AgroFresh Solutions (AGFS) Tops Q1 EPS by 7c

AgroFresh Solutions (NASDAQ: AGFS) reported Q1 EPS of ($0.08), $0.07 better than the analyst estimate of ($0.15). Revenue for the quarter came in at $33 million versus the consensus estimate of $40.22 million.

Jordi Ferre, Chief Executive Officer commented, "We continue to look at our business in halves versus quarters, to capture the completion of both the southern and northern hemisphere seasons. Several of our key southern hemisphere markets in Latin America are experiencing adverse growing conditions this season, which is creating a delay in harvest timing and to a lesser extent impacting yields, which weighed on our year-over-year revenue performance. AgroFresh\'s local presence and service-oriented culture is the foundation of our resilient business, providing us the ability to navigate this challenging period. Despite the obstacles presented by the COVID-19 pandemic, we have continued to provide the necessary products and services to help growers maximize the value of their crops this season, and will maintain that commitment regardless of the circumstances we face.

"The fundamentals of our business are solid. We remain focused on improving the facets of the business that we can control in these uncertain times, building on efficiencies, and reallocating resources so we can best serve our global customers. Our cost optimization initiatives continue to yield results, delivering a 5.8% improvement in selling, general and administrative expense in the first quarter, excluding non-recurring costs. These savings, coupled with efforts to streamline our supply chain, have resulted in a 190 basis points improvement in our adjusted EBITDA margin for the quarter. This improvement demonstrates our ability to enhance the financial profile of our business, which is supporting our efforts to refinance our debt in the coming months. We look forward to sharing additional information once this process has concluded."

For earnings history and earnings-related data on AgroFresh Solutions (AGFS) click here.

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