08:15 AM EST, 01/13/2025 (MT Newswires) -- Ag Growth International ( AGGZF ) on Monday cut its full year 2024 adjusted EBITDA outlook to about $260 million with adjusted EBITDA margins of about 18.5%, compared with its previous outlook of adjusted EBITDA of about $280 million with adjusted EBITDA margins of about 19%.

In 2023, adjusted EBITDA was $294 million and profit before income taxes was $86.1 million.

"Our updated guidance is the result of several factors coming together over recent weeks," said AGI Chief Executive Paul Householder. "The U.S. and broader North American farm market continues to be soft with a noticeable slowdown in early order program activity relative to our expectations. In addition, engineering and procurement delays on certain Commercial segment projects in Brazil will push some of the financial contributions we were expecting in 2024 into early 2025."

Ag Growth ( AGGZF ) will release fourth quarter and full year results on March 5, 2025.

Shares of the company closed down $1.41 or 2.9%, to $47.23 on Friday on the Toronto Stock Exchange.