Pyxus International announced its third quarter results for the period ending Dec. 31, 2019.
The company’s sales and other operating revenue decreased to $363.3 million for the three months from $524.5 million for the same period in 2018. Gross profit was down to $55.1 million from $74.7 million in 2018.
As a percentage of sales, however, gross profit improved to 15.2 percent from 14.2 percent, due to favorable currency exchange rate fluctuations resulting in lower green leaf inventory prices in Africa and South America.
“Two years into our One Tomorrow initiative, we have made significant operational progress against our strategy to transform the business and become a purpose-led company,” said Pieter Sikkel, chairman, president and CEO of Pyxus.
“With products spanning more than five different categories, Pyxus is well on its path to becoming a diversified agricultural technology and consumer products goods company. Across all of our business segments, we strongly believe that our commitment to transparency, sustainability, quality and growth based on market demand will position us as a stronger company prepared to meet the requirements of the international market.”