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    American Vanguard Reports Third Quarter 2024 Results

    11/11/24 4:44:00 PM ET
    $AVD
    Agricultural Chemicals
    Industrials
    Get the next $AVD alert in real time by email

    Reiterating full-year 2024 Adj. EBITDA guidance

    Non-Crop Revenues Grew 17%; Green Solutions Revenues Grew 18% Y/o/Y

    Business transformation continues to accelerate, raising expected annual benefit to $20 million

    Company reduced debt by $32.5 million

    American Vanguard® Company, a diversified specialty and agricultural products company that develops, manufactures, and markets solutions for crop protection and nutrition, turf and ornamental management and commercial pest control, today reported financial results for the third quarter ended September 30, 2024.

    Third Quarter 2024 Financial and Operational Highlights – versus Third Quarter 2023:

    • Net sales of $118.3 million ($130.7 million when excluding Dacthal product recall impact) v. $149.5 million;
    • Adjusted EBITDA1 of $1.8 million v. $11.4 million;
    • Maintaining full-year 2024 Adjusted EBITDA guidance of $40 million to $50 million
    • EPS of $(0.92) v. ($0.01)
    • Decreased debt by $32.5 million from $211.3 million in the previous quarter

    First nine months 2024 Financial and Operational Highlights – versus first nine months 2023:

    • Net sales of $381.7 million ($394.1 million when excluding Dacthal product recall impact) v. $407.2 million;
    • Adjusted EBITDA of $23.3 million v. $33.5 million;
    • EPS of $(1.28) v. $0.02

    Other Highlights:

    • Raising expected full-year transformation related benefits to $20 million from $15 million
    • The Board is actively engaged in recruiting a CEO to build upon the transformation momentum

    Timothy J. Donnelly, Acting CEO of American Vanguard, stated "We remain focused on transforming our Company into an efficient, reliable and profitable supplier to the Ag industry. We are pleased with the results that we are beginning to see from our business transformation. While we continue to manage through macroeconomic headwinds, we are seeing pockets of strength. For example, our non-crop business grew 17% as compared to the year ago period, and our green solutions portfolio grew 18% as compared to the year ago period. The growth in these areas was offset by pressure from generics, but the single biggest factor was a significant drop in Aztec sales year over year. Sales in 2023 were unusually high as a result of a previous supply shortage."

    Mr. Donnelly continued, "As we transform the business, we are incurring one-time charges associated with positioning American Vanguard for longer-term growth. During the quarter we incurred a $8.1 million transformation charge. Additionally, during the quarter we recorded a $16.2 million charge associated with the collection and disposal of Dacthal. The Company benefitted from this profitable product for many years, and we are now taking the necessary steps to safely recall and dispose of it."

    David T. Johnson, Vice President, CFO and Treasurer, stated "Despite the macro headwinds, the Company remains steadfast in its transformation roadmap, which presents a clear path towards achieving a 15% adjusted-EBITDA margin across the ag-cycle. We are pleased to have been able to pay down a material amount of debt during the quarter, decreasing our long-term debt to $179 million from $211 million at the end of the previous quarter. We expect to further improve our liquidity as we decrease our inventory in our seasonally strong 4th quarter. We remain optimistic that we can decrease inventory to 34% of sales by year end, down $25 million versus last year. We are pleased with the hard work of our employees in pursuing the business transformation projects. Furthermore, through their hard work we were able to reduce operating expenses, excluding transformation costs, for both the three month and nine month periods ended September 30, 2024, as compared to the prior year period."

    Mark Bassett, a board member who is temporarily working with the Company's Office of the CEO commented, "Within our transformation, we are encouraged by the initial progress that we have made and see an opportunity for even greater benefits than we had originally calculated. We now expect to achieve $20 million in transformation related benefits instead of our previous estimate of $15 million."

