AgroFresh Solutions sales up 15% in Q1 2017

AgroFresh Solutions' net sales for the first quarter of 2017 were up 15 percent to $33 million versus the first quarter of 2016, primarily due to SmartFresh growth in Brazil and Chile as well as Harvista growth in Argentina.

First quarter 2017 net loss reduced to $12 million compared to a net loss of $25 million for the first quarter of 2016; First quarter EBITDA of $11 million compared to $4 million in the year earlier period.

Jordi Ferre, Chief Executive Officer, commented, "First quarter results reflect the health of our business and give us confidence that our new operations focus and enhanced financial discipline are yielding results. We grew revenues for the second consecutive quarter, with growth of 15 percent in the first quarter compared to the prior year period.

"Of particular note, we increased market share in the highly competitive Argentina market that saw two new competitors enter the market, further evidence that our new marketing initiatives, geographic and product diversification efforts, and introduction of the SmartFresh Quality SystemTM are strengthening our reputation as the industry leader. Additionally, we saw double-digit growth on sales of Harvista as compared to the first quarter of 2016.

"Our strong top line growth led to overall financial results that were significantly improved from a year ago. As we continue to implement our growth strategy, it is encouraging that we have the support of Dow and Avenue Capital, who have not only exhibited their high degree of confidence by agreeing to make available up to $100 million in loans for approved acquisitions but have also improved our financial flexibility through our recently announced agreements.”