Palm Beach, FL – October 12, 2022 – FinancialNewsMedia.com News Commentary – In United States, Agriculture is a major industry and is a main source for the export market for its agricultural products and technology. For instance, trade is important to the US agricultural sector as agricultural exports accounts for more than 20% of the volume of US agricultural production, according to The Food and Agriculture Organization. One sub-category that has been growing steadily over the past few years and that is projected to continue substantial growth is the Automated Growing Systems market. An automated growing system is a type of hydroponic gardening system that uses an electronic controller to manage the watering and feeding of plants. The importance of automated growing systems is twofold: they allow gardeners to precisely control the environment in which their plants are grown, and they automate many of the tasks typically associated with hydroponic gardening, such as watering and feeding. A report from Industry Growth Insights said that the global automated growing system market is expected to grow at a substantial CAGR through 2030. The growth in this market can be attributed to the increasing demand for fresh fruits and vegetables, rising awareness about health and wellness, and technological advancements in automated growing systems. Active Companies in the markets today include AgriFORCE Growing Systems Ltd. (NASDAQ: AGRI), Archer-Daniels-Midland Company (NYSE:ADM), Conagra Brands, Inc. (NYSE: CAG), Tyson Foods (NYSE: TSN), McCormick & Company, Incorporated (NYSE: MKC).
The report discussed the following growth factors: “Increasing demand for high quality and organically grown produce: There is an increasing demand for high quality and organically grown produce, which has led to the growth of the automated growing system market. The automated growing system helps in producing high quality and organic fruits and vegetables. Rising awareness about the benefits of consuming organic food: There is a rising awareness among people about the benefits of consuming organic food, which is driving the growth of the automated growing system market. Organic fruits and vegetables are healthier than conventionally grown ones as they are free from harmful chemicals and pesticides that can be harmful to human health. The report continued: “North America dominated the global market in (recent years). The region is expected to maintain its position during the forecast period (2030). This can be attributed to increasing investments in R&D and technological advancements associated with AGS systems. Moreover, high adoption of these systems by commercial as well as residential sectors is also one of the major factors contributing toward regional growth.”
AgriFORCE Growing Systems Ltd. (NASDAQ: AGRI) BREAKING NEWS: AgriFORCE Granted Patent from the United States Patent and Trademark Office Related to its Automated Growing Facility, FORCEGH+ – Patent Expands IP Portfolio in Advance of Developing First Coachella Campus – AgriFORCE Growing Systems Ltd. (“the Company”), an intellectual property (IP)-focused AgTech company dedicated to advancing sustainable cultivation and crop processing across multiple platforms, today announced it will be granted a patent, titled “Automated Growing Systems,” by the United States Patent and Trademark Office (USPTO) related to proprietary systems and technologies within the Company’s controlled environment agriculture (CEA) facility, FORCEGH+.
The patent is the first to be issued among a group of patent applications related to the Company’s automated grow systems, with this patent specifically covering the grow channel component, which allows a range of plants to be grown within a single channel. AgriFORCE has developed specific, data-driven cultivation strategies that start at tissue culture/micropropagation and that result in crops reaching their full genetic potential. Throughout the plant’s life cycle, these proprietary and integrated systems provide sustainable and holistic solutions.
“We continue to enhance and strengthen our intellectual property portfolio, which is core to our strategy,” commented Ingo Mueller, Chief Executive Officer of AgriFORCE. “With this granted patent, we are protecting our innovative technologies and designs that achieve higher crop yields through sustainable processes. The issuance of this latest patent is particularly timely, as we lay the foundation for development of the first Coachella Campus for our proprietary and state-of-the-art FORCEGH+ CEA facility. We believe our revolutionary facility design combined with our advanced indoor agriculture systems represent the next generation of food and plant production for consumers.”
