2024-03-06 13:12:05 ET
Ag Growth International, Inc. (AGGZF)
Q4 2023 Earnings Conference Call
March 6, 2024 08:00 AM ET
Company Participants
Paul Householder - CEO and President
James Rudyk - CFO
Conference Call Participants
Jacob Bout - CIBC
Michael Doumet - Scotiabank
Gary Ho - Desjardins Capital Markets
Andrew Wong - RBC Capital Markets
Michael Tupholme - TD Securities
Tim Monachello - ATB Capital Markets
Maxim Sytchev - National Bank Financial
Presentation
Operator
Thank you for standing by. This is the conference operator. Welcome to the AGI Fourth Quarter 2023 Results Conference Call. As a reminder, all participants are in listen-only mode and the conference is being recorded. After the presentation, there will be an opportunity for analysts to ask questions. [Operator Instructions]
I would now like to turn the conference over to Paul Householder, President and CEO of AGI. Please go ahead, sir.
Paul Householder
Thank you, operator. Good morning and welcome to AGI's fourth quarter 2023 results call. I'm joined today by our CFO, Jim Rudyk. I'll start the call with a review of our results, then turn the call to Jim for additional commentary on the quarter. Following our prepared remarks, the call will be open for questions.
Before we get into the discussion on our results and other business updates, I'd like to provide a brief update on our progress in enhancing safety across AGI. I'm pleased to announce that 13 of AGI's global facilities have now gone one year without a lost time safety incident.
This is a huge achievement for our teams and a considerable improvement compared to just a few short years ago, when we began a structured process to track and improve safety across AGI.
Our progress has been supported by a significant and ongoing focus on near-miss activity, paying close attention to both the identification of near-misses as well as corrective actioning. We track our near-miss data on a case-by-case basis and aggregate statistics across AGI.
In 2023, we logged nearly 6.5 times more near-miss cases than we did in 2022 and 14 times more than 2021. The company-wide commitment to improving safety is undoubtedly a key part of our culture.
Now, turning to our fourth quarter and full year results. Our record fourth quarter results helped to close out another record year for AGI. It has now been four straight years of record results, driven almost entirely by organic growth, overcoming significant and varied challenges across some of the markets we serve.
For the fourth quarter, consolidated revenue was up 1%, primarily supported by growth in the Farm segment. Growth was impacted by steel costs generally trending lower year-over-year. Assuming a constant steel pricing environment, our revenue levels would have been approximately 5% higher than prior year, which more clearly highlights our growth and general market share gains....
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Ag Growth International, Inc. (AGGZF) Q4 2023 Earnings Call Transcript