Morrisville-based agtech firm Pyxus misses revenue estimates in Q2

MORRISVILLE – Pyxus International, Inc. reported on Thursday second-quarter revenue of $383 million, missing analyst estimates of $430 million.

The $383 million in revenue falls short of the $394.9 million of revenue brought in the same quarter a year ago.

Sales decreased primarily due to an 11.2 percent drop in average sales prices related to the Leaf product mix in Asia and South America having a higher concentration of byproducts, the company said.

The company posted an improved loss for the quarter, reporting a loss of $1.81 per diluted share compared to a loss of $6.04 per share a year ago.

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“Turning to operational performance, the leaf business is performing in line with expectations,” said CEO Pieter Sikkel. “This past quarter we have experienced strong volumes, solid orders across geographies, including China, and improving margins, demonstrating the benefit of the implementation of strategic initiatives our team continues to execute.”

Sikkel said the company still plans to potentially monetize part of its ownership in a consolidation of its two Canadian cannabis businesses with its minority-owned U.S. hemp and next generation flavor businesses.

Formerly known as Alliance One, Pyxus is an agricultural company involved in the provision of products such as tobacco, e-liquids in vaporizers, electronic cigarettes and hemp-derived cannabidiol products.

Shares of Pyxus International closed at $10.03 on Monday, down 30 cents.

This story is from the North Carolina Business News Wire, a service of UNC-Chapel Hill’s Hussman School of Journalism and Media.