American Vanguard Reports First Quarter 2020 Results
Newport Beach, CA – May 11, 2020 – American Vanguard Corporation (NYSE: AVD) today announced financial results for the first quarter ended March 31, 2020.
Fiscal 2020 First Quarter Financial Highlights – versus Fiscal 2019 First Quarter:
• Net sales were $96.0 million in 2020, compared to $99.7 million in 2019
• Net income was $0.52 million in 2020, compared to $3.9 million in 2019
• Earnings per diluted share of $0.02 in 2020, compared to $0.13 in 2019
• EBITDA of $7.6 million in 2020, compared to $12.6 million in 2019
Note: Further details are available in the financial schedules attached to this press release
Eric Wintemute, Chairman and CEO of American Vanguard, stated: “As an essential business under both CISA guidelines and international orders, we are specially permitted to operate continuously during the pandemic. From the beginning of the year, we have maintained a healthy workforce, adapted to applicable COVID restrictions and otherwise carried on business as usual. On a consolidated basis, net sales for the period were down by 4% with flat domestic sales and lower international sales due primarily to currency exchange effects and softer market conditions. Generally speaking, sales by crop and product line were mixed across our businesses. Net income declined as compared to the first quarter in 2019; however, we exceeded breakeven, which we had forecast in our release of April 28.”
Mr. Wintemute concluded, “Our performance was not materially affected by the coronavirus during the first quarter. Looking forward, we are not yet able to determine the longer-term effects of the pandemic. Thus, with respect to the balance of 2020, we can say at this point that we will endeavor to maximize our results and are poised to perform in line with our peers. We look forward to giving you additional detail on market conditions, profitability, working capital considerations and our innovation initiatives during our upcoming earnings call.”
Eric Wintemute, Chairman & CEO, Bob Trogele, COO and David T. Johnson, CFO, will conduct a conference call focusing on operating performance and financial results at 4:30 pm ET / 1:30 pm PT on Monday, May 11, 2020. Interested parties may participate in the call by dialing (661) 378-9883 - please call in 10 minutes before the conference is scheduled to begin and mention conference ID: 7379353.
The conference call will also be webcast live via the News and Media section of the Company’s web site at www.american-vanguard.com. To listen to the live webcast, go to the web site at least 15 minutes early to register, download and install any necessary audio software. If you are unable to listen live, the conference call will be archived on the Company’s web site.
About American Vanguard
American Vanguard Corporation is a diversified specialty and agricultural products company that develops and markets products for crop protection and management, turf and ornamentals management and public and animal health. American Vanguard is included on the Russell 2000® and Russell 3000® Indexes and the Standard & Poor’s Small Cap 600 Index. To learn more about American Vanguard, please reference the Company’s web site at www.american-vanguard.com.
The Company, from time to time, may discuss forward-looking information. Except for the historical information contained in this release, all forward-looking statements are estimates by the Company’s management and are subject to various risks and uncertainties that may cause results to differ from management’s current expectations. Such factors include weather conditions, changes in regulatory policy and other risks as detailed from time-to-time in the Company’s SEC reports and filings. All forward-looking statements, if any, in this release represent the Company’s judgment as of the date of this release.
William A. Kuser, Director of Investor Relations
The Equity Group Inc.