    Dr. Bassett concluded, "I want to reiterate our full year 2024 revenue (down 2% to flat, excluding the product recall charge) and adjusted EBITDA ($40 - $50 million) targets. I view this achievement as a testament to the resiliency of this Company, especially in the wake of the current market conditions. We are focused on returning American Vanguard to a position of consistent free cash flow generation, which in the near-term will be allocated towards further deleveraging, but over the medium to long-term we expect to be able to apply these cash flows to growth opportunities."

    About American Vanguard

    American Vanguard Corporation is a diversified specialty and agricultural products company that develops and markets products for crop protection and management, turf and ornamentals management, and public and animal health. Over the past 20 years, through product and business acquisitions, the Company has expanded its operations into 21 countries and now has more than 1,000 product registrations in 56 nations worldwide. Its strategy rests on two growth initiatives – i) Core Business through innovation of conventional products and ii) Green Solutions with more than 120 biorational products – including fertilizers, microbials, nutritionals and non-conventional products. American Vanguard is included on the Russell 2000® and Russell 3000® Indexes. To learn more about the Company, please reference 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.

    AMERICAN VANGUARD CORPORATION AND SUBSIDIARIES

    CONDENSED CONSOLIDATED BALANCE SHEETS

    (In thousands, except share data)

    (Unaudited)

     

    ASSETS

     

    September 30,

    2024

     

     

    December 31,

    2023

     

    Current assets:

     

     

     

     

     

     

    Cash

     

    $

    11,880

     

     

    $

    11,416

     

    Receivables:

     

     

     

     

     

     

    Trade, net of allowance for credit losses of $8,661 and $7,107, respectively

     

     

    146,145

     

     

     

    182,613

     

    Other

     

     

    5,852

     

     

     

    8,356

     

    Total receivables, net

     

     

    151,997

     

     

     

    190,969

     

    Inventories

     

     

    246,037

     

     

     

    219,551

     

    Prepaid expenses

     

     

    7,501

     

     

     

    6,261

     

    Income taxes receivable

     

     

    7,690

     

     

     

    3,824

     

    Total current assets

     

     

    425,105

     

     

     

    432,021

     

    Property, plant and equipment, net

     

     

    73,494

     

     

     

    74,560

     

    Operating lease right-of-use assets, net

     

     

    21,448

     

     

     

    22,417

     

    Intangible assets, net of amortization

     

     

    164,480

     

     

     

    172,508

     

    Goodwill

     

     

    48,012

     

     

     

    51,199

     

    Deferred income tax assets

     

     

    12,218

     

     

     

    2,849

     

    Other assets

     

     

    14,701

     

     

     

    11,994

     

    Total assets

     

    $

    759,458

     

     

    $

    767,548

     

     

     

     

     

     

     

     

    LIABILITIES AND STOCKHOLDERS' EQUITY

     

     

     

     

     

     

    Current liabilities:

     

     

     

     

     

     

    Accounts payable

     

    $

    73,557

     

     

    $

    68,833

     

    Customer prepayments

     

     

    27,183

     

     

     

    65,560

     

    Accrued program costs

     

     

    85,665

     

     

     

    68,076

     

    Accrued expenses and other payables

     

     

    29,066

     

     

     

    16,354

     

    Operating lease liabilities, current

     

     

    6,604

     

     

     

    6,081

     

    Income taxes payable

     

     

    3,229

     

     

     

    5,591

     

    Total current liabilities

     

     

    225,304

     

     

     

    230,495

     

    Long-term debt

     

     

    178,749

     

     

     

    138,900

     

    Operating lease liabilities, long term

     

     

    15,574

     

     

     

    17,113

     

    Deferred income tax liabilities

     

     

    9,167

     

     

     

    7,892

     

    Other liabilities

     

     

    2,756

     

     

     

    3,138

     

    Total liabilities

     

     

    431,550

     

     

     

    397,538

     

    Commitments and contingent liabilities (Note 12)

     

     

     

     

     

     

    Stockholders' equity:

     

     

     

     

     

     

    Preferred stock, $0.10 par value per share; authorized 400,000 shares; none issued

     

     

    —

     

     

     

    —

     

