Lavoro Reports Fiscal Fourth Quarter 2024 Earnings Results¹
Lavoro (LVRO) reported FY2024 revenue of $1.89 billion, up 5% year-over-year, driven by market share gains and sales volume growth despite input price deflation. However, gross profit decreased 19% to $268.4 million, with margins compressing by 430 basis points to 14.2%. The Crop Care segment showed strong performance with revenue rising 24% to $150.7 million. Net loss increased to $154.6 million from $43.7 million last year, reflecting lower gross profit, higher finance costs and tax headwinds. Adjusted EBITDA declined to $53.4 million from $150.1 million. For FY2025, the company expects consolidated revenue between $1.50-1.60 billion.
Lavoro (LVRO) ha riportato un fatturato per l'anno fiscale 2024 di 1,89 miliardi di dollari, con un aumento del 5% rispetto all'anno precedente, grazie ai guadagni di quota di mercato e alla crescita del volume delle vendite, nonostante la deflazione dei prezzi delle materie prime. Tuttavia, l'utile lordo è diminuito del 19% a 268,4 milioni di dollari, con margini compressi di 430 punti base al 14,2%. Il segmento Crop Care ha mostrato prestazioni solide con un fatturato aumentato del 24% a 150,7 milioni di dollari. La perdita netta è aumentata a 154,6 milioni di dollari rispetto ai 43,7 milioni di dollari dell'anno scorso, riflettendo un utile lordo inferiore, costi finanziari più elevati e ostacoli fiscali. L'EBITDA rettificato è diminuito a 53,4 milioni di dollari rispetto ai 150,1 milioni di dollari. Per l'anno fiscale 2025, l'azienda prevede un fatturato consolidato compreso tra 1,50 e 1,60 miliardi di dollari.
Lavoro (LVRO) reportó ingresos para el año fiscal 2024 de 1.89 mil millones de dólares, un aumento del 5% en comparación con el año anterior, impulsado por ganancias en la participación de mercado y un crecimiento en el volumen de ventas, a pesar de la deflación de los precios de insumos. Sin embargo, la ganancia bruta disminuyó un 19% a 268.4 millones de dólares, con márgenes comprimidos en 430 puntos base al 14.2%. El segmento Crop Care mostró un rendimiento sólido, con ingresos que aumentaron un 24% a 150.7 millones de dólares. La pérdida neta aumentó a 154.6 millones de dólares desde 43.7 millones de dólares el año pasado, reflejando una menor ganancia bruta, costos financieros más altos y obstáculos fiscales. El EBITDA ajustado disminuyó a 53.4 millones de dólares desde 150.1 millones de dólares. Para el año fiscal 2025, la empresa espera ingresos consolidados entre 1.50 y 1.60 mil millones de dólares.
라보로 (LVRO)는 2024 회계연도 매출이 18억 9천만 달러에 달하며, 전년 대비 5% 증가했다고 보고했습니다. 이는 시장 점유율 증가와 판매량 증가에 기인하며, 원자재 가격 하락에도 불구하고 성장했습니다. 그러나 총 이익은 19% 감소하여 2억 6천8백40만 달러에 이르렀고, 마진은 430베이시스포인트 감소하여 14.2%를 기록했습니다. 작물 보호 부문은 매출이 24% 증가하여 1억 5천7백만 달러에 달하는 강력한 성과를 보였습니다. 순손실은 지난해 4천3백70만 달러에서 1억 5천4백60만 달러로 증가했으며, 이는 총 이익 감소, 높은 금융비용 및 세금 부담을 반영합니다. 조정된 EBITDA는 1억 5천만 달러에서 5천3백40만 달러로 감소했습니다. 2025 회계연도에 대해 회사는 15억에서 16억 달러 사이의 통합 매출을 예상하고 있습니다.
Lavoro (LVRO) a déclaré un chiffre d'affaires pour l'exercice 2024 de 1,89 milliard de dollars, en hausse de 5 % par rapport à l'année précédente, grâce à des gains de parts de marché et à la croissance des volumes de ventes, malgré la déflation des prix des matières premières. Cependant, le bénéfice brut a diminué de 19 % pour s'établir à 268,4 millions de dollars, avec une compression des marges de 430 points de base à 14,2 %. Le segment Crop Care a affiché de solides performances avec un chiffre d'affaires en hausse de 24 % à 150,7 millions de dollars. La perte nette a augmenté à 154,6 millions de dollars contre 43,7 millions de dollars l'année précédente, reflétant un bénéfice brut plus faible, des coûts financiers plus élevés et des obstacles fiscaux. EBITDA ajusté a chuté à 53,4 millions de dollars contre 150,1 millions de dollars. Pour l'exercice 2025, l'entreprise s'attend à un chiffre d'affaires consolidé compris entre 1,50 et 1,60 milliard de dollars.
Lavoro (LVRO) meldete für das Geschäftsjahr 2024 einen Umsatz von 1,89 Milliarden Dollar, was einem Anstieg von 5 % im Vergleich zum Vorjahr entspricht. Dies wurde durch Marktanteilsgewinne und ein Wachstum des Verkaufsvolumens trotz Deflation der Rohstoffpreise vorangetrieben. Der Bruttogewinn hingegen sank um 19 % auf 268,4 Millionen Dollar, wobei sich die Margen um 430 Basispunkte auf 14,2 % verengten. Das Segment Crop Care zeigte eine starke Leistung, mit einem Umsatzanstieg von 24 % auf 150,7 Millionen Dollar. Der Nettoverlust erhöhte sich auf 154,6 Millionen Dollar, verglichen mit 43,7 Millionen Dollar im Vorjahr, was sich aus einem niedrigeren Bruttogewinn, höheren Finanzierungskosten und steuerlichen Belastungen ergibt. Das bereinigte EBITDA sank auf 53,4 Millionen Dollar von 150,1 Millionen Dollar. Für das Geschäftsjahr 2025 erwartet das Unternehmen einen konsolidierten Umsatz zwischen 1,50 und 1,60 Milliarden Dollar.
