Elders (ASX:ELD) reported earnings of AU$0.286 per share for the year ended Sept. 30, a decline from AU$0.644 per share in the year-earlier period, according to a Monday filing with the Australian bourse.

Analysts polled by Visible Alpha expected EPS of AU$0.391.

Profit attributable to owners of the parent plunged 55% to AU$45.1 million from AU$100.8 million.

Sales revenue fell 6% to AU$3.13 billion from AU$3.32 billion. Analysts surveyed by Visible Alpha expected AU$3.01 billion.

The agribusiness company declared a dividend of AU$0.18 per share to shareholders of record as of Dec. 18 payable on Jan. 24, 2025, down from a dividend of AU$0.23 per share in the year-earlier period.

The company said it is "optimistic" about the 2024 summer crop, citing "favorable moisture profiles in many dry land areas, and average seasonal conditions across irrigated cropping regions."

In a separate filing, Elders disclosed its plans to acquire Delta Agribusiness for an enterprise value of AU$475 million. The deal includes AU$190 million of new Elders shares issued to Delta shareholders as scrip consideration at AU$8.52 per share.

To fund the deal, the company launched a AU$246 million fully underwritten 1-for-5.1 pro-rata accelerated non-renounceable entitlement offer and a AU$110 million new revolving loan facility. The equity raise has an issue price of AU$7.85 per new share, a 9.2% discount to the closing price of Elders' shares on Nov. 15.

Following the acquisition and the equity raising, Delta shareholders will own 10.5% of Elders' shares.