AVD Q1 net sales down 17%, EPS $0.07 vs $0.33 YoY; credit covenant amended

AMERICAN VANGUARD CORP

2023-Q1 EPS reported $0.07 revenue$124,885,000

Q1 net sales $124.9M (down 17% YoY); net income $1.9M (down 81%); adjusted EBITDA $11.5M (down 50%).
Board amended credit facility: FCCR lowered to 1.0x for 4 quarters ending June 2023; waiver granted for Q1 noncompliance linked to share repurchases.
2023 guidance reaffirmed: net sales $640-652M, adjusted EBITDA $84-86M, net income $32-34M (14-18% EBITDA growth).
Aztec insecticide sales delayed due to Chinese supplier; only ~1/3 of seasonal demand met in Q1.
Non-crop and international sales increased, but higher-margin US crop decline drove profitability drop.

item 2.02 item 8.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

AMERICAN VANGUARD CORP reported full year 2023 results: revenue $ 640MM - $652MM, net income $ 32MM - $34MM. Guidance reaffirmed.

Period: full year 2023
Revenue: $ 640MM - $652MM
Net income: $ 32MM - $34MM
Guidance: reaffirmed
Result: guidance update

Exact text from the filing

2023 Performance Targets Metric 2023 Range 2022 Actual % Change Net sales $ 640MM - $652MM $ 610MM 5 to 7 % Gross margin % 33 to 35 % 34 % Similar Opex as % of sales 25 to 27 % 25 % Similar Adjusted EBITDA $ 84MM - $86MM $ 73MM 14 to 18 % Net income $ 32MM - $34MM $ 27.5MM 17 to 25 %

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

AMERICAN VANGUARD CORP reported the quarter ended March 31, 2023 results: revenue $ 124,885, net income $ 1,918, EPS $ 0.07.

Period: the quarter ended March 31, 2023
Revenue: $ 124,885
Net income: $ 1,918
EPS: $ 0.07
Result: reported results

Exact text from the filing

decrease in sales of higher-margin US crop products led to lower overall profitability.” In thousands except for per share data March 31, 2023 March 31, 2022 Change Net sales $ 124,885 $ 149,593 $ (24,708 ) Net income $ 1,918 $ 9,935 $ (8,017 ) EPS $ 0.07 $ 0.33 $ (0.26 ) Adjusted EBITDA 1 $ 11,511 $ 22,867 $ (11,356 ) Mr. Wintemute continued, “Even after taking

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Source: SEC EDGAR

accession 0001193125-23-140690

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