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Alliance One International, Inc.
8001 Aerial Center Parkway
Post Office Box 2009
Morrisville, NC 27560-2009
Tel: 919 379 4300
Fax: 919 379 4346
Alliance One International Reports Improved Sales and Gross Profit for the Third Quarter and Nine Months Ended December 31, 2017 and Announces New Investments in Compelling Opportunities
Morrisville, NC February 8, 2018 Alliance One International, Inc. (NYSE: AOI) today announced results for its fiscal quarter ended December 31, 2017.
Alliance One is transforming itself to realize its potential as a purpose driven organization with a clear vision and focus on achieving competitive distinction and building upon new opportunities to increase shareholder value. We have moved proactively on compelling opportunities to strengthen our company. As we continue to take a well-measured approach to improving our core business, we will build upon the strength of our competencies and prioritize what matters most to our customers. Now, when customers ask us why they should buy our products and services our answer is clear. Everything we do is to transform peoples lives so that together we can grow a better world. Today, we are more confident than ever in our collective strengths to build upon our legacy as a trusted business partner.
|||Total sales and other operating revenues increased 5.1% to $477.8 million primarily due to the larger South American crop and a 4.9% increase in average sales prices due to product mix.|
|||Gross profit increased 12.8% to $73.5 million and gross profit as a percentage of sales improved to 15.4% from 14.3% last year.|
|||Net income was $88.5 million, including a net tax benefit of $73.3 million with $59.4 million associated with estimated discrete net tax benefits related to the new tax law enacted in December, and Adjusted EBITDA improved 12.1% to $57.0 million.|
Nine Months Year-to-Date
|||Sales increased 8.8% to $1,202.1 million mainly driven by the larger South American crop and a 7.5% increase in average sales price due to favorable product mix.|
|||Gross profit increased 14.7% to $171.5 million and gross profit as a percentage of sales improved to 14.3% from 13.5% last year.|
|||Selling, general and administrative expense (SG&A) increased 2.3% to $103.3 million primarily due to higher legal and professional fees.|
|||Net income was $56.9 million, including a net tax benefit of $66.2 million with $59.4 million associated with estimate discrete net tax benefits related to the new tax law enacted in December, and Adjusted EBITDA improved 17.7% to $115.9 million.|
|||In April 2017, as previously reported, the Company purchased and cancelled $28.6 million of its senior secured second lien notes. There are currently $662.9 million of such notes outstanding.|
Pieter Sikkel, President and Chief Executive Officer said, Fiscal year 2018 continues to progress in line with our expectations. We achieved solid sales growth during the third quarter when compared to last year. Our volume sold has increased, as crop sizes have returned to more normal levels in many key markets despite reduced crop sizes in Africa. We are pleased with this quarters results and with the continued progress against our key initiatives and strategic objectives.
The following information was filed by Alliance One International, Inc. (AOI) on Thursday, February 8, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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