American Vanguard (AVD) Q2 Earnings and Sales Miss Estimates

Core Viewpoint - American Vanguard Corporation (AVD) reported a significant increase in losses for Q2 2024, with a loss of 42 cents per share compared to a loss of 4 cents per share in the same quarter last year. Adjusted loss was wider than expectations, and revenues fell short of estimates due to unfavorable market conditions [1]. Financial Performance - AVD's revenues for the quarter were $128.2 million, down approximately 3$134.2 million [1]. - The U.S. crop business revenues decreased by roughly 7% year over year to about $52.3 million, while the U.S. non-crop business saw a 13$19 million [2]. - International revenues declined by around 5% year over year to approximately $56.9 million, primarily due to lower herbicide sales [2]. - The company ended the quarter with cash and cash equivalents of roughly$17.9 million, a sequential increase of about 31%, while long-term debt rose to around $211.3 million, up approximately 13$40-$50 million from a previous estimate of$60-$70 million. The company now anticipates net sales to be down 2% to flat, compared to an earlier forecast of 6-9% growth [4]. Price Performance - AVD's shares have experienced a significant decline of 62.8% over the past year, contrasting with a 13.9% decline in the industry [5].