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Pyxus International reported a 23.1% increase in sales to $1.64 billion for the fiscal year ending March 31, 2022, driven by a 16.8% rise in volumes. Gross profit margin improved to 13.8% from 12.1%, aided by reduced selling, general and administrative expenses, which fell 28.2% to $142 million. Despite a net loss of $82.1 million, this reflects substantial improvement from the prior year. The company expects fiscal 2023 sales between $1.75 billion and $1.95 billion.
Pyxus International (PYYX) will hold a conference call on June 14, 2022, at 11 A.M. ET to review its financial results for the fourth quarter and fiscal year ended March 31, 2022. The press release detailing these results will be issued prior to the call. Investors can participate by dialing (929) 477-0324 or (800) 458-4121, using conference ID 6391352. Additionally, a live audio webcast will be available on the company's website. A telephonic replay will be accessible for five days for those unable to attend the live event.
Pyxus International, Inc. (PYYX) announced that Carl L. Hausmann will retire from its Board of Directors after the 2022 annual shareholders meeting. Appointed in October 2020, Hausmann also served on the Environmental, Social, Governance and Nominating Committee, and the Audit Committee. His contributions have been acknowledged by CEO Pieter Sikkel, who highlighted Hausmann's extensive industry experience and support for the company’s ESG framework. Pyxus plans to find an independent director to fill Hausmann's position after the meeting.
Pyxus International (PYYX) announced its fiscal Q2 results for the period ending December 31, 2021. Sales increased by $49.3 million (13.0%) to $428.9 million, driven by an 18.7% rise in leaf volume. Gross profit rose by $2.7 million (4.3%) to $65.2 million, although gross margin dropped to 15.2%. SG&A expenses fell by $11.7 million (25.5%) to $34.2 million. The company expects fiscal 2022 revenues between $1.55 billion and $1.7 billion amid ongoing shipping constraints. Cash reserves increased to $146.1 million.
Pyxus International, Inc. (OTC Pink: PYYX) has secured a $100 million asset-based lending (ABL) credit facility with PNC Bank as of February 8, 2022. This replaces the previous $75 million ABL facility, set to mature in February 2023. The new agreement enhances borrowing capacity and includes a $20 million uncommitted accordion feature, allowing potential increases to $120 million. Additionally, the facility offers reduced interest rates, improving the company's financial liquidity and supporting future growth, according to CFO Flavia Landsberg.
Pyxus International, Inc. (OTC Pink: PYYX) has successfully completed the sale of assets from FIGR Norfolk, Inc. as of January 28, 2022, marking its exit from cash-flow-negative cannabinoid operations. This strategic move concludes its involvement in the Canadian cannabis market, including industrial hemp and CBD products. CEO Pieter Sikkel emphasized the company's renewed focus on tobacco and e-liquids, aiming to streamline operations and enhance stakeholder value through strengths in agronomy and sustainability.
Pyxus International, Inc. (PYYX) has appointed Tomas Grigera as its new vice president and corporate treasurer. Grigera brings over 20 years of financial experience, including 14 years at The Goodyear Tire & Rubber Company, where he managed global treasury operations, forex strategies, and complex debt restructurings. CFO Flavia Landsberg expressed confidence in Grigera's ability to enhance Pyxus's financial strategies and stakeholder relationships. Pyxus, a global agricultural leader with over 145 years of experience, focuses on delivering responsibly sourced products.
Pyxus International (PYYX) will host a conference call on February 10, 2022, at 5:30 PM ET to discuss its third quarter financial results for the period ended December 31, 2021. A press release detailing these results will be issued prior to the call. Interested participants can join by calling (929) 477-0324 or (800) 458-4121 with conference ID 9127889. A live audio webcast will be available on the company's website, ensuring accessibility for all stakeholders.
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