- Revenue growth of 5% to $1.89 billion in FY2024
- Crop Care segment revenue increased 24% to $150.7 million
- Net cash flows from operations improved to $33.1 million from $20.9 million
- Market share gains despite challenging market conditions
- Net loss widened to $154.6 million from $43.7 million
- Gross profit declined 19% to $268.4 million
- Gross margins compressed by 430 basis points to 14.2%
- Adjusted EBITDA decreased 64% to $53.4 million
- Higher finance costs and tax headwinds impacted profitability
Insights
Lavoro's FY2024 results reveal significant challenges, with net losses widening to
Key concerns include:
- Adjusted EBITDA plunged
64% to$53.4 million - Higher finance costs and tax headwinds
- Challenging Brazilian agribusiness conditions with market decline over
20%
While management expects improved farmer profitability in FY2025, reduced bank lending and liquidity constraints pose near-term headwinds. The FY2025 outlook suggests continued pressure with revenue guidance of
The Brazilian agricultural inputs market faces structural challenges that directly impact Lavoro's business model. Current market dynamics show:
- Continued input price deflation pressuring margins
- Credit constraints limiting farmers' purchasing power
- Market share gains failing to offset margin compression
While Lavoro's Crop Care segment showed resilience with
- FY2024 revenue of US
$1.89 billion increased5% year-over-year (flat in BRL terms), driven by market share gains and sales volume growth mitigating deflationary input price headwinds.
- FY2024 gross profit decreased -
19% to$268.4 million (-23% in BRL), with gross margins compressing by -430 basis points to14.2% , primarily due to the input price deflation and a less favorable product category sales mix.
- The Crop Care2 segment was a standout performer for the year, with revenue rising
24% to$150.7 million for FY2024 (+18% BRL), and gross profit of$56.1 million increasing +4% y/y (decreasing -1% in BRL), despite the challenging market environment for specialty products.
- Net loss for FY2024 increased to
$154.6 million , compared to a net loss of$43.7 million in the previous year, with the change reflecting a decline in gross profit, higher finance costs and income tax headwinds. Adjusted Net Loss was$144.9 million , compared to Adjusted Net Profit of$30.9 million last year, with the variation reflecting lower gross profit, increased finance costs and income tax headwinds.
- Adjusted EBITDA3 for FY2024 was
$53.4 million , compared to$150.1 million in the previous year, with the decline resulting from lower gross profit, and higher operating expenses.
- Net cash flows provided by operations4 were
$33.1 million (R$165.8 million ), compared to$20.9 million (R$108.1 million ) in the prior year.
- Lavoro provides an outlook for FY2025 detailed later in the release.
SÃO PAULO, Oct. 31, 2024 (GLOBE NEWSWIRE) -- Lavoro Limited (Nasdaq: LVRO, LVROW), the first U.S. listed pure-play agricultural inputs retailer in Latin America, today announced its financial results for the fiscal fourth quarter of 2024, which ended on June 30, 2024. Detailed financial statements provided on Form 6-K as filed with the SEC can be accessed on the Company’s investor relations website at https://ir.lavoroagro.com/disclosure-and-documents/sec-filings/.
Ruy Cunha, CEO of Lavoro, commented, “This past year was one of the most challenging periods for Brazilian agribusiness in the last decade, with the ag inputs retail market estimated to have declined by over
“The current market environment reflects a mix of contrasting factors. On the one hand, projections for farmer profitability for the crop year 2024/2025 indicate improvement over the previous year, incentivizing farmers to grow planted acres and to invest in inputs to maximize yields. Additionally, input prices are continuing to show signs of stabilization. On the other hand, reduced bank and government lending to farmers, due in part to the impact from last year’s drought on crop yields, is currently constraining short-term liquidity for farmers, and creating challenges for the broader ag inputs value chain, including Lavoro. Against this backdrop, enhancing gross margin improvement is a key priority for this year.”
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1 Financials presented in US dollars in throughout this release are converted using the following average period USD/BRL exchange rate: 5.217 for 4Q24, 4.951 for 3Q24; 4.955 for 2Q24; 4.883 for 1Q24; 4.952 for 4Q23; 5.193 for 3Q23; 5.265 for 2Q23; 5.241 for 1Q23.
2 Crop Care financial results shown here, and elsewhere in this release, include intercompany sales to Lavoro, which are eliminated in the consolidated results.
3 Adjusted EBITDA and Adjusted Profit/Loss are non-IFRS measures. Please see reconciliation tables elsewhere in this release.
4 Converted to USD using the average USD/BRL for the fiscal year: 5.00 for FY24 and 5.16 for FY23.
FY4Q24 Financial Highlights5
- Consolidated revenue for Lavoro in 4Q24 increased by
2% year-over-year (y/y) to$271.1 million (+8% in BRL), compared to the prior year period, with positive contributions from Grains revenue associated with our barter operations, which grew +41% to$68.3 million (+48% in BRL). This was partially offset by a decline in Inputs revenue of -6% (-1% in BRL), which reached$202.8 million , reflecting Input revenue declines in Brazil Ag Retail and the effect of converting our results from Brazilian reais to U.S. dollars for ease of reference.
- Consolidated gross profit decreased by -
4% to$45.2 million in 4Q24 (+2% in BRL). Gross margins contracted by -100 bps y/y to16.7% , driven by an increased mix of Grains revenue, and the unfavorable impact of product mix in Crop Care, partially offset by an improvement in gross margins for Brazil Ag Retail and Latam Ag Retail.
- Gross profit as % of Inputs revenue improved 70 bps y/y to
22.3% in 4Q24, with improvements led primarily by Brazil Ag Retail, partially offset by product mix headwinds in our Crop Care segment.
- Net loss for 4Q24 was
$77.3 million , compared to a net loss of$19.5 million in the prior year period. The$57.8 million year-over-year increase in net loss was primarily driven by income taxes headwinds ($35 million ), and higher finance costs ($22 million ). Adjusted Net Loss was$76.2 million , compared to Adjusted Net Loss of$15.2 million in the prior year quarter, with similar key drivers for the year-over-year change.
- Adjusted EBITDA was -
$2.1 million in 4Q24 compared to$2.4 million in the prior year period, with the change reflecting a decline in gross profit and net other operating income.
