Improved sales at AOI

Alliance One International (AOI) announced results for the fiscal year that ended March 31, 2018.
Total sales and other operating revenues increased 7.7 percent to $1.85 billion as a result of a 7.5 percent increase in average sales price due to favorable product mix mainly in South America and North America.
Gross profit increased 13.5 percent to $246.2 million and gross profit as a percentage of sales improved to 13.3 percent from 12.7 percent.
Operating income increased 30.7 percent to $110.6 million when compared to the prior year.
Net income attributable to AOI was $52.4 million, which included a net tax benefit of $58.8 million with $59.4 million associated with estimated discrete net tax benefits related to the new U.S. tax law enacted in December.
Adjusted EBITDA improved 15.4 percent to $168.5 million.
“Fiscal year 2018 was a pivotal year for Alliance One,” said Pieter Sikkel, president and chief executive officer. “Led by a united purpose, we further enhanced our focus on becoming a trusted provider of responsibly-produced, independently-verified, sustainable and traceable agricultural products, ingredients and services to businesses and consumers.
“The transformation involves heightened focus on our leaf business; investment into new, higher-margin business lines; acquisition of new skill sets; and an unwavering commitment to further uniting our businesses behind a unified purpose. We are on a strategic, long-term path designed to improve shareholder value and we are confident in our ability to deliver best-in-class products and services to our customers.”