Agria (GRO) Shares Get Shredded After Reporting Declining Revenues and Slower Growth Outlook
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Agria Corporation (NYSE: GRO) shares get shredded this morning, down almost 30% after reporting financial results.
Revenues for Q4-2007 were RMB 318.1 million (US$43.6 million). Excluding share-based compensation expense, diluted loss per ADS (non-GAAP) was RMB 0.58 (US$0.08). (no estimates were available)
Revenues for FY-2007 were RMB 670.8 million (US$92.0 million), as compared to revenues of RMB 489.7 million for the year ended December 31, 2006. (Consensus is $88.08 million - only 1 analyst)
Revenues for Q1-2008 were RMB 114.4 million (US$16.3 million), as compared to revenues of RMB 118.7 million for the first quarter of 2007. Revenues from our corn seed segment in the first quarter of 2008 increased by 10% year-on-year, despite the impact of transportation issues caused by adverse weather conditions. Revenues from our sheep breeding segment declined 77% year-on-year in the first quarter of 2008 due to the centralization and technology upgrade of our sheep breeding operations. For the first quarter of 2008, basic and diluted loss per ADS were RMB 0.92 (US$0.13), as compared to earnings of RMB 1.02 per basic and diluted ADS in the same period in 2007.
Based primarily on the sales orders received to date, Agria expects to generate total revenues in the range of approximately RMB 125 million (US$17 million) to RMB 135 million (US$19 million) for the second quarter of 2008, representing a year-on-year decline in the range by approximately 16% to 22%, respectively, as compared to RMB 161 million in the second quarter of 2007. For the full year 2008, Agria expects to generate total revenues in the range of approximately RMB 738 million (US$100 million) to RMB 771 million (US$110 million), representing year-on-year growth in the range by approximately 10% to 15%, respectively.
Agria Corporation (Agria) is a China-based, agri-solutions provider engaged in the research and development, production and sale of upstream agricultural products. [SM]
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