    Common stock, $0.10 par value per share; authorized 40,000,000 shares; issued 34,525,983 shares at September 30, 2024 and 34,676,787 shares at December 31, 2023

     

     

    3,452

     

     

     

    3,467

     

    Additional paid-in capital

     

     

    114,196

     

     

     

    110,810

     

    Accumulated other comprehensive loss

     

     

    (13,849

    )

     

     

    (5,963

    )

    Retained earnings

     

     

    295,310

     

     

     

    332,897

     

    Less treasury stock at cost, 5,915,182 shares at September 30, 2024 and December 31, 2023

     

     

    (71,201

    )

     

     

    (71,201

    )

    Total stockholders' equity

     

     

    327,908

     

     

     

    370,010

     

    Total liabilities and stockholders' equity

     

    $

    759,458

     

     

    $

    767,548

     

    AMERICAN VANGUARD CORPORATION AND SUBSIDIARIES

    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

    (In thousands, except per share data)

    (Unaudited)

     

     

     

    For the Three Months

    Ended September 30,

     

     

    For the Nine Months

    Ended September 30,

     

     

     

    2024

     

     

    2023

     

     

    2024

     

     

    2023

     

    Net sales

     

    $

    118,307

     

     

    $

    149,516

     

     

    $

    381,659

     

     

    $

    407,191

     

    Cost of sales

     

     

    (101,014

    )

     

     

    (106,432

    )

     

     

    (284,185

    )

     

     

    (282,662

    )

    Gross profit

     

     

    17,293

     

     

     

    43,084

     

     

     

    97,474

     

     

     

    124,529

     

    Operating expenses

     

     

     

     

     

     

     

     

     

     

     

     

    Selling, general and administrative

     

     

    (26,365

    )

     

     

    (29,813

    )

     

     

    (86,885

    )

     

     

    (85,954

    )

    Research, product development and regulatory

     

     

    (11,177

    )

     

     

    (9,080

    )

     

     

    (25,482

    )

     

     

    (27,363

    )

    Transformation

     

     

    (8,139

    )

     

     

    —

     

     

     

    (16,636

    )

     

     

    —

     

    Operating (loss) income

     

     

    (28,388

    )

     

     

    4,191

     

     

     

    (31,529

    )

     

     

    11,212

     

    Change in fair value of equity investment

     

     

    —

     

     

     

    (247

    )

     

     

    513

     

     

     

    (324

    )

    Interest expense, net

     

     

    (4,378

    )

     

     

    (3,384

    )

     

     

    (11,988

    )

     

     

    (8,282

    )

    (Loss) income before income tax benefit (expense)

     

     

    (32,766

    )

     

     

    560

     

     

     

    (43,004

    )

     

     

    2,606

     

    Income tax benefit (expense)

     

     

    7,024

     

     

     

    (885

    )

     

     

    7,093

     

     

     

    (2,066

    )

    Net (loss) income

     

    $

    (25,742

    )

     

    $

    (325

    )

     

    $

    (35,911

    )

     

    $

    540

     

    Net (loss) income per common share—basic

     

    $

    (0.92

    )

     

    $

    (0.01

    )

     

    $

    (1.28

    )

     

    $

    0.02

     

    Net (loss) income per common share—assuming dilution

     

    $

    (0.92

    )

     

    $

    (0.01

    )

     

    $

    (1.28

    )

     

    $

    0.02

     

    Weighted average shares outstanding—basic

     

     

    28,009

     

     

     

    27,919

     

     

     

    28,015

     

     

     

    28,236

     

    Weighted average shares outstanding—assuming dilution

     

     

    28,009

     

     

     

    27,919

     

     

     

    28,015

     

     

     

    28,656

     

    AMERICAN VANGUARD CORPORATION AND SUBSIDIARIES

    ANALYSIS OF SALES

    (In thousands), (Unaudited)

     

     

     

    For the three months

    ended September 30,

     

     

     

     

     

     

     

     

     

     

     

    2024

     

     

    2023

     

     

    Change

     

     

    % Change

     

    Net sales:

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    U.S. crop

     

