over Q4 2020's sales of $227 million, and beating a Capital IQ consensus forecast of $289.72 million.
The company reported a loss of $16.35 million, or $(0.87) per diluted share, compared with a loss of $15 million, or $(0.80) per diluted share last year.
Adjusted income was $19.1 million, or $0.89 per diluted share, above the $0.50 forecast. Ag Growth had reported adjusted profit of $8.7 million, or $0.46 per share for Q4 2020.
The company also reported that the Russia and Ukraine region generally contributes about 3% of AGI's consolidated sales annually and AGI has no production facilities in either country. "While the region is important to AGI, any negative impacts would not be material to AGI overall."
A cash dividend of $0.15 per share for the first quarter ending March 31 was declared.
"Our strong results in the fourth quarter contributed to a record year for 2021 with broad-based strength in Farm, AGI Digital, EMEA, India , and AGI Food. We see strong growth opportunities across all of our segments as demand for global food infrastructure remains robust. Backlogs sit at the highest level in our history, providing solid visibility for 2022. The backlog visibility, augmented by strong sales pipelines, lead us to forecast Adjusted EBITDA levels of at least $200 million for the upcoming year," said Tim Close , President & CEO of AGI.