Alliance One International, Inc. (NYSE: AOI) reported Q3 earnings of $9.80 per share on revenue of $477 million.
The company, based out of Morrisville, North Carolina, reported Thursday that total third-quarter sales and other operating revenues increased 5.1% to $477.8 million primarily due to the larger South American crop and a 4.9% increase in average sales prices due to product mix.
Gross profit increased 12.8% to $73.5 million and gross profit as a percentage of sales improved to 15.4% from 14.3% last year.
Net income for AOI was $88.5 million, including a net tax benefit of $73.3 million with $59.4 million associated with estimated discrete net tax benefits related to the new tax law enacted in December, and Adjusted EBITDA improved 12.1% to $57.0 million.
CEO Pieter Sikkel said, "Fiscal year 2018 continues to progress in line with our expectations. We achieved solid sales growth during the third quarter when compared to last year.
“Our volume sold has increased, as crop sizes have returned to more normal levels in many key markets despite reduced crop sizes in Africa. We are pleased with this quarter's results and with the continued progress against our key initiatives and strategic objectives.”
Alliance One, the news release went on to say, “is transforming itself to realize its potential as a purpose driven organization with a clear vision and focus on achieving competitive distinction and building upon new opportunities to increase shareholder value.”
Alliance One shares took the elevator to the penthouse, picking up $3.15, or 24.2%, to $16.15.