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1ST QUARTER: AMERICAN VANGUARD'S SALES DOWN 17%, EARNINGS DOWN 50%: $11.5 MILLION
May 10, 2023
Source: American Vanguard news release
Eric Wintemute, Chairman and CEO of American Vanguard, stated:
"During 2023, we expect to achieve higher adjusted EBITDA (between $84MM - $86MM) than in 2022, despite a first quarter setback arising from delays in restarting our supply chain, which is now back at capacity.
"After experiencing multiple delays, our China-based supplier was unable to deliver intermediates in sufficient quantities for our leading corn soil insecticide, Aztec, until early 2023. As a result, we were only able to produce and sell about one-third of seasonal demand for that product.
"This, coupled with a glut of generic herbicides (not sold by the Company) in the distribution channel, led to lower sales of domestic crop products during the quarter. While our domestic non-crop and international businesses recorded higher sales, the decrease in sales of higher-margin US crop products led to lower overall profitability."
To read the entire report click here.
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