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American Vanguard (AVD) Q1 Earnings Beat, Sales Miss Estimates
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American Vanguard Corporation (AVD - Free Report) logged earnings of 6 cents per share in the first quarter of 2024 compared with earnings of 7 cents a year ago.
Barring one-time items, adjusted earnings came in at 9 cents for the quarter. It beat the Zacks Consensus Estimate of 8 cents.
Revenues were $135.1 million for the reported quarter, up around 8% year over year. It missed the Zacks Consensus Estimate of $141.2 million. The company saw growth in all three businesses, U.S. Crop, U.S. Non-crop and International, in the reported quarter.
American Vanguard Corporation Price, Consensus and EPS Surprise
Revenues from American Vanguard’s U.S. crop business in the reported quarter went up 9% year over year to around $67.3 million. Within the U.S. Crop business, it recorded strong sales of granular soil insecticides, herbicides and cotton and peanut products.
Sales from the U.S. non-crop business rose around 28% year over year to around $17.8 million. AVD saw significantly higher sales, driven by mosquito adulticides, pest strips and OHP products for nursery and ornamental uses.
Revenues from international businesses were up 2% year over year to around $50.1 million. Sales were aided by Mexico and APAC.
Financials
American Vanguard ended the quarter with cash and cash equivalents of roughly $13.7 million, up around 20% sequentially. Long-term debt was around $187 million, up around 34% sequentially.
Outlook
AVD noted that it is seeing stable market conditions with a strong farm economy and a more relaxed procurement approach within the distribution channel compared to a year ago.
It now expects net sales growth of between 6% and 9% year over year for 2024. The company also anticipates full-year adjusted EBITDA in the band of $60-$70 million.
Price Performance
American Vanguard’s shares have lost 44.8% in a year against a 10.1% decline of the industry.
Celanese Corporation (CE - Free Report) logged adjusted earnings for the first quarter of $2.08 per share, up 3.5% from $2.01 reported a year ago. The bottom line surpassed the Zacks Consensus Estimate of $1.91.
Celanese sees adjusted earnings in the band of $2.60 to $3 per share for the second quarter of 2024. CE expects to deliver higher earnings performance in the second quarter and into the second half of 2024.
Ingevity Corporation (NGVT - Free Report) reported adjusted earnings of 52 cents per share for the first quarter, down from $1.09 in the year-ago quarter. The figure beat the Zacks Consensus Estimate of 37 cents.
NGVT sees its sales for 2024 in the band of $1.4-$1.55 billion and adjusted EBITDA in the range of $365-$390 million.
Element Solutions Inc’s (ESI - Free Report) adjusted earnings of 34 cents per share for the first quarter beat the Zacks Consensus Estimate of 32 cents.
ESI now expects adjusted EBITDA in the range of $515-$530 million for 2024. For second-quarter 2024, it sees adjusted EBITDA to be around $125 million.
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American Vanguard (AVD) Q1 Earnings Beat, Sales Miss Estimates
American Vanguard Corporation (AVD - Free Report) logged earnings of 6 cents per share in the first quarter of 2024 compared with earnings of 7 cents a year ago.
Barring one-time items, adjusted earnings came in at 9 cents for the quarter. It beat the Zacks Consensus Estimate of 8 cents.
Revenues were $135.1 million for the reported quarter, up around 8% year over year. It missed the Zacks Consensus Estimate of $141.2 million. The company saw growth in all three businesses, U.S. Crop, U.S. Non-crop and International, in the reported quarter.
American Vanguard Corporation Price, Consensus and EPS Surprise
American Vanguard Corporation price-consensus-eps-surprise-chart | American Vanguard Corporation Quote
Sales by Regions
Revenues from American Vanguard’s U.S. crop business in the reported quarter went up 9% year over year to around $67.3 million. Within the U.S. Crop business, it recorded strong sales of granular soil insecticides, herbicides and cotton and peanut products.
Sales from the U.S. non-crop business rose around 28% year over year to around $17.8 million. AVD saw significantly higher sales, driven by mosquito adulticides, pest strips and OHP products for nursery and ornamental uses.
Revenues from international businesses were up 2% year over year to around $50.1 million. Sales were aided by Mexico and APAC.
Financials
American Vanguard ended the quarter with cash and cash equivalents of roughly $13.7 million, up around 20% sequentially. Long-term debt was around $187 million, up around 34% sequentially.
Outlook
AVD noted that it is seeing stable market conditions with a strong farm economy and a more relaxed procurement approach within the distribution channel compared to a year ago.
It now expects net sales growth of between 6% and 9% year over year for 2024. The company also anticipates full-year adjusted EBITDA in the band of $60-$70 million.
Price Performance
American Vanguard’s shares have lost 44.8% in a year against a 10.1% decline of the industry.
Image Source: Zacks Investment Research
Zacks Rank & Other Specialty Chemicals Releases
AVD currently carries a Zacks Rank #4 (Sell). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Celanese Corporation (CE - Free Report) logged adjusted earnings for the first quarter of $2.08 per share, up 3.5% from $2.01 reported a year ago. The bottom line surpassed the Zacks Consensus Estimate of $1.91.
Celanese sees adjusted earnings in the band of $2.60 to $3 per share for the second quarter of 2024. CE expects to deliver higher earnings performance in the second quarter and into the second half of 2024.
Ingevity Corporation (NGVT - Free Report) reported adjusted earnings of 52 cents per share for the first quarter, down from $1.09 in the year-ago quarter. The figure beat the Zacks Consensus Estimate of 37 cents.
NGVT sees its sales for 2024 in the band of $1.4-$1.55 billion and adjusted EBITDA in the range of $365-$390 million.
Element Solutions Inc’s (ESI - Free Report) adjusted earnings of 34 cents per share for the first quarter beat the Zacks Consensus Estimate of 32 cents.
ESI now expects adjusted EBITDA in the range of $515-$530 million for 2024. For second-quarter 2024, it sees adjusted EBITDA to be around $125 million.