---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-23-140690"
form_type: "8-K"
ticker: "AVD"
cik: "0000005981"
company_name: "AMERICAN VANGUARD CORP"
filed_at: "2023-05-10T23:59:59+00:00"
generated_at: "2026-06-15T07:22:43.330739+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001193125-23-140690
- form_type: 8-K
- ticker: AVD
- cik: 0000005981
- company_name: AMERICAN VANGUARD CORP
- filed_at: 2023-05-10T23:59:59+00:00
- event_type: earnings
- sentiment: negative
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 2.02, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/5981/000119312523140690/0001193125-23-140690-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/5981/000119312523140690/d237750d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-23-140690
- JSON: https://secwatch.observer/filing/0001193125-23-140690.json
- Plain text: https://secwatch.observer/filing/0001193125-23-140690.txt

## Key facts
- Earnings Releases
  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
  source text: 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 %
  evidence_url: https://www.sec.gov/Archives/edgar/data/5981/000119312523140690/0001193125-23-140690-index.htm
- Earnings Releases
  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
  source text: 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
  evidence_url: https://www.sec.gov/Archives/edgar/data/5981/000119312523140690/0001193125-23-140690-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.