NEWPORT BEACH, Calif.--(BUSINESS WIRE)--American Vanguard Corporation (NYSE: AVD) announced that Mort Erlich, who has served on the company’s board of directors since October 2013, has expressed his intention to retire effective as of the filing of the Form 10-K for the period ended December 31, 2023. Mr. Erlich joined American Vanguard after a 34-year career with KPMG LLP and has served as the Chair of the company’s Audit Committee, as well as a member of both the Compensation Committee and Nominating & Co ...

Group 1 - American Vanguard (AVD) is a member of the Basic Materials sector, which includes 236 individual stocks and holds a Zacks Sector Rank of 15 [1] - AVD has a Zacks Rank of 2 (Buy), indicating a favorable outlook based on earnings estimate revisions and improving earnings outlooks [1] - Over the past three months, the Zacks Consensus Estimate for AVD's full-year earnings has increased by 4.4%, reflecting improved analyst sentiment [2] Group 2 - AVD has achieved a year-to-date performance of approximately 0.6%, outperforming the Basic Materials group, which has lost about 7% on average [2] - Ecolab (ECL), another stock in the Basic Materials sector, has a year-to-date return of 9.1% and a Zacks Rank of 1 (Strong Buy) [2] - AVD is part of the Chemical - Specialty industry, which consists of 33 companies and currently ranks 101 in the Zacks Industry Rank, with the industry gaining about 3.4% this year [3]

The price-to-earnings (P/E) multiple enjoys wide-scale popularity among investors seeking stocks trading at a bargain. In addition to being a widely used tool for screening stocks, P/E is a popular metric for working out the fair market value of a firm. But even this ubiquitously used valuation multiple has a few limitations.Although P/E is the most popular valuation metric, a more complicated multiple called EV-to-EBITDA works even better. Often considered a better alternative to P/E, it gives the true pic ...

NEWPORT BEACH, Calif.--(BUSINESS WIRE)--American Vanguard Corporation (NYSE: AVD), today announced key metrics from its preliminary and unaudited financial results for the fourth quarter and full year ended December 31, 2023. Eric Wintemute, Chairman and CEO of American Vanguard commented, “During our third quarter earnings report in November, we indicated expectations for the full year 2023 and our targets for 2024. While we have not completed our full audit cycle, I am pleased to report that based on our ...

NEWPORT BEACH, Calif.--(BUSINESS WIRE)--American Vanguard Corporation (NYSE: AVD), today announced that it will discuss certain key preliminary and unaudited financial results for the fourth quarter and full year ended December 31, 2023, on Wednesday, January 31, 2024. Eric Wintemute, Chairman and CEO of American Vanguard commented, “In addition to our discussion of Preliminary Fourth Quarter and Full Year 2023 performance, we will speak to our 2024 Financial Targets, and provide an update on our importa ...

More than a dozen financial firms are involved in new bitcoin ETFs that began trading on Thursday, but one of the biggest fund issuers and money managers in the world still won't touch cryptocurrency.A Vanguard spokeswoman told CNBC that the asset management giant has no plans to create a bitcoin ETF of its own, or to even offer funds from other issuers on its trading platform."While we continuously evaluate our brokerage offer and evaluate new product entries to the market, spot Bitcoin ETFs will not be av ...

American Vanguard Corporation (NYSE:AVD) Q3 2023 Earnings Conference Call November 8, 2023 5:00 PM ET Company Participants William Kuser - VP, IR Eric Wintemute - Chairman and CEO David Johnson - CFO Conference Call Participants Brandon Rogers - ROTH Capital Partners Chris Kapsch - Loop Capital Markets Wayne Pinsent - Gabelli Funds Operator …Earnings Conference Call. At this time all participants are in a listen only mode. A brief question-and-answer session will follow the formal presentation [Operator Ins ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Title of each class Trading Symbol(s) Name of each exchange on which registered Common Stock, $.10 par value AVD New York Stock Exchange FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 2023 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM TO Commission file number 001-1 ...

