NYSE$AVD
American Vanguard Corporation · Q1 2023 earnings
Q1 2023 earnings · · Investor relations
Briefing
American Vanguard's Q1 2023 earnings were impacted by supply chain delays and generic herbicide glut, leading to lower sales and profitability.
American Vanguard reported a decrease in net sales and net income for Q1 2023 compared to Q1 2022, primarily due to supply chain disruptions and a glut of generic herbicides affecting domestic crop product sales. Despite the setback, the company reaffirms its double-digit full-year 2023 EBITDA growth target, anticipating stronger performance in the second half of the year.
- Q1 2023 net sales decreased to $124.89 million from $149.59 million in Q1 2022.
- Q1 2023 net income declined to $1.92 million from $9.94 million in Q1 2022.
- The company experienced supply chain delays that impacted production and sales of its leading corn soil insecticide, Aztec®.
- American Vanguard anticipates higher sales of US crop products in the second half of 2023 due to low inventories in the distribution channel.
Headline financials
Revenue & EPS history
American Vanguard · Revenue · Quarterly
$125M
Revenue by segment
American Vanguard · $125M total across 3 segments · Q1 2023
- U.S. Crop$61.9M-29.8%49.5%
- International$49.1M+2.6%39.3%
- U.S. Non-Crop$13.9M+3.8%11.1%
Forward guidance
American Vanguard expects to achieve higher adjusted EBITDA (between $84MM - $86MM) than in 2022, despite a first quarter setback arising from delays in restarting our supply chain, which is now back at capacity.
Tailwinds
- Expect higher sales of US crop products in the second half of 2023 due to low inventories.
- Expect to continue the positive trajectories of our non-crop and international businesses.
- Company expects to achieve higher adjusted EBITDA (between $84MM - $86MM) than in 2022.
- Supply chain is now back at capacity.
- Revised 2023 targets show better year-over-year performance.
Headwinds
- Experienced a first quarter setback arising from delays in restarting our supply chain.
- China-based supplier was unable to deliver intermediates in sufficient quantities.
- Only able to produce and sell about one-third of seasonal demand for Aztec.
- A glut of generic herbicides in the distribution channel, led to lower sales of domestic crop products during the quarter.
- Decrease in sales of higher-margin US crop products led to lower overall profitability.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q1 2023
-1.0%
Avg return
Earnings day
-3.0%
Avg return
5 days after
-2.6%
Avg return
30 days after
52%
34 / 65 earnings
Positive
+18.9%
Q4 2015
Best reaction
-34.9%
Q2 2024
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | -1.4% | -1.0% | -9.8% | |
| Q4 2025 | -9.6% | -30.9% | -24.6% | |
| Q3 2025 | -0.8% | -0.4% | -14.9% | |
| Q1 2025 | -9.2% | -8.5% | -19.2% | |
| Q4 2024 | -5.7% | +6.2% | -20.0% | |
| Q3 2024 | +2.1% | +5.0% | -5.7% | |
| Q2 2024 | -34.9% | -28.5% | -20.5% | |
| Q1 2024 | -26.6% | -30.6% | -30.4% | |
| Q4 2023 | +15.3% | +9.4% | +4.5% | |
| Q3 2023 | +1.1% | -12.3% | +5.1% | |
| Q2 2023 | -16.6% | -13.1% | -24.7% | |
| Q1 2023 | -12.9% | -9.9% | -3.1% | |
| Q4 2022 | +4.9% | +5.5% | +7.8% | |
| Q3 2022 | -4.4% | -6.6% | -4.8% | |
| Q2 2022 | -18.2% | -15.5% | -19.8% | |
| Q1 2022 | +5.6% | -4.5% | +17.9% | |
| Q4 2021 | +2.6% | +6.5% | +24.0% | |
| Q3 2021 | +4.3% | +3.0% | -9.2% | |
| Q2 2021 | -0.7% | -6.6% | -3.5% | |
| Q1 2021 | -3.3% | -5.8% | -14.6% | |
| Q4 2020 | +2.1% | -2.0% | -8.6% | |
| Q3 2020 | +9.2% | +8.3% | +21.8% | |
| Q2 2020 | +4.6% | +3.0% | +1.0% | |
| Q1 2020 | -1.9% | -9.6% | -3.1% | |
| Q4 2019 | -4.6% | -9.3% | +2.3% | |
| Q3 2019 | +5.0% | +6.4% | +8.4% | |
| Q2 2019 | +5.4% | +3.0% | +13.8% | |
| Q1 2019 | -0.3% | -8.3% | -19.6% | |
| Q4 2018 | +6.2% | -1.1% | -2.1% | |
| Q3 2018 | -5.6% | -1.9% | -7.5% | |
| Q2 2018 | -4.2% | -9.3% | -4.0% | |
| Q1 2018 | +11.7% | +0.9% | +10.5% | |
| Q4 2017 | +16.0% | +15.5% | +9.8% | |
| Q3 2017 | -6.1% | -10.1% | -10.8% | |
| Q2 2017 | +9.7% | +13.1% | +10.0% | |
| Q1 2017 | +10.9% | +9.1% | +9.4% | |
| Q4 2016 | -4.0% | -6.2% | +4.7% | |
| Q3 2016 | +0.3% | +3.3% | +14.3% | |
| Q2 2016 | +17.6% | +16.2% | +12.2% | |
| Q1 2016 | -21.8% | — | — | |
| Q4 2015 | +18.9% | — | — | |
| Q3 2015 | +14.0% | — | — | |
| Q2 2015 | +0.8% | — | — | |
| Q1 2015 | +14.6% | — | — | |
| Q4 2014 | -1.7% | — | — | |
| Q3 2014 | +6.4% | — | — | |
| Q2 2014 | +2.6% | — | — | |
| Q1 2014 | -13.1% | — | — | |
| Q4 2013 | -4.3% | — | — | |
| Q3 2013 | +8.9% | — | — | |
| Q2 2013 | +3.3% | — | — | |
| Q1 2013 | +7.7% | — | — | |
| Q4 2009 | +0.2% | — | — | |
| Q4 2012 | -11.0% | — | — | |
| Q3 2012 | +1.7% | — | — | |
| Q2 2012 | +12.5% | — | — | |
| Q1 2012 | +4.1% | — | — | |
| Q4 2011 | +2.0% | — | — | |
| Q3 2010 | -6.8% | — | — | |
| Q3 2011 | -6.8% | — | — | |
| Q2 2010 | -15.6% | — | — | |
| Q1 2011 | -15.6% | — | — | |
| Q2 2011 | -15.6% | — | — | |
| Q4 2010 | -15.6% | — | — | |
| Q1 2010 | +4.5% | — | — |
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