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5 Adjusted EBITDA and Adjusted Profit/Loss are non-IFRS measures. Please see reconciliation tables elsewhere in this release.
| Consolidated Results (USD) | 4Q23 | 4Q24 | Chg. % | FY23 | FY24 | Chg. % | ||
| (in millions of US dollars) | ||||||||
| Revenue by Segment | 265.5 | 271.1 | 2% | 1,799.7 | 1,888.6 | 5% | ||
| Brazil Ag Retail | 197.2 | 192.5 | ( | 1,506.2 | 1,584.4 | |||
| Latam Ag Retail | 61.8 | 65.2 | 233.8 | 237.8 | ||||
| Crop Care | 10.7 | 19.9 | 121.2 | 150.7 | ||||
| Intercompany eliminations | (4.1) | (6.4) | (61.4) | (84.3) | ||||
| Revenue by Category | 265.5 | 271.1 | 2% | 1,799.7 | 1,888.6 | 5% | ||
| Inputs revenue | 217.0 | 202.9 | ( | 1,669.4 | 1,678.7 | |||
| Grains revenue | 48.6 | 68.3 | 130.4 | 209.9 | ||||
| Gross Profit | 46.9 | 45.2 | (4%) | 332.9 | 268.4 | (19%) | ||
| Brazil Ag Retail | 26.3 | 29.8 | 246.8 | 182.7 | ( | |||
| Latam Ag Retail | 9.4 | 10.4 | 38.1 | 36.8 | ( | |||
| Crop Care | 8.1 | 5.8 | ( | 54.0 | 56.1 | |||
| Intercompany elim. | 3.1 | (0.7) | (6.0) | (7.1) | ||||
| Gross Margin | 17.6% | 16.7% | -100 bps | 18.5% | 14.2% | -430 bps | ||
| Brazil Ag Retail | 210 bps | -490 bps | ||||||
| Latam Ag Retail | 70 bps | -80 bps | ||||||
| Crop Care | -4700 bps | -730 bps | ||||||
| Gross Margin (% of Inputs revenue) | 21.6% | 22.3% | 70 bps | 19.9% | 16.0% | -400 bps | ||
| Brazil Ag Retail | 610 bps | -460 bps | ||||||
| Latam Ag Retail | 80 bps | -70 bps | ||||||
| Crop Care | -4700 bps | -730 bps | ||||||
| SG&A (excl. D&A) | (55.5) | (51.5) | ( | (205.9) | (237.2) | |||
| Other operating income (expense) | 5.0 | 2.6 | (52.9) | 7.4 | ||||
| EBITDA | (3.6) | (3.7) | n.m. | 74.1 | 38.7 | (48%) | ||
| (+) Adjustment items | 6.0 | 1.5 | 76.0 | 14.7 | ||||
| Adjusted EBITDA | 2.4 | (2.1) | (191%) | 150.1 | 53.4 | (64%) | ||
| Brazil Ag Retail | 3.4 | 3.0 | ( | 141.6 | 50.1 | ( | ||
| Latam Ag Retail | 3.3 | 3.6 | 17.6 | 12.3 | ( | |||
| Crop Care | 1.2 | (2.0) | ( | 28.4 | 22.5 | ( | ||
| Corporate & Intercompany elim. | (5.6) | (6.7) | (37.3) | (31.6) | ||||
| Adjusted EBITDA Margin % | ( | -170 bps | -550 bps | |||||
| Adjusted EBITDA Margin (% of Inputs) | ( | -210 bps | -580 bps | |||||
| Share of profit of an associate | - | 0.1 | - | 0.3 | ||||
| D&A (incl. PPA amortization) | (8.3) | (8.9) | (32.3) | (36.0) | ||||
| Finance income (costs) | (28.2) | (50.3) | (119.5) | (163.8) | ||||
| Income taxes, current and deferred | 20.6 | (14.3) | 34.1 | 6.2 | ||||
| Net profit (loss) | (19.5) | (77.3) | n.m. | (43.7) | (154.6) | n.m. | ||
| (+) Adjustment items | 6.6 | 1.6 | 81.2 | 14.6 | ||||
| (+) Income tax impact of adjustments | (2.2) | (0.5) | (6.7) | (5.0) | ||||
| Adjusted net profit (loss) | (15.2) | (76.2) | 403% | 30.9 | (144.9) | n.m. |
| Consolidated Results (BRL) | 4Q23 | 4Q24 | Chg. % | FY23 | FY24 | Chg. % | ||
| (in millions of Brazilian reais) | ||||||||
| Revenue by Segment | 1,315.1 | 1,414.6 | 8% | 9,347.4 | 9,392.3 | 0% | ||
| Brazil Ag Retail | 976.4 | 1,004.2 | 7,829.3 | 7,869.8 | ||||
| Latam Ag Retail | 306.2 | 339.9 | 1,206.3 | 1,190.5 | ( | |||
| Crop Care | 52.7 | 103.9 | 632.8 | 749.2 | ||||
| Intercompany eliminations | (20.2) | (33.5) | (321.1) | (417.3) | ||||
| Revenue by Category | 1,315.1 | 1,414.6 | 8% | 9,347.4 | 9,392.3 | 0% | ||
| Inputs revenue | 1,074.5 | 1,058.5 | ( | 8,680.5 | 8,337.9 | ( | ||
| Grains revenue | 240.5 | 356.1 | 666.9 | 1,054.4 | ||||
| Gross Profit | 232.1 | 235.7 | 2% | 1,730.8 | 1,337.5 | (23%) | ||
| Brazil Ag Retail | 130.3 | 155.2 | 1,286.0 | 910.2 | ( | |||
| Latam Ag Retail | 46.6 | 54.2 | 196.6 | 184.2 | ( | |||
| Crop Care | 40.0 | 30.0 | ( | 280.9 | 278.4 | ( | ||
| Intercompany elim. | 15.1 | (3.7) | (32.7) | (35.3) | ||||
| Gross Margin | 17.6% | 16.7% | -100 bps | 18.5% | 14.2% | -430 bps | ||
| Brazil Ag Retail | 210 bps | -490 bps | ||||||
| Latam Ag Retail | 70 bps | -80 bps | ||||||
| Crop Care | -4700 bps | -720 bps | ||||||
| Gross Margin (% of Inputs revenue) | 21.6% | 22.3% | 70 bps | 19.9% | 16.0% | -390 bps | ||
| Brazil Ag Retail | 610 bps | -460 bps | ||||||
| Latam Ag Retail | 80 bps | -70 bps | ||||||
| Crop Care | -4700 bps | -720 bps | ||||||
| SG&A (excl. D&A) | (274.6) | (268.5) | ( | (1,060.6) | (1,184.6) | |||
| Other operating income (expense) | 24.7 | 13.7 | (275.8) | 37.6 | ||||
| EBITDA | (17.8) | (19.1) | n.m. | 394.4 | 190.4 | (52%) | ||
| (+) Adjustment items | 29.5 | 7.9 | 393.5 | 72.8 | ||||
| Adjusted EBITDA | 11.7 | (11.2) | (195%) | 787.9 | 263.2 | (67%) | ||
| Brazil Ag Retail | 16.9 | 15.4 | ( | 741.3 | 248.5 | ( | ||
| Latam Ag Retail | 16.5 | 18.8 | 91.6 | 61.8 | ( | |||
