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Mar. 15, 2024 Source: American Vanguard news release American Vanguard Corporation (NYSE: AVD) today announced financial results for the fourth quarter and full year ended December 31, 2023. Fiscal 2023 Full Year Financial Highlights - versus Fiscal 2022 Full Year: *Net sales were $579 million in 2023, compared to $610 million in 2022 *Net income was $7.5 million in 2023, compared to $27.4 million in 2022 *Earnings per diluted share of $0.26 in 2023, compared to $0.92 in 2022 *Adjusted EBITDA of $55 million in 2023, compared to $73 million in 2022 Eric Wintemute, Chairman and CEO of American Vanguard, stated: "We rebounded sharply in Q4 after having weathered the effect of global destocking within the distribution channel, the oversupply of Chinese generic products into multiple regions, and the unavailability of our most profitable products due to supply chain issues. Increased demand during Q4 provided evidence that destocking activity continues to subside and that, even while showing greater discipline, procurement within the distribution channel is following more normal patterns. "During the quarter, we achieved predicted revenue growth, maintained solid manufacturing operations, sustained strong profit margins by bolstering brand value and strengthened our balance sheet." Mr. Wintemute concluded: "Looking forward, we believe that our company is situated well in both domestic and international markets and are targeting 8 to 12% revenue growth resulting in a full year adjusted EBITDA range of $70 to $80 million in 2024. We expect gross profit margins to remain strong, operating expenses to be tightly managed, and factory performance to be efficient. "In addition, with the assistance of our consultant Kearney, through our business transformation initiative, we are targeting growth of adjusted EBITDA to 15% of net sales or an additional $15 million or more of adjusted EBITDA on a full year basis. The full benefit of the transformation will be realized by 2026 through a combination of operational, commercial, digital, and general and administrative sub-initiatives. We look forward to giving you a detailed presentation during our upcoming earnings call." Tweet |
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