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Drought hits Ag Growth's bottom line
Ag Growth manufactures grain augers. (HANDOUT PHOTO)
Last year’s severe drought in the U.S. corn belt caused Ag Growth International’s fourth quarter results to drop, with EBITDA down 44.7 per cent and total revenue down seven per cent.
For the full year the Winnipeg-based company that makes a number of different varieties of portable grain handling equipment reported total revenue of $314.6 million, an increase of 4.5 per cent and EBITDA of $49.5 million, a decrease of seven per cent.
The company reported a net loss of $3.4 million for the quarter compared to a profit of $3.3 million during the fourth quarter last year.
For the full year Ag Growth reported net profit of $17.2 million down 30 per cent from last year’s $24.5 million.
Ag Growth shares were down $1.22 at mid-day today to $32.09.
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