| Crop Care | 5.8 | (10.6) | ( | 149.0 | 110.7 | ( | ||
| Corporate & Intercompany elim. | (27.5) | (34.8) | (193.9) | (157.8) | ||||
| Adjusted EBITDA Margin % | ( | -170 bps | -560 bps | |||||
| Adjusted EBITDA Margin (% of Inputs) | ( | -210 bps | -590 bps | |||||
| Share of profit of an associate | - | (0.3) | - | 1.5 | ||||
| D&A (incl. PPA amortization) | (41.3) | (46.6) | (167.5) | (180.0) | ||||
| Finance income (costs) | (139.5) | (262.7) | (617.8) | (822.5) | ||||
| Income taxes, current and deferred | 102.0 | (74.6) | 172.3 | 25.6 | ||||
| Net profit (loss) | (96.6) | (403.3) | n.m. | (218.7) | (785.0) | n.m. | ||
| (+) Adjustment items | 32.6 | 8.5 | 420.5 | 72.3 | ||||
| (+) Income tax impact of adjustments | (11.1) | (2.9) | (34.3) | (24.6) | ||||
| Adjusted net profit (loss) | (75.0) | (397.7) | 430% | 167.5 | (737.3) | n.m. |
FY4Q24 Segment Results
Please note for the FY2024 and FY4Q24 results, Lavoro management updated its methods of allocation of certain holding company expenses between operating segments and “Corporate”. These corporate expenses incurred by the holding company and not directly related to any operating segment were previously attributed to Brazil Ag Retail and Crop Care operating segments. They have now been reclassified under “Corporate” to better align with management’s assessment framework and reflect each business unit’s underlying performance. Supplementary financial information reflecting past results with this updated methodology is available on our investors relations website https://ir.lavoroagro.com.
Brazil Ag Retail
- Brazil Ag Retail segment revenue decreased by -
2% (+3% in BRL) to$192.5 million in 4Q24, with growth in Grains revenue resulting from a higher mix of barter operations being offset by a decline in Inputs revenue and the impact of converting our results from BRL to USD.
- Inputs revenue declined -
16% to$124.8 million (-12% in BRL), reflecting in part Lavoro’s decision to delay shipments to certain farmer clients with outstanding overdue receivables until repayment, as was discussed in the prior quarter earnings call.
- Gross profit grew +
13% to$29.8 million (+19% in BRL), as gross margin expanded by 210 bps y/y to15.5% in 4Q24, and Gross Margin (Inputs) increased by 610 bps to23.8% . The margin improved was driven mainly by the increase in supplier rebates compared to prior year.
- Adjusted EBITDA was
$3.0 million , compared to$3.4 million in the prior year quarter, with higher operating expenses off.
| Brazil Ag Retail (USD) | 4Q23 | 4Q24 | Chg. % | FY23 | FY24 | Chg. % | ||
| (in millions of US dollars) | ||||||||
| Inputs revenue | 148.7 | 124.8 | ( | 1,382.2 | 1,382.9 | |||
| Grains revenue | 48.5 | 67.7 | 124.0 | 201.6 | ||||
| Revenue | 197.2 | 192.5 | (2%) | 1,506.2 | 1,584.4 | 5% | ||
| Gross Profit | 26.3 | 29.8 | 13% | 246.8 | 182.7 | (26%) | ||
| Gross Margin | 13.3% | 15.5% | 210 bps | 16.4% | 11.5% | -490 bps | ||
| Gross Margin (% of Inputs) | 17.7% | 23.8% | 610 bps | 17.9% | 13.2% | -460 bps | ||
| Adjusted EBITDA | 3.4 | 3.0 | (13%) | 141.6 | 50.1 | (65%) | ||
| Adjusted EBITDA margin | 1.7% | 1.5% | -20 bps | 9.4% | 3.2% | -620 bps | ||
| Adjusted EBITDA margin (% of Inputs) | 2.3% | 2.4% | 10 bps | 10.2% | 3.6% | -660 bps |
| Brazil Ag Retail (BRL) | 4Q23 | 4Q24 | Chg. % | FY23 | FY24 | Chg. % | ||
| (in millions of Brazilian reais) | ||||||||
| Inputs revenue | 736.4 | 651.0 | ( | 7,195.7 | 6,856.5 | ( | ||
| Grains revenue | 240.1 | 353.2 | 633.6 | 1,013.3 | ||||
| Revenue | 976.4 | 1,004.2 | 3% | 7,829.3 | 7,869.8 | 1% | ||
| Gross Profit | 130.3 | 155.2 | 19% | 1,286.0 | 910.2 | (29%) | ||
| Gross Margin | 13.3% | 15.5% | 210 bps | 16.4% | 11.6% | -490 bps | ||
| Gross Margin (% of Inputs) | 17.7% | 23.8% | 610 bps | 17.9% | 13.3% | -460 bps | ||
| Adjusted EBITDA | 16.9 | 15.4 | (9%) | 741.3 | 248.5 | (66%) | ||
| Adjusted EBITDA margin | 1.7% | 1.5% | -20 bps | 9.5% | 3.2% | -630 bps | ||
| Adjusted EBITDA margin (% of Inputs) | 2.3% | 2.4% | 10 bps | 10.3% | 3.6% | -670 bps |
| Brazil Ag Retail KPIs | 4Q23 | 4Q24 | |
| Retail stores | 181 | 187 | |
| Number of RTVs | 827 | 832 | |
Latam Ag Retail
- Latam Ag Retail segment saw a
5% increase in revenue to$65.2 million (+11% in BRL), with the positive effect of the appreciation of the Colombian peso compared to USD and BRL in the prior year quarter more than offsetting headwinds from El Nino related droughts on planting intentions of Colombian farmers.
- Segment gross profit was
$10.4 million in 4Q24, an increase of +10% over the prior year period. Gross margins expanded by +70 bps to15.9% , driven mainly by a favorable shift in product mix.
