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Mar. 14, 2023 Source: American Vanguard news release Newport Beach, CA - American Vanguard Corporation (NYSE: AVD) today announced financial results for the full year ended December 31, 2022. Fiscal 2022 Full Year Financial Highlights - versus Fiscal 2021 Full Year: • Net sales were $610 million in 2022, compared to $558 million in 2021 (up 9%) • Net income was $27.4 million in 2022, compared to $18.6 million in 2021 (up 47%) • Earnings per diluted share of $0.92 in 2022, compared to $0.61 in 2021 (up 51%) • Adjusted EBITDA1 of $73.1 million in 2022, compared to $63.5 million in 2021 (up 15%) Eric Wintemute, Chairman and CEO of American Vanguard, stated: "Our full-year performance in 2022 exceeded that of 2021 in virtually every financial metric with net sales up 9% and net income up 47%. "With high commodity prices and a strong farm economy, our U.S. Crop business recorded increased sales of our products in corn, soybeans, cotton, potatoes, and many fruits and vegetables. "Our Non-Crop business experienced flat overall sales, in spite of a 30% drop in the domestic consumer product market. Further, our international business grew by 13% year-over-year, with increased sales of soil fumigants in Mexico and Australia, a milestone $100 million net sales record in Central America and expansion of our Green Solutions business into key markets. With demand for many of the high margin products that we produce in-house, we experienced greater efficiency within our manufacturing operations. "At the same time, we strengthened our balance sheet through prudent allocation of capital, generation of cash and reduction of debt." Mr. Wintemute continued: "Looking forward, we are well positioned in both domestic and international markets for 2023, during which we are targeting increased net sales, and consistent gross profit and operating expense performance when compared to sales. During 2023, we are forecasting higher interest rates (due to the FOMC's regular increases in the interest rate) and consequently higher expense. "At the bottom line, we expect to see a solid increase in both net income, earnings per share, and adjusted EBITDA. During 2023, we will continue to develop our key strategic growth initiatives in innovative Core products, Green Solutions and SIMPAS/Ultimus technologies." To read the entire report click here. Tweet |
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