As a result, we are well positioned to ramp up Technology growth as we head into 2022.” Despite these factors impacting near-term Technology growth, we have substantially increased our dealer base for Technology products and made significant progress on our IoT product, production automation, and capacity expansion initiatives. Our Technology business has been impacted by supply chain issues and COVID-related restrictions which have lasted much longer than anticipated. However, this impact will ease in the fourth quarter and into 2022 as we have good visibility to strong fourth quarter results and substantial growth for the year over 2020. “As previously noted, the third quarter was impacted by supply chain disruption. “We will close out 2021 with record annual revenue and adjusted EBITDA due to outstanding execution by our global team which continues to gain market share while also dealing with extreme supply chain disruption,” commented Tim Close, President & CEO of AGI. Despite the anticipated steel impact in Q3 2021, full year 2021 adjusted EBITDA is expected to be at least $170 million, representing strong growth over 2020.Very robust backlogs across AGI which were up 99% year-over-year as of September 30, 2021.Strong sales as well as adjusted EBITDA growth in Q4 2021.Q3 2021 sales to increase relative to Q3 2020 but, as expected, higher steel prices and supply chain challenges are anticipated to result in lower adjusted EBITDA 1 on a year-over-year basis.(TSX: AFN) (“AGI”, the “Company”, “we” or “our”) announced today an operational and financing update.ĪGI reaffirms its previously disclosed outlook for near-term financial results, which includes expectations for: 14, 2021 (GLOBE NEWSWIRE) - Ag Growth International Inc. NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
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