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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