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Lavoro Ltd reports business developments for a Latin American agricultural inputs retailer and producer of agricultural biological products. The company serves small and medium-size farmers through product portfolios, technical sales representatives, retail locations, digital channels and agronomic recommendations across Brazil, Colombia, Uruguay and Ecuador.
Recurring news themes include fiscal results for Brazil Ag Retail, Latam Ag Retail and Crop Care; inputs and grains revenue trends; supplier financing and restructuring-related developments; Nasdaq listing-compliance notices tied to delayed financial reporting; and corporate-status updates involving its ordinary shares and warrants.
Lavoro reported a 6% increase in revenue for Q3 2024, reaching $514.2 million. This growth was driven by market share gains and volume growth, despite deflation in input prices in Brazil and Colombia. However, gross profit dropped by 16% to $60.2 million, and net loss narrowed to $64.8 million from $74.3 million in the prior year. Adjusted EBITDA fell significantly from $24.8 million to $3.7 million due to lower gross profit and higher operating expenses. The Crop Care segment performed well, with a 30% increase in revenue to $22.1 million. Lavoro updated its FY2024 guidance due to challenging market conditions, projecting revenue between $1.80 billion and $1.95 billion, and Adjusted EBITDA between $46 million and $55 million. CEO Ruy Cunha noted that farmer profitability is expected to improve in the 2024/2025 crop year, but near-term challenges include delayed purchasing decisions and the impact of El Nino on farmer repayments.
Lavoro (Nasdaq: LVRO; LVROW), the first U.S.-listed agricultural inputs retailer in Latin America, will announce its fiscal third quarter 2024 results on June 3, 2024, after market close.
A conference call and webcast will be held at 6:00 p.m. ET (7:00 p.m. BRT) to discuss the results. Interested parties can join via provided U.S. and international phone numbers or access the live audio webcast through the company's investor relations website. A replay will be available until June 17, 2024.
Lavoro, a pure-play agricultural inputs distributor, will participate in the BMO Global Farm to Market Conference in NY on May 15-16, 2024. CEO Ruy Cunha will speak on AgTech Disruption Across the Farming Value Chain. The company will also host a presentation and provide a live webcast link for interested parties.
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