American Vanguard Corp. (AVD) Misses Q2 EPS by 1c

American Vanguard Corp. (NYSE: AVD) reported Q2 EPS of $0.03, $0.01 worse than the analyst estimate of $0.04. Revenue for the quarter came in at $66.5 million versus the consensus estimate of $68.93 million.

Eric Wintemute, Chairman and CEO of American Vanguard, stated: “Our quarterly performance was mixed, with lower sales but higher net income than the comparable period last year. While sales of our insecticides declined, we saw year-over-year quarterly revenue gains in AMVAC’s herbicides, fumigants, growth regulators, toll manufacturing and International business. Further, increased manufacturing utilization, improved cost efficiency and lower operating expenses enabled us to improve our profitability.”

Mr. Wintemute continued: “I am pleased to report that during the second quarter, we acquired two product lines - Nemacur and Hyvar/Krovar - that will enhance our international business and did so without significantly increasing our debt position. We were able to accomplish this through closely managing working capital to optimize cash generation. We intend to continue this kind of fiscal control.”

Mr. Wintemute concluded: “During the second half of the year, our focus will be on multiple markets, both domestic and international, including potatoes, sugar beets, fruits and vegetables and vector control. With respect to corn, in the upcoming 2016 planting season, we look forward to commercializing our new high-concentration granular soil insecticides, further strengthening our industry-leading portfolio of granular products for prescription planting.”

For earnings history and earnings-related data on American Vanguard Corp. (AVD) click here.

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