- Adjusted EBITDA was
$3.6 million , compared to$3.3 million in the prior year quarter, with the increase in gross profit partially offset by an increase in allowance for expected credit losses.
| Latam Ag Retail (USD) | 4Q23 | 4Q24 | Chg. % | FY23 | FY24 | Chg. % | ||
| (in millions of US dollars) | ||||||||
| Inputs & services revenue | 61.7 | 64.6 | 227.4 | 229.5 | ||||
| Grains revenue | 0.1 | 0.5 | 6.4 | 8.3 | ||||
| Revenue | 61.8 | 65.2 | 5% | 233.8 | 237.8 | 2% | ||
| Gross Profit | 9.4 | 10.4 | 10% | 38.1 | 36.8 | (3%) | ||
| Gross Margin | 15.2% | 15.9% | 70 bps | 16.3% | 15.5% | -80 bps | ||
| Gross Margin (% of Inputs) | 15.3% | 16.1% | 80 bps | 16.7% | 16.0% | -70 bps | ||
| Adjusted EBITDA | 3.3 | 3.6 | 8% | 17.6 | 12.3 | (30%) | ||
| Adjusted EBITDA margin | 5.4% | 5.5% | 20 bps | 7.5% | 5.2% | -230 bps |
| Latam Ag Retail (BRL) | 4Q23 | 4Q24 | Chg. % | FY23 | FY24 | Chg. % | ||
| (in millions of Brazilian reais) | ||||||||
| Inputs & services revenue | 305.7 | 337.1 | 1,173.0 | 1,149.5 | ( | |||
| Grains revenue | 0.5 | 2.9 | 33.4 | 41.0 | ||||
| Revenue | 306.2 | 339.9 | 11% | 1,206.3 | 1,190.5 | (1%) | ||
| Gross Profit | 46.6 | 54.2 | 16% | 196.6 | 184.2 | (6%) | ||
| Gross Margin | 15.2% | 15.9% | 70 bps | 16.3% | 15.5% | -80 bps | ||
| Gross Margin (% of Inputs) | 15.3% | 16.1% | 80 bps | 16.8% | 16.0% | -70 bps | ||
| Adjusted EBITDA | 16.5 | 18.8 | 14% | 91.6 | 61.8 | (32%) | ||
| Adjusted EBITDA margin | 5.4% | 5.5% | 20 bps | 7.6% | 5.2% | -240 bps |
| Latam Ag Retail KPIs | 4Q23 | 4Q24 | |
| Retail stores | 39 | 36 | |
| Number of RTVs | 262 | 263 |
Crop Care
- Crop Care revenue increased by
87% to$19.9 million in 4Q24 (+97% in BRL), led by the strong performance of Union Agro, our specialty fertilizer business, which grew revenue by46% in the quarter, and of Perterra, our private label off-patent crop protection business, partially offset by lower sales of biopesticides.
- Segment gross profit declined -
29% y/y to$5.8 million (-25% in BRL), while gross margins decreased to28.9% , from75.9% in the prior year quarter. The decline in gross margins reflects the adverse product category mix, as Perterra grew considerably as compared to prior year, while 4Q23 benefited from an unusually strong mix of biological sales due to the timing of shipments.
- Adjusted EBITDA was -
$2.0 million in 4Q24, compared to Adjusted EBITDA of$1.2 million in the prior year period, with the decrease driven by the decline in gross profit.
| Crop Care (USD) | 4Q23 | 4Q24 | Chg. % | FY23 | FY24 | Chg. % | ||
| (in millions of US dollars) | ||||||||
| Revenue | 10.7 | 19.9 | 87% | 121.2 | 150.7 | 24% | ||
| Gross Profit | 8.1 | 5.8 | (29%) | 54.0 | 56.1 | 4% | ||
| Gross Margin | 75.9% | 28.9% | -4700 bps | 44.6% | 37.2% | -730 bps | ||
| Adjusted EBITDA | 1.2 | (2.0) | (273%) | 28.4 | 22.5 | (21%) | ||
| Adjusted EBITDA margin | 11.1% | (10.2%) | -2130 bps | 23.4% | 15.0% | -850 bps |
| Crop Care (BRL) | 4Q23 | 4Q24 | Chg. % | FY23 | FY24 | Chg. % | ||
| (in millions of Brazilian reais) | ||||||||
| Revenue | 52.7 | 103.9 | 97% | 632.8 | 749.2 | 18% | ||
| Gross Profit | 40.0 | 30.0 | (25%) | 280.9 | 278.4 | (1%) | ||
| Gross Margin | 75.9% | 28.9% | -4700 bps | 44.4% | 37.2% | -720 bps | ||
| Adjusted EBITDA | 5.8 | (10.6) | (282%) | 149.0 | 110.7 | (26%) | ||
| Adjusted EBITDA margin | 11.1% | (10.2%) | -2130 bps | 23.5% | 14.8% | -880 bps |
Full Fiscal Year 2025 Consolidated Outlook6
We expect Brazil's Ag inputs retail market to decline by roughly -
Lavoro’ FY2025 outlook is for consolidated revenue between R
On a USD basis, consolidated revenue is projected to range between
| BRL | USD | |||
| Revenue | R | US | ||
| Inputs revenue | R | US | ||
| Adjusted EBITDA | Growth compared to FY2024 | Growth compared to FY2024 |
__________________________
6 USD/BRL average period exchange rate embedded in our financial outlook of 5.71, representing the period-weighted average FX rate fiscal year-to-date and the latest spot rate of 5.78 as of October 30, 2024.
Conference Call Details
Lavoro management will host a conference call and audio webcast on November 1, 2024 at 8:30 a.m. ET (9:30 a.m. BRT) to discuss the financial results.
Participant numbers: 1-877-407-9716 (U.S.), 1-201-493-6779 (International)
The live audio webcast will be accessible in the Events section on the Company's Investor Relations website at https://ir.lavoroagro.com/disclosure-and-documents/events/.
Non-IFRS Financial Measures
This press release contains certain non-IFRS financial measures, including Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Net Profit/Loss and Adjusted Net Profit/Loss Margin. A non-IFRS financial measure is generally defined as a numerical measure of historical or future financial performance, financial position, or cash flow that purports to measure financial performance but excludes or includes amounts that would not be so adjusted in the most comparable IFRS measure. The Company believes these non-IFRS financial measures provide meaningful supplemental information as they are used by the Company's management to evaluate the Company's performance, and provide additional information about trends in our operating performance prior to considering the impact of capital structure, depreciation, amortization and taxation on our results, as well as the effects of certain items or events that vary widely among similar companies, and therefore may hamper comparability across periods, although these measures are not explicitly defined under IFRS. Management believes that these measures enhance a reader's understanding of the operating and financial performance of the Company and facilitate a better comparison between fiscal periods.
