NEWPORT BEACH, Calif.--(BUSINESS WIRE)--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.
