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Cosan (NYSE:CZZ) S.A. (B3: CSAN3; NYSE: CSAN), a prominent player in the Oil, Gas & Consumable Fuels industry with a market capitalization of $2.48 billion, has announced a delay in the filing of its 2024 Financial Statements (2024 FS), initially scheduled for February 26, 2025. According to InvestingPro data, the company maintains strong fundamentals with a GOOD financial health score, despite its stock experiencing significant pressure, down over 64% in the past year. The new filing date is set for March 10, 2025, as disclosed in a recent SEC Form 6-K filing.
This postponement is due to the independent auditors’ work not being completed as of today. The company has ensured that there are no audit notes indicating a significant change in the financial statements. Despite the delay, Cosan will release unaudited financial information on February 26, 2025, and will conduct a public conference call the following day. The company’s financial stability is evidenced by its healthy current ratio of 1.86 and consistent dividend payments maintained for 15 consecutive years.
Cosan has also informed that its subsidiary Raízen S.A. published its interim financial statements on February 14, 2025. Similarly, Rumo S.A. released its audited 2024 FS on February 20, 2025. Compass Gás e Energia S.A. is scheduled to disclose its audited 2024 FS today. The financial statements for non-listed controlled companies have been completed without independent auditors’ opinion and currently show no material changes.
The company’s Annual Corporate Events Calendar has been updated accordingly and can be accessed on both the CVM and Cosan’s official websites. This move to update the calendar reflects Cosan’s commitment to transparency and regulatory compliance.
Rodrigo Araujo Alves, Cosan’s Chief Financial and Investor Relations Officer, signed off on the SEC filing, reiterating the absence of significant changes in the forthcoming financial statements. Investors and stakeholders are advised to await the unaudited financial information release and participate in the conference call for further details.
The information contained in this article is based on the statements provided in the SEC Form 6-K filing made by Cosan S.A. Based on InvestingPro analysis, the company appears undervalued at current levels, with a strong free cash flow yield and robust revenue growth prospects. For detailed insights and access to the comprehensive Pro Research Report covering Cosan and 1,400+ other stocks, consider subscribing to InvestingPro.
In other recent news, Cosan S.A. has made several notable announcements. The company has decided to change its independent auditing services, appointing PricewaterhouseCoopers Auditores Independentes Ltda (PwC) to replace BDO RCS Auditores Independentes SS Ltda. PwC will begin auditing Cosan’s financials for the first quarter of 2025, extending services to its subsidiaries, including Rumo, Compass, and Moove. Additionally, Cosan reported a fire at its subsidiary Moove Lubricants Holdings’ facility in Rio de Janeiro, confirming no casualties and implementing measures to minimize potential impacts.
Cosan also announced the early redemption of its 2027 bonds through its subsidiary Cosan Luxembourg S.A., involving a total amount of $392 million. This move is part of a strategy to optimize the company’s capital structure. Furthermore, Cosan has divested its entire 4.05% stake in Vale S.A., selling 173,073,795 shares as part of its capital optimization strategy. The financial details of this transaction were not disclosed, and the company has not specified how the proceeds will be used.
These developments reflect Cosan’s ongoing efforts to manage its financial liabilities and investment portfolio actively. The company’s recent actions, including the change in auditing services and the bond redemption, aim to enhance financial oversight and flexibility. The sale of Vale shares is a significant shift in Cosan’s investment strategy, although further details on its implications remain undisclosed.
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