Financial Data and Key Metrics Changes - In Q2 2023, overall net sales decreased by 10% compared to the same period in 2022, amounting to a decline of approximately $15 million [14] - The company adjusted its full-year 2023 performance targets, projecting net sales between $615 million and $625 million, adjusted EBITDA between $70 million and $75 million, and net income between $20 million and $24 million [5][23] - Gross margin percentage for Q2 2023 was 32%, down from 33% in 2022, primarily due to increased international sales and generic price competition [14] Business Line Data and Key Metrics Changes - U.S. crop business net sales were down 11%, impacted by the unavailability of a high-margin herbicide [6] - Non-crop business net sales decreased by about 20% due to retailers reducing inventory levels [8] - International sales dropped by 6%, with strong performance in Mexico and Australia not enough to offset competition from low-priced generic products in Central America and Brazil [8] Market Data and Key Metrics Changes - The global agricultural chemical industry experienced an average sales drop of approximately 20%, while the company’s sales decline was only 10% [6] - Channel inventory of corn soil insecticides is at historic lows, with only 12% of the amount applied last year, indicating potential for increased demand [20] Company Strategy and Development Direction - The company is focusing on managing expenses to improve operating leverage and is optimistic about a recovery in the second half of the year [4][5] - The Green Solutions portfolio continues to grow, with a 21% increase in sales compared to Q2 2022, indicating a shift towards more sustainable products [10] - The company is advancing its SIMPAS precision application system in Brazil, which is expected to enhance market presence and revenue opportunities [12][13] Management's Comments on Operating Environment and Future Outlook - Management noted that the farm economy remains strong with stable commodity prices, which should support demand in the second half of the year [20] - The company anticipates that domestic sales will be approximately flat compared to last year, while international business is expected to grow by 3% to 5% [22] - Management emphasized the importance of financial discipline and operating efficiency in the current market conditions [25] Other Important Information - The company has initiated a stock repurchase plan, reflecting confidence in its equity value [10] - A one-time tax expense in Brazil impacted overall performance, marking only the second loss recorded in the last 55 quarters [16] Q&A Session Summary Question: Impact of inventory destocking on market share - Management acknowledged the pressure from glyphosate pricing but noted that their products remain complementary and have maintained market share [28] Question: Changes in competitive landscape due to destocking - Management confirmed that pricing pressure has increased across all markets, but they are focusing on products with stronger margins [31] Question: Confidence in inventory normalization - Management explained their inventory tracking system and expressed confidence in the accuracy of their inventory levels [36] Question: Updates on SIMPAS solution in Brazil - Management indicated that they are monitoring the adoption of SIMPAS and will provide updates in future calls [42] Question: Cost reduction initiatives - Management highlighted efforts to improve inventory management and factory efficiencies as part of their cost reduction strategy [45]

Financial Performance - Q2 2023 net sales decreased by $15 million, from $148 million to $133 million[5, 11] - The company's Q2 2023 net loss for AVD was $1053 thousand, compared to a net income of $6830 thousand in 2022[19] - H1 2023 net sales decreased by $40123 thousand, from $297797 thousand to $257674 thousand[23] - H1 2023 net income for AVD was $865 thousand, compared to $16765 thousand in 2022[23] - The company restated full year net sales targets to $615 million - $625 million, EBITDA to $70 million - $75 million, and net income to $20 million - $24 million[5] Market Dynamics - The industry experienced in-channel destocking[5] - Industry peers' average sales were down approximately 20%, while AVD's sales were down 10%[6] - International sales accounted for 45% of total sales in Q2 2023, compared to 43% in Q2 2022[11] Strategic Initiatives - Green solutions sales increased by 21%[7] - The company authorized a $15 million share repurchase in Q2 and an additional $75 million in Q3[7] - The company is targeting operating expenses as a percentage of net sales to be 25-27%[28]