Shares of Pyxus International Inc. (OTCMKTS:PYYX) were one of the top gainers on Wednesday and closed higher by 27%. Here is why.
On Wednesday, PYYX stock soared 27% to $1.27 with more than 11K shares, compared to a volume of 1K shares. The stock moved within a range of $0.6500 – 1.2700 after opening trade at $1.20.
About The Company
Pyxus International Inc. (OTCMKTS:PYYX) is a global agricultural company having 150 years of experience in delivering value-added products as well as services to customers and businesses. The company is driven by a common purpose- for transforming people’s lives. The company and its subsidiaries are trusted providers of independently verified, responsibly sourced, and sustainable products.
Pyxus International, Inc. Reports Fourth Quarter and Fiscal Year 2022 Results
Pyxus International Inc on June 14, 2022, announced results for the quarter as well as the fiscal year ending March 31, 2022. The results reflect the combined results of Successor and Predecessor. The sales and other operating revenues were $1,639.9 million while the gross profit as a percentage of sales was 13.8%. The net loss of Pyxus International Inc. was $82.1 million, improving by 30.2% from the prior fiscal year. The company’s Cash and cash equivalents were $198.8 million, a surge of $106.1 million.
The firm announced the ESG framework in December 2021, providing a connection between business priorities and purpose. In the current year, the company ventured into a $100.0 million ABL credit facility with PNC Bank and entered into an agreement for amending the delayed draw term loan facility.
Pieter Sikkel, Pyxus’ President, and CEO said that the company is proud of the progress made by the business in the current fiscal. Sikkel added that the employees worked hard to augment volumes as well as revenues even as they confronted global challenges.
The CEO further stated that the firm is expanding customer relationships as customers are looking for solutions to lower supply chain issues and ameliorate operational efficiencies.
Pyxus International Inc stated that the efforts in the current fiscal on executing a strategy for augmenting financing sources as well as working capital lines led to a new asset-based lending credit facility with PNC Bank in February 2022.
The company is expecting fiscal 2023 sales to be between $1.75 billion and $1.95 billion while it is anticipated adjusted EBITDA to be $130-160 million due to higher demand for the leaf products. Pyxus International Inc will continue focusing on farmer livelihoods and a responsible supply chain. It has taken proactive measures for securing inputs for next years like fuel and fertilizer and fuel enabling the company to be focused on delivering stakeholder value.
Pieter Sikkel, Pyxus’ President and CEO said, “We are proud of the progress made by the business during the fiscal year 2022. Our employees worked diligently to successfully increase volumes and revenue compared to the prior year while continuing to navigate global challenges, which largely stem from the ongoing impacts of COVID-19 and the unfortunate events in Ukraine.