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Aug. 10, 2022 Source: American Vanguard news release American Vanguard Corporation (NYSE: AVD) today announced financial results for the second quarter and six months ended June 30, 2022. Fiscal 2022 Second Quarter Financial Highlights - versus Fiscal 2021 Second Quarter: *Net sales were $148 million in 2022, compared to $135 million in 2021 *Net income was $6.8 million in 2022, compared to $5.1 million in 2021 *Earnings per diluted share of $0.23 in 2022, compared to $0.17 in 2021 *Adjusted EBITDA1 of $19.7 million in 2022, compared to $16.5 million in 2021 Fiscal 2022 Mid-Year Financial Highlights - versus Fiscal 2021 Mid-Year: *Net sales were $298 million in 2022, compared to $251 million in 2021 *Net income was $16.8 million in 2022, compared to $8.2 million in 2021 *Earnings per diluted share of $0.55 in 2022, compared to $0.27 in 2021 *Adjusted EBITDA1 of $42.5 million in 2022, compared to $30.3 million in 2021 Eric Wintemute, Chairman and CEO of American Vanguard stated: "Conditions within our agricultural markets continue to be favorable with consistently high commodity prices, a strong farm economy and, for US-based companies, a strong US dollar. Having built a portfolio of products that reaches across multiple crops - including corn, soybeans, cotton, potatoes, and high-value fruits and vegetables - we were better able to cross-sell to growers and enjoyed strong demand for our products, both domestically and abroad. Our focused efforts to increase prices and more fully exploit our manufacturing assets enabled us to achieve higher margins despite inflation and supply chain challenges. Within this context, we recorded strong results for the second quarter and first half of 2022, including higher sales and improved profitability." Mr. Wintemute continued: "Our second quarter improvement was led by our international business, which generated higher sales of soil fumigants, foliar and soil insecticides, fungicides and micronutrient products across multiple regions. Our domestic crop business enjoyed strong demand for our expanding portfolio of herbicides, partially offset by lower soil fumigant sales due to drought conditions in the West and Southwest, where water allocation has been implemented. During the second quarter of 2022, our U.S. non-crop business experienced relatively steady demand in mosquito control, commercial pest applications and horticulture/ornamental products." Mr. Wintemute concluded: "Looking forward, we believe that our Company is situated well in both domestic and international markets and are consequently optimistic, even with weather- and economy-related variables, about meeting or exceeding our previously announced performance targets for FY 2022, including revenue growth between 8% and 11%, gross profit margins of 38-40% of net sales, operating expenses within the range of 31-33% of net sales and a year-over-year net income increase of between 60% and 70%. We look forward to giving you a more detailed presentation during our upcoming earnings call." To read the entire report click here. Tweet |
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