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Pyxus International, Inc., an agricultural company, engages in the provision of various agricultural products, ingredients, and services to businesses and customers. It offers leaf tobacco; e-liquids used in vaporizers, electronic cigarettes, and other vaping hardware and accessories; and industrial hemp-derived cannabidiol products. Formerly known as Old Holdco, Inc., Pyxus International, Inc. was founded in 1873 and is headquartered in Morrisville, North Carolina.
In recent news, Pyxus International has been recognized as a Supplier Engagement Leader by CDP for its effective collaboration with suppliers in addressing climate change. The company has displayed an 11 percent reduction in value-chain related emissions, surpassing industry, North America, and global averages as per its 2023 Supplier Engagement Rating.
Pyxus International, Inc. (OTC Pink: PYYX) has appointed Fernanda Goncalves as Senior Vice President and Chief Human Resources Officer. With over 20 years of experience, she previously led global HR at Red Hat and has worked with major firms such as BASF and Ernst & Young. Goncalves holds an MBA from Duke University and has degrees in supply chain management and business management. She will report to President and CEO Pieter Sikkel and focus on enhancing employee experience and supporting environmental, social, and governance goals. Goncalves succeeds Laura Jones, who departed on December 31, 2022.
Pyxus International has initiated an Exchange Offer for its 10.000% Senior Secured First Lien Notes due 2024, proposing to exchange them for new 8.50% Senior Secured Notes due 2027. This move aims to restructure existing debt obligations and includes a Consent Solicitation for amending certain covenants. The Exchange Offer expires on February 2, 2023, with a Settlement Date expected around February 6, 2023. Approximately 64.1% of the Existing Notes' holders have agreed to participate, signaling significant support for the proposed amendments.
On January 3, 2023, Pyxus International, Inc. announced a Support and Exchange Agreement with creditors holding approximately 99.7%, 68.1%, and 64.1% of its secured debt. The agreement includes comprehensive exchange transactions for the replacement of existing debts with new secured debt maturing on December 31, 2027. This initiative aims to extend maturities and enhance financial flexibility, enabling the company to focus on growth. The company anticipates completing the exchange by February 15, 2023, unless extended.
Pyxus International reported a strong fiscal quarter ending September 30, 2022, with sales increasing by 28.9% to $508.3 million. Operating margin rose $21.6 million to $27.1 million, while the net loss improved to $1.5 million. Adjusted EBITDA surged 63% to $42.2 million. Inventories increased to $890.1 million, mostly committed to meet demand. The company maintains its full-year guidance for sales between $1.75 billion and $1.95 billion and adjusted EBITDA of $130 million to $160 million.
Pyxus International (OTC Pink: PYYX) will hold a conference call to discuss its second quarter financial results for the fiscal year ending September 30, 2022, on November 10, 2022 at 5:30 P.M. ET. A press release detailing these results will be available before the call. Investors can join via phone at (646) 960-0369 or (888) 350-3452 with conference ID 2624736, and a live audio webcast will be accessible on the Pyxus website. A replay of the call will be available for five days following the event.
Pyxus International, Inc. (PYYX) announced a change in its Board of Directors, with Holly Kim resigning and Jamie J. Ashton appointed effective October 19, 2022. Ashton, a Senior Vice President at Glendon Capital Management, is a significant shareholder and will serve on the Audit and Compensation Committees. President Pieter Sikkel expressed gratitude for Kim's contributions to the company's strategy and steady performance. The transition aims to enhance board effectiveness while leveraging Ashton's familiarity with the company.
Pyxus International reported a 3.2% increase in sales, totaling $343.9 million for the quarter ended June 30, 2022. However, net loss rose by 27.8%, reaching $14.7 million, mainly due to a significant drop in income tax benefits. Adjusted EBITDA improved by 17.1% to $17.3 million. The firm’s liquidity strengthened with cash & equivalents up by $85.8 million to $165.4 million. Despite challenges posed by La Nina weather patterns impacting crop sizes, the company anticipates fiscal 2023 sales between $1.75 billion and $1.95 billion.
Pyxus International, Inc. (PYYX) will host a conference call on August 11, 2022, at 5:30 P.M. ET, to discuss its financial results for the first quarter ending June 30, 2022. The press release detailing these results will be issued before the call. Interested investors can join by dialing (646) 960-0369 or (888) 350-3452 using conference ID 2624736. A live audio webcast will also be available on the Pyxus website. A replay will be accessible for five days following the event.
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