11/22/2023 0 Comments Ag growth international toronto officeIn addition, full year sales and adjusted EBITDA growth of 20% and 16%, respectively, continue the trend of strong momentum over an already historic performance in 2021. The Farm segment delivered impressive results in the fourth quarter, with sales and adjusted EBITDA growing by 24% and 4% YOY, respectively. While 2022 was highlighted by significant progress in improving our key balance sheet ratios, we remain committed and vigilant to continue this trend in 2023.' 'The fourth quarter showed continued commitment to our deleveraging targets with growth in adjusted EBITDA and meaningful repayment against our senior credit facilities both helping to get our total leverage ratio under 4.0x at year-end. Our growth and targeted initiatives to manage spending have enabled AGI to continue progress against our balance sheet and cash management objectives,' added Jim Rudyk, CFO of AGI. With a strong backlog, momentum across the business, and a clear set of initiatives to continue our growth trajectory, we look forward to another excellent year for AGI in 2023.' 'With progress across our three corporate strategic priorities - profitable organic growth, operational excellence, balance sheet discipline - and tangible improvements on the KPIs we use to track these three priorities, we are highly encouraged by the significant progress and growth achieved in 2022. Our record fourth quarter results for sales and adjusted EBITDA are an ideal way for AGI to close-out another record year,' noted Paul Householder, President & CEO of AGI. Management expects full year 2023 adjusted EBITDA to be at least $260 million1, representing continued growth and momentumīacklog3 is up 10% YOY as of December 31, 2022, despite the deferred or cancelled orders as a result of the conflict in Ukraine, and is sitting at record-levels for year-end and near-record levels all-time Sales increased 22% to $1.46 billion on a YOY basisĪdjusted EBITDA1 increased 33% to $235 million on a YOY basisĪdjusted EBITDA margin2 of 16.1% vs 14.7% on a YOY basis Third consecutive year of record sales and adjusted EBITDA results with growth largely attributable to organic growth efforts and initiatives Total leverage ratio2 of 3.7x at Decemvs 4.1x at Septemand 4.7x at December 31, 2021 Sales increased 14% to $374 million on a year-over-year ('YOY') basisĪdjusted EBITDA1 increased 14% to $51 million on a YOY basisĪdjusted EBITDA margin2 of 13.6% vs 13.7% on a YOY basis Record fourth quarter results for sales and adjusted EBITDA (TSX: AFN) ('AGI', the 'Company', 'we' or 'our'today announced its financial results for the three-months and year-ended December 31, 2022.
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