AMVAC sales up 8% in Q4 2015

American Vanguard's sales increased by 8.2% to $84 million in the fourth quarter of 2015. Net income greatly improved by 66.7% to $3 million compared with the same period of 2014.
 
For the full year of 2015, sales was down by 3% to $289.4 million, while net income advanced by 37.5% to $6.6 million Y-O-Y.

Eric Wintemute, Chairman and CEO of American Vanguard, stated: “Our performance in 2015 reflects continued financial discipline in the face of difficult industry conditions. Low crop commodity prices have led to reduced farmer/grower profitability and cautious purchasing of all crop inputs, including crop protection products. Despite these market conditions, during 2015, American Vanguard recorded net sales only slightly below those of the prior year, maintained a steady level of business in many markets and generated improved profitability overall.”

Mr. Wintemute continued: “Our efforts to control working capital, manage manufacturing costs and reduce operating expenses have led to greater operating efficiency. As a result, we have experienced significant inventory reductions, improved cash generation and have reduced our debt, even while completing two acquisitions that should serve to strengthen our international business.”

Mr. Wintemute concluded: “While the Ag market prospects for 2016 remain challenging, American Vanguard is well-positioned, in a consolidating industry, to pursue its three main objectives: improving market access through additional product acquisitions and collaborative alliances; advancing technological innovation; and driving operational excellence. We believe that these will be the keys to our success and look forward to keeping our investors well informed as we progress in 2016.”