Adjusted EBITDA is defined as profit (loss), adjusted for net finance income (costs), income taxes, depreciation and amortization. We also adjust this measure for certain revenues or expenses that are excluded when management evaluates the performance of our day-to-day operations, namely: (i) share of profit of an associate; (ii) fair value on inventories sold from acquired companies, a non-cash expense resulting from purchase price allocation of past acquisitions; (iii) M&A expenses that in management’s judgment do not necessarily occur on a regular basis; (iv) gains on bargain purchases, which are also related to purchase price allocation of past acquisitions; (v) listing and other expenses recognized in connection with the Business Combination; (vi) share-based compensation expenses; (vii) one-off bonuses paid out to our employees as a result of the closing of the Business Combination; and (viii) related-party expenses paid to Patria in connection to management support services. Adjusted EBITDA Margin is calculated as Adjusted EBITDA as a percentage of revenue for the period/year.
Adjusted Net Profit/Loss is defined as profit (loss) adjusted for certain revenues or expenses that are excluded when management evaluates the performance of our day-to-day operations, namely: (i) share of profit of an associate; (ii) fair value on inventories sold from acquired companies, a non-cash expense resulting from purchase price allocation of past acquisitions; (iii) M&A expenses that in management’s judgment do not necessarily occur on a regular basis; (iv) gains on bargain purchases, which are also related to purchase price allocation of past acquisitions; (v) listing and other expenses recognized in connection with the Business Combination; (vi) share-based compensation expenses; (vii) one-off bonuses paid out to our employees as a result of the closing of the Business Combination; and (viii) related-party expenses paid to Patria in connection to management support services. Adjusted Net Profit/Loss Margin is calculated as Adjusted Net Profit/Loss as a percentage of revenue for the period/year.
The Company does not intend for the non-IFRS financial measures contained in this release to be a substitute for any IFRS financial information. Readers of this press release should use these non-IFRS financial measures only in conjunction with comparable IFRS financial measures. Reconciliations of the non-IFRS financial measures Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Net Profit/Loss and Adjusted Net Profit/Loss Margin, to their most comparable IFRS measures, are provided in the table below.
Reconciliation of Adjusted EBITDA
| Results in USD | ||||||
| (in millions of US dollars) | ||||||
| Consolidated Results | 4Q23 | 4Q24 | FY23 | FY24 | ||
| (in millions of US dollars) | ||||||
| Net profit (loss) | (19.5) | (77.1) | (43.7) | (154.6) | ||
| (+) Income taxes | (20.6) | 14.3 | (34.1) | (6.2) | ||
| (+) Finance income (costs) | 28.2 | 50.3 | 119.5 | 163.8 | ||
| (+) Depreciation and amortization | 8.3 | 8.9 | 32.3 | 36.0 | ||
| (+) Share of profit of an associate | - | (0.1) | - | (0.3) | ||
| (+) M&A expenses | 0.8 | 0.2 | 2.2 | 4.4 | ||
| (+) Stock-based compensation | 0.5 | 0.4 | 2.8 | 3.2 | ||
| (+) DeSPAC related bonus | 0.9 | 0.1 | 5.8 | 3.6 | ||
| (+) Related party consultancy services | 3.8 | 0.8 | 3.8 | 3.5 | ||
| (+) Nasdaq listing expenses | - | 61.5 | ||||
| Adjusted EBITDA | 2.4 | (2.1) | 150.1 | 53.4 | ||
| Brazil Ag Retail | 4Q23 | 4Q24 | FY23 | FY24 | ||
| (in millions of US dollars) | ||||||
| Net profit (loss) | 1.1 | (62.7) | 52.5 | (118.1) | ||
| (+) Income taxes | (21.0) | 13.2 | (41.0) | (8.8) | ||
| (+) Finance income (costs) | 16.5 | 46.5 | 101.2 | 151.3 | ||
| (+) Depreciation and amortization | 6.1 | 6.4 | 23.6 | 25.0 | ||
| (+) Share of profit of an associate | - | (0.4) | - | (0.5) | ||
| (+) DeSPAC related bonus | 0.8 | - | 5.3 | 1.3 | ||
| Adjusted EBITDA | 3.4 | 3.0 | 141.6 | 50.1 |
| Latam Ag Retail | 4Q23 | 4Q24 | FY23 | FY24 | ||
| (in millions of US dollars) | ||||||
| Net profit (loss) | 0.8 | 0.8 | 7.0 | 2.2 | ||
| (+) Income taxes | 0.7 | 0.1 | 4.3 | 1.7 | ||
| (+) Finance income (costs) | 0.8 | 1.8 | 3.0 | 5.3 | ||
| (+) Depreciation and amortization | 0.7 | 0.6 | 2.2 | 2.3 | ||
| (+) M&A expenses | 0.2 | 0.3 | 0.6 | 0.3 | ||
| (+) DeSPAC related bonus | 0.1 | - | 0.5 | 0.6 | ||
| Adjusted EBITDA | 3.3 | 3.6 | 17.6 | 12.3 |
| Crop Care | 4Q23 | 4Q24 | FY23 | FY24 | ||
| (in millions of US dollars) | ||||||
| Net profit (loss) | (4.4) | (7.3) | 10.8 | 3.2 | ||
| (+) Income taxes | (1.3) | 1.0 | 4.7 | 3.1 | ||
| (+) Finance income (costs) | 5.6 | 2.9 | 9.6 | 11.4 | ||
| (+) Depreciation and amortization | 0.9 | 0.9 | 2.6 | 4.1 | ||
| (+) Share of profit of an associate | - | 0.4 | - | 0.1 | ||
| (+) M&A expenses | 0.1 | 0.0 | 0.1 | 0.1 | ||
| (+) Stock-based compensation | 0.1 | 0.1 | 0.4 | 0.3 | ||
| (+) DeSPAC related bonus | - | - | - | - | ||
| (+) Related party consultancy services | 0.2 | - | 0.2 | 0.3 | ||
| Adjusted EBITDA | 1.2 | (2.0) | 28.4 | 22.5 |
| Corporate & Intercompany Elim. | 4Q23 | 4Q24 | FY23 | FY24 | ||
| (in millions of US dollars) | ||||||
| Net profit (loss) | (17.1) | (8.0) | (113.9) | (41.9) | ||
| (+) Income taxes | 1.0 | - | (2.0) | (2.2) | ||
| (+) Finance income (costs) | 5.3 | (0.9) | 5.8 | (4.2) | ||
| (+) Depreciation and amortization | 0.6 | 1.1 | 3.9 | 4.7 | ||
| (+) Share of profit of an associate | - | 0.1 | - | 0.1 | ||
| (+) M&A expenses | 0.5 | (0.2) | 1.4 | 4.0 | ||
