Lavoro Reports Fiscal Second Quarter 2024 Earnings Results
Lavoro Limited (LVRO)
Company Research
Source: GlobeNewswire
Lavoro’s revenue for 2Q24 reached $618.7 million*, marking a 1% increase compared to the prior year period, as volume growth led by market share gains helped to offset continued significant input price deflationary pressures in crop protection and fertilizers across various operating regions2Q24 gross profit stood at $103.0 million, reflecting a -17% decrease year-over-year, with gross margins contracting by -360 basis points to 16.7%, driven mainly by deflationary pressures affecting Ag retail distribution margins, partly mitigated by a more favorable segment mix, as Crop Care grew to represent 24% of Lavoro’s gross profit in 2Q24 (up from 16% in 2Q23)Crop Care segment emerged as a highlight this quarter, with revenue increasing 26% to $72.8 million, and gross profit expanding 21% to $25.7 million driven by strong growth in specialty fertilizersNet profit for 2Q24 was $1.9 million, compared to $35.3 million in the prior year period. This decline is attributed to a reduction in gross
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News
- Lavoro Limited (NASDAQ: LVRO) is now covered by analysts at Oppenheimer Holdings Inc.. They set an "outperform" rating and a $11.00 price target on the stock.MarketBeat
- Lavoro to Participate in the 2024 World Agri-Tech Innovation Summit in San FranciscoGlobeNewswire
- Lavoro to Announce Fiscal Second Quarter 2024 Results on March 7th, 2024GlobeNewswire