Bioceres sees Q2 revenue about $105M, consensus $143.1M

The company states: “These results reflect challenging conditions in Argentina, which remains a decisive market for the financial performance of the company in the first half of the year. Farmer purchasing behavior in the country changed significantly compared to the prior year, driven by macroeconomic conditions and unfavorable weather. This, together with high channel inventories, led to lower crop protection and micro-beaded fertilizer sales.” “As referenced by agricultural input providers as well as distributors and equipment vendors in the marketplace, Argentina continued to face significant headwinds related to weather, farmer economics, and inventory overhang. While this environment has had a particularly negative effect on cyclical businesses such as micro-beaded fertilizers, we expect to continue to retain or gain market share in our most established product families. Structurally, we remain confident in the attractiveness of our unique and evolving portfolio of products and in our ability to deliver these solutions ourselves, or via our partners, to farmers globally. We look forward to providing further context on our earnings call, as well as discussing initiatives we are undertaking to mitigate these industry-wide challenges,” said Federico Trucco, CEO.