Quarterly overview (Q4 2023, BRL):
- Revenue: BRL 1,414,582,000; YoY: -56.1%; QoQ: -44.4%
- Gross Profit: BRL 235,704,000; Margin: 16.66%; YoY: -63.80%; QoQ: -20.87%
- Operating Income: BRL -64,919,000; Margin: -4.59%
- EBITDA: BRL 9,009,000; EBITDA Margin: 0.64%
- Interest Expense: BRL 290,306,000
- Depreciation & Amortization: BRL 46,307,000
- Total Other Income/Expenses Net: BRL -262,685,000
- Income Before Tax: BRL -327,604,000
- Income Tax Expense: BRL 74,644,000
- Net Income: BRL -388,020,000; Net Income Margin: -27.43%
- EPS (Diluted): BRL -3.33
- Weighted Average Shares Outstanding: 116,608,329
Additional context from FY2023 and the earnings call:
- Full-year revenue (FY2023): ~USD 1.8 billion; Adjusted EBITDA: USD 150 million (management commentary). Currency translation implies substantial BRL totals for the year, with Crop Care delivering a significant uplift in both revenue and gross profit (revenue up 94%, gross profit up 138%). Crop Care accounted for ~19% of FY2023 adjusted EBITDA, up from ~8% prior year.
- Q4 2023 performance benefited from a notable 86% YoY growth in biological sales, partially offset by price declines in crop protection and fertilizer segments and a $12 million supplier renegotiation benefit related to herbicides.
- For FY2024, the company expects a ~20% BRL ag input market decline in Brazil (to be offset by market-share gains, Referência contributions, and full-year impact of prior acquisitions). Management anticipates stronger volume growth in H2 FY2024 and a normalization of input prices as the deflationary cycle subsides toward year-end.