AgJunction Reports Gains in Q1
AgJunction Inc. recently reported its financial results for the quarter ended March 31, 2016.
During the fourth quarter of 2015, AgJunction successfully completed a merger with Novariant, Inc., which strengthened its position in the OEM precision guidance and machine control markets. AgJunction’s consolidated 2016 first quarter results were presented as a combined entity; the comparative first quarter in 2015, however, does not include Novariant’s operations.
For the three months ended March 31, AgJunction reported revenue of $15.5 million in U.S. dollars, a 28 percent increase from $12.1 million in the first quarter of 2015. Total revenue in the Americas for the first quarter was $7.5 million, up 49 percent year-over-year, due largely to additional sales from the acquisition.
Sales in Asia Pacific increased 58 percent from the first quarter of 2015. Combined, sales in Europe, Middle East and Africa decreased by 3 percent from the first quarter of 2015, which reflects market conditions.
The Americas represented 48 percent of total revenues in the first quarter of 2016 compared to 41 percent a year ago.
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