“This patent award is a significant milestone, as it represents the first patent granted by USPTO in a series of patent applications submitted and is vital in our progression towards making agriculture clean, green, and better. With this patent, we are covering important aspects of our fully integrated technologies that differentiate our solutions from others in the market. We are proud to build upon our robust IP portfolio and expect to announce additional developments related to FORCEGH+ and other IP-driven initiatives in the coming months,” stated Troy McClellan, President of AgriFORCE Solutions. CONTINUED… Read this full release for AgriFORCE Growing Systems at: https://ir.agriforcegs.com/
Other recent developments in the markets include:
ADM (NYSE: ADM) recently announced that it will release financial results for the third quarter of 2022 before the market opens on Tuesday, Oct. 25, 2022. A slide presentation will also be available for download. The company will host a webcast at 8 a.m. Central Time to discuss the results and provide a company update.
ADM unlocks the power of nature to enrich the quality of life. We’re a premier global human and animal nutrition company, delivering solutions today with an eye to the future. We’re blazing new trails in health and well-being as our scientists develop groundbreaking products to support healthier living.
Conagra Brands, Inc. (NYSE: CAG) recently reported results for the first quarter of fiscal year 2023, which ended on August 28, 2022. All comparisons are against the prior-year fiscal period, unless otherwise noted.
Highlights Were: First quarter net sales increased 9.5%; organic net sales increased 9.7%; Operating margin in the quarter was (0.7%); adjusted operating margin was 13.7%; Diluted loss per share for the first quarter was $0.16, and adjusted earnings per share (EPS) was $0.57; First quarter operating margin, net income, and diluted EPS were impacted by non-cash goodwill and intangible asset impairment charges, primarily driven by an increased discount rate; and The company is reaffirming its fiscal 2023 guidance reflecting:
Sean Connolly, president and chief executive officer of Conagra Brands, commented, “The strength of our brands and continued execution of the Conagra Way playbook resulted in strong sales and adjusted operating profit during the first quarter. We continued to deliver improved service and productivity as we navigate ongoing inflationary pressures and industry-wide supply chain challenges. Our strong start to fiscal 2023 reaffirms our confidence in our outlook for the balance of the fiscal year as we remain focused on generating value for our shareholders.”
Tyson Foods, Inc. (NYSE: TSN) recently announced it will release fourth quarter 2022 financial results on Monday, November 14, 2022. Management will host a conference call and webcast beginning at 9:00 a.m. Eastern Time (8:00 a.m. Central Time). A press release and supplemental materials will be issued before the market opens that morning.
A link for the webcast of the conference call is available on the Tyson Investor Relations website at http://ir.tyson.com. The webcast can also be accessed by the following direct link: https://events.q4inc.com/attendee/910760275. Participants may join the audio-only version of the conference call by calling: Dial In (Toll Free): 1-844-890-1795; International Dial In: 1-412-717-9589
For those who cannot participate at the scheduled time, a replay of the live webcast and accompanying slides will be available at http://ir.tyson.com. A telephone replay will also be available until Wednesday, December 14, 2022, at: US Toll Free: 1-877-344-7529; International Toll: 1-412-317-0088; Canada Toll Free: 855-669-9658; Replay Access Code: 2075010
McCormick & Company, Incorporated (NYSE: MKC), a global leader in flavor, recently reported financial results for the third quarter ended August 31, 2022 and reaffirmed its financial outlook for fiscal year 2022.
Sales increased 3% in the third quarter from the year-ago period. In constant currency, sales increased 6% driven by growth in both the Consumer and Flavor Solutions segments. Both comparisons include a 1% unfavorable impact from the divestiture of the Company’s Kitchen Basics business.
Operating income was $235 million in the third quarter compared to $265 million in the year-ago period. Adjusted operating income was $239 million compared to $272 million in the third quarter of 2021.
Earnings per share was $0.82 in the third quarter as compared to $0.79 in the year-ago period. Adjusted earnings per share was $0.69 as compared to $0.80 in the year-ago period.
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