Agria rises on high-end guidance announcement
Agria Corp. (NYSE: GRO) shares are rising after the provider of agriculture products announced that it projects fourth-quarter revenue in the higher end of its guidance.
The China-based company expects quarterly revenue in the range of $31.8 million to $33.8 million, which would represent a growth of 60% to 70% over last year’s fourth quarter. Agria said strong corn seed sales fueled growth and that snow storms did not cause a material boost in sheep deaths.
"We are pleased with the success in our business and continue to expect we will achieve annual revenue growth above 25% in 2008 compared to 2007 based on current order forecasts and market expectations,” co-CEO Kenneth Huang said in a statement. “The opportunities in front of us for revenue and profit growth remain vast.”
In morning trading, GRO shares are up 12.40%, or $0.94, at $8.52. Over the last 52 weeks, shares have ranged from $6.05 to $17.
About the Author
Reporter Will Atkinson is based in SmallCapInvestor.com's Washington, D.C. bureau.
Read More
(click a star)
Enter comment: