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American Vanguard Corporation reports on its specialty agriculture and related product portfolio, including crop protection and management, turf and ornamentals management, public health, animal health and commercial pest control. The company develops, manufactures and markets synthetic, biological and biorational products, with a global registration base built through product and business acquisitions.
Recurring news for American Vanguard includes quarterly and annual earnings, product and margin commentary, manufacturing optimization, North American commercial execution, capital-structure actions and credit-facility updates. Company updates also discuss operating initiatives tied to working capital, debt reduction, manufacturing footprint and the organization of its crop and specialty businesses.
American Vanguard Corporation (NYSE: AVD) reported preliminary financial results for the fiscal year ending December 31, 2022. The company experienced a shortfall in Q4 due to supply chain issues affecting the production of its top-selling insecticide, Aztec®, resulting in net sales comparable to Q4 2021. Despite this, full-year adjusted EBITDA is projected between $73 million and $75 million, representing a 15-18% increase from 2021. With suppliers resumed operations, AVD anticipates recovering lost sales in the first half of 2023, contributing to a strong outlook for the year.
AMGUARD Environmental Technologies, a division of American Vanguard Corporation (NYSE:AVD), has acquired the product and trademark assets of American Bio-Systems, known for its microbial cleaning products, BioMop-Plus® and DrainGel®. With over 20 years in the industry, these products address persistent drain issues in food-service and hospitality sectors. CEO Shayne M. Wetherall emphasizes that these solutions improve sanitation by digesting organic waste, differentiating them from conventional cleaning products. The acquisition aligns with AMGUARD's strategy to enhance its portfolio of biological solutions for commercial pest control.
American Vanguard Corporation (NYSE: AVD) has launched BioWake™, a dual-use biological seed lubricant, enhancing seed flow and nutrient uptake for corn and soybean farmers. This innovative product, part of AMVAC's GreenSolutions™ portfolio, combines microbial inoculants and soy protein for effective planting. Trials indicate significant yield increases. BioWake will be available for purchase in the 2023 growing season, offering farmers a cleaner alternative to traditional lubricants.
American Vanguard Corporation (NYSE: AVD) has declared a cash dividend of $0.03 per share, reflecting a 20% increase from previous quarters. Shareholders of record as of December 28, 2022, will receive the dividend on January 11, 2023. Chairman Eric W. Wintemute highlighted strong financial performance in 2022 and a positive outlook for 2023 as key factors for the increase. This decision underscores the Board's confidence in the company's financial stability and growth prospects, with past dividends of $0.095 in 2022 and $0.08 in 2021.
American Vanguard Corporation (NYSE: AVD) reported strong financial results for Q3 and the first nine months of 2022. Net sales increased by 3.4% in Q3 to $152 million, while net income rose 21.8% to $6.7 million. For the nine-month period, net sales reached $450 million (13.1% growth) and net income surged 71.5% to $23.5 million. The company attributed growth to high crop prices and strong international sales, particularly in Brazil and Mexico. However, domestic non-crop business faced challenges due to decreased consumer spending.
American Vanguard Corporation (NYSE: AVD) has successfully registered its Counter® insecticide for soybean use in Brazil, the largest agricultural market globally. This soil insecticide effectively combats yield-damaging nematodes and can be integrated with other pest control products. CEO Vitor Cunha noted the product's technical performance and yield enhancement, potentially increasing farmer profitability. Chairman Eric Wintemute emphasized the importance of expanding Counter's international market presence, highlighting its role in the company's precision application technology.
American Vanguard Corporation (NYSE: AVD) announced it will report its financial results for Q3 ended September 30, 2022, on November 8, 2022, after market close. A conference call will follow at 4:30 PM ET to discuss operating performance, featuring CEO Eric Wintemute, COO Bob Trogele, and CFO David T. Johnson. Interested parties can join via phone or live webcast. American Vanguard specializes in crop protection and nutrition, pest control, and is part of Russell 2000® and S&P Small Cap 600 Indexes.
American Vanguard Corporation (NYSE: AVD) has partnered with NewLeaf Symbiotics to enhance its GreenSolutions™ biological product portfolio for the North American crop market starting in 2023. This collaboration will leverage the strengths of both companies to expand current product applications and foster new product development. AMVAC recently achieved a milestone of over 1.2 million acres applied with its GreenSolutions, marking significant growth in the biologicals segment. The partnership aims to improve market penetration and provide innovative solutions for North American farmers.
American Vanguard Corporation (NYSE: AVD) declared a cash dividend of $0.025 per share for shareholders of record as of September 23, 2022, set for distribution on October 7, 2022. This announcement stems from the company's strong financial performance in the first half of 2022, with an adjusted EBITDA forecast between $79 million and $81 million for the fiscal year, marking a potential historic high. The board expresses confidence in the company's growth and commitment to shareholder returns.
American Vanguard Corporation (NYSE: AVD) has announced an accelerated share repurchase (ASR) plan to buy back $20 million of its common stock, complementing its existing 10b5-1 repurchase plan initiated on March 14, 2022. Chairman and CEO, Eric G. Wintemute, expressed confidence in the company’s prospects, noting their strong balance sheet and high expected full-year EBITDA. He attributed recent share price declines to erroneous financial reports by Bloomberg and SeekingAlpha, reinforcing the decision to proceed with the ASR as a strategic investment to enhance shareholder value.