LONGMONT — S&W Seed Co. (Nasdaq: SANW) turned what was a loss in its third quarter of 2022 into a profit in the most-recent period, despite recording lower year-over-year sales. 

The company posted net attributable income of $32 million on revenues of $17.7 million in the third quarter of its 2023 fiscal year, compared with a loss of $7.36 million on sales of $23.2 million in the third quarter of 2022.

“The $5.5 million decrease in revenue was primarily due to a $3.9 million decrease in product revenue from alfalfa sales to the Middle East and North Africa, United States, European, Asian, and South African regions, a $2 million decrease in pastures and forages sales in Australia, and a $1.1 million decrease in conventional sorghum sales to the United States,” the company said.

Operating expenses were down slightly in the most-recent quarter, as S&W “worked to align its cost structure to support its key centers of value.”

Company management, in a statement, said, “While the various factors that are largely outside our control are having some impact on top line results, significant progress was made this quarter and fiscal year to date, including gross margin expansion, operating expense reduction, the launch of our high value Double Team sorghum business, and execution of a strategic partnership with Shell to advance our biofuel capabilities.”

Looking ahead, S&W is projecting full-year 2023 sales of $65 million to $75 million.

S&W’s stock price fell 1.14% on Friday, ending trading at $1.30.