| (+) Stock-based compensation | 0.4 | 0.3 | 2.4 | 2.9 | ||
| (+) DeSPAC related bonus | - | 0.1 | - | 1.8 | ||
| (+) Related party consultancy services | 3.6 | 0.8 | 3.6 | 3.2 | ||
| (+) Nasdaq listing expenses | - | - | 61.5 | - | ||
| Adjusted EBITDA | (5.6) | (6.7) | (37.3) | (31.6) |
| Results in BRL | ||||||
| (in millions of Brazilian reais) | ||||||
| Consolidated Results | 4Q23 | 4Q24 | FY23 | FY24 | ||
| (in millions of Brazilian reais) | ||||||
| Net profit (loss) | (96.6) | (403.3) | (218.7) | (785.0) | ||
| (+) Income taxes | (102.0) | 74.6 | (172.3) | (25.6) | ||
| (+) Finance income (costs) | 139.5 | 262.7 | 617.8 | 822.5 | ||
| (+) Depreciation and amortization | 41.3 | 46.6 | 167.5 | 180.0 | ||
| (+) Share of profit of an associate | - | 0.3 | - | (1.5) | ||
| (+) M&A expenses | 3.9 | 1.0 | 11.0 | 21.7 | ||
| (+) Stock-based compensation | 2.6 | 2.2 | 14.5 | 15.6 | ||
| (+) DeSPAC related bonus | 4.3 | 0.4 | 29.7 | 18.0 | ||
| (+) Related party consultancy services | 18.7 | 4.3 | 18.7 | 17.5 | ||
| (+) Nasdaq listing expenses | - | 319.6 | - | |||
| Adjusted EBITDA | 11.7 | (11.2) | 787.9 | 263.2 | ||
| Brazil Ag Retail | 4Q23 | 4Q24 | FY23 | FY24 | ||
| (in millions of Brazilian reais) | ||||||
| Net profit (loss) | 5.6 | (327.3) | 275.5 | (600.9) | ||
| (+) Income taxes | (104.2) | 68.8 | (208.3) | (39.1) | ||
| (+) Finance income (costs) | 81.5 | 242.7 | 525.1 | 760.0 | ||
| (+) Depreciation and amortization | 30.1 | 33.3 | 122.0 | 124.9 | ||
| (+) Share of profit of an associate | - | (2.0) | - | (2.8) | ||
| (+) DeSPAC related bonus | 3.8 | - | 27.1 | 6.3 | ||
| Adjusted EBITDA | 16.9 | 15.4 | 741.3 | 248.5 |
| Latam Ag Retail | 4Q23 | 4Q24 | FY23 | FY24 | ||
| (in millions of Brazilian reais) | ||||||
| Net profit (loss) | 4.0 | 3.9 | 36.4 | 10.9 | ||
| (+) Income taxes | 3.5 | 0.7 | 22.3 | 8.3 | ||
| (+) Finance income (costs) | 4.1 | 9.4 | 15.4 | 26.5 | ||
| (+) Depreciation and amortization | 3.5 | 3.0 | 11.8 | 11.3 | ||
| (+) M&A expenses | 0.9 | 1.7 | 3.1 | 1.7 | ||
| (+) DeSPAC related bonus | 0.5 | - | 2.6 | 3.0 | ||
| Adjusted EBITDA | 16.5 | 18.8 | 91.6 | 61.8 |
| Crop Care | 4Q23 | 4Q24 | FY23 | FY24 | ||
| (in millions of Brazilian reais) | ||||||
| Net profit (loss) | (21.7) | (38.2) | 58.3 | 13.6 | ||
| (+) Income taxes | (6.5) | 5.1 | 24.9 | 15.8 | ||
| (+) Finance income (costs) | 27.6 | 15.4 | 48.4 | 57.1 | ||
| (+) Depreciation and amortization | 4.5 | 4.4 | 13.6 | 20.4 | ||
| (+) Share of profit of an associate | - | 1.9 | - | 0.6 | ||
| (+) M&A expenses | 0.3 | 0.2 | 0.7 | 0.4 | ||
| (+) Stock-based compensation | 0.5 | 0.4 | 2.0 | 1.3 | ||
| (+) DeSPAC related bonus | - | - | - | - | ||
| (+) Related party consultancy services | 1.1 | 0.2 | 1.1 | 1.5 | ||
| Adjusted EBITDA | 5.8 | (10.6) | 149.0 | 110.7 |
| Corporate & Intercompany Elim. | 4Q23 | 4Q24 | FY23 | FY24 | ||
| (in millions of Brazilian reais) | ||||||
| Net profit (loss) | (84.6) | (41.7) | (588.8) | (208.6) | ||
| (+) Income taxes | 5.1 | 0.0 | (11.1) | (10.7) | ||
| (+) Finance income (costs) | 26.3 | (4.8) | 29.0 | (21.1) | ||
| (+) Depreciation and amortization | 3.2 | 5.8 | 20.2 | 23.3 | ||
| (+) Share of profit of an associate | - | 0.5 | - | 0.7 | ||
| (+) M&A expenses | 2.7 | (0.9) | 7.3 | 19.5 | ||
| (+) Stock-based compensation | 2.1 | 1.8 | 12.5 | 14.4 | ||
| (+) DeSPAC related bonus | - | 0.4 | - | 8.7 | ||
| (+) Related party consultancy services | 17.6 | 4.2 | 17.6 | 16.0 | ||
| (+) Nasdaq listing expenses | - | - | 319.6 | - | ||
| Adjusted EBITDA | (27.5) | (34.8) | (193.9) | (157.8) |
Reconciliation of Adjusted Net Profit (Loss)
| USD (in millions of US dollars) | ||||||
| Consolidated Results | 4Q23 | 4Q24 | FY23 | FY24 | ||
| Net profit (loss) | (19.5) | (77.3) | (43.7) | (154.6) | ||
| (+) FV of inventories from acquired companies | 0.6 | – | 5.2 | 0.2 | ||
| (+) Share of profit of an associate | – | 0.1 | – | (0.3) | ||
| (+) M&A expenses | 0.8 | 0.2 | 2.2 | 4.4 | ||
| (+) Stock-based compensation | 0.5 | 0.4 | 2.8 | 3.2 | ||
| (+) DeSPAC related bonus | 0.9 | 0.1 | 5.8 | 3.6 | ||
| (+) Related party consultancy services | 3.8 | 0.8 | 3.8 | 3.5 | ||
| (+) Nasdaq listing expenses | – | – | 61.5 | – | ||
| (+) Tax impact of adjustments | (2.2) | (0.6) | (6.7) | (5.0) | ||
| Adjusted net profit (loss) | (15.2) | (76.2) | 30.9 | (144.9) | ||
| BRL (in millions of Brazilian reais) | ||||||
| Consolidated Results | 4Q23 | 4Q24 | FY23 | FY24 | ||
| Net profit (loss) | (96.6) | (403.3) | (218.7) | (785.0) | ||
| (+) FV of inventories from acquired companies | 3.1 | 0.3 | 26.9 | 1.0 | ||
| (+) Share of profit of an associate | – | 0.3 | – | (1.5) | ||
| (+) M&A expenses | 3.9 | 1.0 | 11.0 | 21.7 | ||
| (+) Stock-based compensation | 2.6 | 2.2 | 14.5 | 15.6 | ||
| (+) DeSPAC related bonus | 4.3 | 0.4 | 29.7 | 18.0 | ||
| (+) Related party consultancy services | 18.7 | 4.3 | 18.7 | 17.5 | ||
| (+) Nasdaq listing expenses | – | – | 319.6 | – | ||
| (+) Tax impact of adjustments | (11.1) | (2.5) | (34.3) | (24.6) | ||
| Adjusted net profit (loss) | (75.0) | (397.3) | 167.5 | (737.3) | ||
About Lavoro
