American Vanguard (US:AVD)2023-08-12 19:34Financial 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]