American Vanguard Confirms 2023 and 2024 Targets
January 31 2024 - 3:32PM
Business Wire
Conference Call Scheduled for Wednesday,
January 31 at 5:00 pm ET
American Vanguard Corporation (NYSE: AVD), today announced key
metrics from its preliminary and unaudited financial results for
the fourth quarter and full year ended December 31, 2023.
Eric Wintemute, Chairman and CEO of American Vanguard commented,
“During our third quarter earnings report in November, we indicated
expectations for the full year 2023 and our targets for 2024. While
we have not completed our full audit cycle, I am pleased to report
that based on our preliminary evaluation, we have ended the quarter
and the year broadly in line with our targets and are now
reiterating our 2024 expectations. Additionally, in the fourth
quarter, we greatly strengthened our balance sheet with debt
reduction fueled by higher sales, inventory reductions, and
customer pre-payments. Based on preliminary numbers, the delivery
of our stronger balance sheet has put us in a strong position to
meet our debt-to-EBITDA target of approximately 2.75X. Furthermore,
our business and digital transformation initiatives are underway.
These efforts will lead to improved operating leverage and a more
efficient platform for growth, which we look forward to discussing
on the call.”
Conference Call
Eric Wintemute, Chairman & Chief Executive Officer, Don
Gualdoni, Chief Transformation Officer, Tim Donnelly, Chief
Administrative Officer, and David Johnson, Chief Financial Officer
will conduct a conference call focusing on the preliminary,
unaudited financial results at 5:00 pm ET / 2:00 pm PT on
Wednesday, January 31, 2024. Interested parties may participate in
the call by dialing 201-493-6744 – please dial in 10 minutes before
the call is scheduled to begin and ask for the American Vanguard
call. The conference call will also be webcast live via the News
and Media section of the Company’s web site at
www.american-vanguard.com. To listen to the live webcast, go to the
web site at least 15 minutes early to register, download and
install any necessary audio software. If you are unable to listen
live, the conference call will be archived on the Company’s web
site.
About American Vanguard
American Vanguard Corporation is a diversified specialty and
agricultural products company that develops, manufactures, and
markets solutions for crop protection and nutrition, turf and
ornamentals management, commercial and consumer pest control. Over
the past 20 years, through product and business acquisitions, the
Company has expanded its operations into 17 countries and now has
over 1,000 product registrations in 56 nations worldwide. Its
strategy rests on three growth initiatives – i) Core Business
(through innovation of conventional products), ii) Green Solutions
(with over 130 biorational products – including fertilizers,
microbials, nutritionals, and non-conventional products) and iii)
Precision Agriculture innovation (including SIMPAS prescriptive
application and Ultimus measure/record/verify technologies).
American Vanguard is included on the Russell 2000® and Russell
3000® Indexes. To learn more about American Vanguard, please
reference the Company’s web site at www.american-vanguard.com.
The Company, from time to time, may discuss forward-looking
information. Except for the historical information contained in
this release, all forward-looking statements are estimates by the
Company’s management and are subject to various risks and
uncertainties that may cause results to differ from management’s
current expectations. Such factors include weather conditions,
changes in regulatory policy and other risks as detailed from
time-to-time in the Company’s SEC reports and filings. All
forward-looking statements, if any, in this release represent the
Company’s judgment as of the date of this release.
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version on businesswire.com: https://www.businesswire.com/news/home/20240131256111/en/
American Vanguard Corporation William A. Kuser, Director of
Investor Relations (949) 260-1200 williamk@amvac.com
The Equity Group Inc. Lena Cati (212) 836-9611
lcati@equityny.com www.theequitygroup.com
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