Lavoro is Brazil's largest agricultural inputs retailer and a leading producer of agricultural biological products. Lavoro's shares and warrants are listed on the Nasdaq stock exchange under the tickers "LVRO" and "LVROW." Through its comprehensive portfolio of products and services, the company empowers small and medium-size farmers to adopt the latest emerging agricultural technologies and enhance their productivity. Since its founding in 2017, Lavoro has broadened its reach across Latin America, serving 72,000 customers in Brazil, Colombia, and Uruguay, via its team of over 1,000 technical sales representatives (RTVs), its network of over 210 retail locations, and its digital marketplace and solutions. Lavoro's RTVs are local trusted advisors to farmers, regularly meeting them to provide agronomic recommendations throughout the crop cycle to drive optimized outcomes. Learn more about Lavoro at ir.lavoroagro.com.
Reportable Segments
Lavoro’s reportable segments are the following:
Brazil Ag Retail: comprises companies dedicated to the distribution of agricultural inputs such as crop protection, seeds, fertilizers, and specialty products, in Brazil.
Latam Ag Retail: includes companies dedicated to the distribution of agricultural inputs outside Brazil (currently primarily in Colombia).
Crop Care: includes companies that manufacture and distribute our own portfolio of private label specialty products (i.e., biologicals, adjuvants, specialty fertilizers, and other specialty products), and import and distribute off-patent crop protection products.
Lavoro’s Fiscal Year
Lavoro follows the crop year, which means that its fiscal year comprises July 1st of each year, until June 30 of the following year. Given this, Lavoro’s quarters have the following format:
1Q – quarter starting on July 1 and ending on September 30.
2Q – quarter starting on October 1 and ending on December 31.
3Q – quarter starting on January 1 and ending on March 31.
4Q – quarter starting on April 1 and ending on June 30.
Definitions
RTVs: refer to Lavoro’s technical sales representatives (Representante Técnico de Vendas), who are linked to its retail stores, and who develop commercial relationships with farmers.
Forward-Looking Statements
The contents of any website mentioned or hyperlinked in this press release are for informational purposes and the contents thereof are not part of or incorporated into this press release.
Certain statements made in this press release are “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as “aims,” “estimate,” “plan,” “project,” “forecast,” “intend,” “will,” “expect,” “anticipate,” “believe,” “seek,” “target” or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding the expectations regarding the growth of Lavoro’s business and its ability to realize expected results, grow revenue from existing customers, and consummate acquisitions; opportunities, trends, and developments in the agricultural input industry, including with respect to future financial performance in the industry. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as and must not be relied on by any investor as, a guarantee, an assurance, a prediction, or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of Lavoro.
These forward-looking statements are subject to a number of risks and uncertainties, including but not limited to, the outcome of any legal proceedings that may be instituted against Lavoro related to the business combination agreement or the transaction; the ability to maintain the listing of Lavoro’s securities on Nasdaq; the price of Lavoro’s securities may be volatile due to a variety of factors, including changes in the competitive and regulated industries in which Lavoro operates, variations in operating performance across competitors, changes in laws and regulations affecting Lavoro’s business; Lavoro’s inability to meet or exceed its financial projections and changes in the consolidated capital structure; changes in general economic conditions; the ability to implement business plans, forecasts, and other expectations, changes in domestic and foreign business, market, financial, political and legal conditions; the outcome of any potential litigation, government and regulatory proceedings, investigations and inquiries; costs related to being a public company and other risks and uncertainties indicated from time to time in the Annual Report on Form 20-F filed by Lavoro or in the future, including those under “Risk Factors” therein, or Lavoro’s other filings with the SEC. If any of these risks materialize or our assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that Lavoro currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements.
In addition, forward-looking statements reflect Lavoro’s expectations, plans, or forecasts of future events and views as of the date of this press release. Lavoro anticipates that subsequent events and developments will cause Lavoro’s assessments to change. However, while Lavoro may elect to update these forward-looking statements at some point in the future, Lavoro specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing Lavoro’s assessments as of any date subsequent to the date of this press release. Accordingly, undue reliance should not be placed upon the forward-looking statements.
Financial Statements
Detailed financial statements provided on Form 6-K as filed with the SEC can be accessed on the Company’s investor relations website at https://ir.lavoroagro.com/disclosure-and-documents/sec-filings/.
Contact
Julian Garrido
julian.garrido@lavoroagro.com
Tigran Karapetian
tigran.karapetian@lavoroagro.com
Fernanda Rosa
fernanda.rosa@lavoroagro.com
FAQ
What was Lavoro's (LVRO) revenue growth in FY2024?
How much did Lavoro's (LVRO) net loss increase in FY2024?
What is Lavoro's (LVRO) revenue guidance for FY2025?
How did Lavoro's (LVRO) Crop Care segment perform in FY2024?
