American Vanguard reports first quarter 2020 results

Date:05-13-2020

American Vanguard Corporation (NYSE: AVD) recently announced financial results for the first quarter ended March 31, 2020.

Fiscal 2020 First Quarter Financial Highlights - versus Fiscal 2019 First Quarter:

• Net sales were $96.0 million in 2020, compared to $99.7 million in 2019
• Net income was $0.52 million in 2020, compared to $3.9 million in 2019
• Earnings per diluted share of $0.02 in 2020, compared to $0.13 in 2019
• EBITDA of $7.6 million in 2020, compared to $12.6 million in 2019

Eric Wintemute, Chairman and CEO of American Vanguard, stated: “As an essential business under both CISA guidelines and international orders, we are specially permitted to operate continuously during the pandemic. From the beginning of the year, we have maintained a healthy workforce, adapted to applicable COVID restrictions and otherwise carried on business as usual. On a consolidated basis, net sales for the period were down by 4% with flat domestic sales and lower international sales due primarily to currency exchange effects and softer market conditions. Generally speaking, sales by crop and product line were mixed across our businesses. Net income declined as compared to the first quarter in 2019; however, we exceeded breakeven, which we had forecast in our release of April 28.”

Mr. Wintemute concluded, "Our performance was not materially affected by the coronavirus during the first quarter. Looking forward, we are not yet able to determine the longer-term effects of the pandemic. Thus, with respect to the balance of 2020, we can say at this point that we will endeavor to maximize our results and are poised to perform in line with our peers."