American Vanguard Q2 net loss of $1.05M; 2023 guidance lowered; lender waiver on covenant default

AMERICAN VANGUARD CORP

2023-Q2 EPS reported $0.03 revenue$257,674,000

Q2 net sales $132.8M (down 10.4% YoY); net loss $1.05M vs net income $6.83M; EPS -$0.04.
H1 net sales $257.7M; net income $0.865M; EPS $0.03 vs $0.55 prior year.
2023 guidance: net sales $615-625M (flat), Adj. EBITDA $70-75M, net income $20-24M, down from $27.5M in 2022.
Lenders waived default on Minimum Fixed Charge Coverage Ratio for Q2 2023, triggered by share repurchase costs.
Board authorized up to $7.5M share repurchase under 10b5-1 plan.

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 1.0

AMERICAN VANGUARD CORP reported the three months ended June 30, 2023 results: revenue $132,790, net income $(1,053), EPS $(0.04). Guidance lowered.

Period: the three months ended June 30, 2023
Revenue: $132,790
Net income: $(1,053)
EPS: $(0.04)
Guidance: lowered
Result: preliminary results

Exact text from the filing

3 Months Ended June 30, 2023 June 30, 2022 Change Net sales $ 132,790 $ 148,203 $ (15,413 ) Net income $ (1,053 ) $ 6,830 $ (7,883 ) EPS $ (0.04 ) $ 0.23 $ (0.27 )

View on SEC.gov

Earnings Releases SEC 8-K Item 2.02 confidence 1.0

AMERICAN VANGUARD CORP reported the six months ended June 30, 2023 results: revenue $257,674, net income $865, EPS $0.03. Guidance lowered.

Period: the six months ended June 30, 2023
Revenue: $257,674
Net income: $865
EPS: $0.03
Guidance: lowered
Result: preliminary results

Exact text from the filing

6 Months Ended June 30, 2023 June 30, 2022 Change Net sales $ 257,674 $ 297,797 $ (40,123 ) Net income $ 865 $ 16,765 $ (15,900 ) EPS $ 0.03 $ 0.55 $ (0.52 )

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AMERICAN VANGUARD CORP filing history →

Source: SEC EDGAR

accession 0001193125-23-207032

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