    $

    35,533

     

     

    $

    67,749

     

     

    $

    (32,216

    )

     

     

    -48

    %

    U.S. non-crop

     

     

    22,454

     

     

     

    19,250

     

     

     

    3,204

     

     

     

    17

    %

    U.S. total

     

     

    57,987

     

     

     

    86,999

     

     

     

    (29,012

    )

     

     

    -33

    %

    International

     

     

    60,320

     

     

     

    62,517

     

     

     

    (2,197

    )

     

     

    -4

    %

    Total net sales

     

    $

    118,307

     

     

    $

    149,516

     

     

    $

    (31,209

    )

     

     

    -21

    %

    Total cost of sales

     

    $

    (101,014

    )

     

    $

    (106,432

    )

     

    $

    5,418

     

     

     

    -5

    %

    Total gross profit

     

    $

    17,293

     

     

    $

    43,084

     

     

    $

    (25,791

    )

     

     

    -60

    %

    Gross margin

     

     

    15

    %

     

     

    29

    %

     

     

     

     

     

     

     

     

     

     

    Impact of Dacthal Recall

     

     

     

     

     

     

     

     

     

     

     

    2024

     

     

    2023

     

     

    Change

     

     

     

     

     

    Net sales:

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    U.S. crop

     

    $

    (11,783

    )

     

    $

    —

     

     

    $

    (11,783

    )

     

     

     

     

    U.S. non-crop

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

     

     

    Total U.S.

     

     

    (11,783

    )

     

     

    —

     

     

     

    (11,783

    )

     

     

     

     

    International

     

     

    (620

    )

     

     

    —

     

     

     

    (620

    )

     

     

     

     

    Total net sales

     

    $

    (12,403

    )

     

    $

    —

     

     

    $

    (12,403

    )

     

     

     

     

    Total cost of sales

     

     

    (3,788

    )

     

     

    —

     

     

     

    (3,788

    )

     

     

     

     

    Total gross profit

     

    $

    (16,191

    )

     

    $

    —

     

     

    $

    (16,191

    )

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    For the nine months

    ended September 30,

     

     

     

     

     

     

     

     

     

     

     

    2024

     

     

    2023

     

     

    Change

     

     

    % Change

     

    Net sales:

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    U.S. crop

     

    $

    155,075

     

     

    $

    185,823

     

     

    $

    (30,748

    )

     

     

    -17

    %

    U.S. non-crop

     

     

    59,241

     

     

     

    50,041

     

     

     

    9,200

     

     

     

    18

    %

    U.S. total

     

     

    214,316

     

     

     

    235,864

     

     

     

    (21,548

    )

     

     

    -9

    %

    International

     

     

    167,343

     

     

     

    171,327

     

     

     

    (3,984

    )

     

     

    -2

    %

    Total net sales

     

    $

    381,659

     

     

    $

    407,191

     

     

    $

    (25,532

    )

     

     

    -6

    %

    Total cost of sales

     

    $

    (284,185

    )

     

    $

    (282,662

    )

     

    $

    (1,523

    )

     

     

    1

    %

    Total gross profit

     

    $

    97,474

     

     

    $

    124,529

     

     

    $

    (27,055

    )

     

     

    -22

    %

     

     

     

    26

    %

     

     

    31

    %

     

     

     

     

     

     

     

     

     

     

    Impact of Dacthal Recall

     

     

     

     

     

     

     

     

     

     

     

    2024

     

     

    2023

     

     

    Change

     

     

     

     

     

    Net sales:

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    U.S. crop

     

    $

    (11,783

    )

     

    $

    —

     

     

    $

    (11,783

    )

     

     

     

     

    U.S. non-crop

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

     

     

    Total U.S.

     

     

    (11,783

    )

     

     

    —

     

     

     

    (11,783

    )

     

     

     

     

    International

     

     

    (620

    )

     

     

    —

     

     

     

    (620

    )

     

     

     

     

    Total net sales

     

    $

    (12,403

    )

     

    $

    —

     

     

    $

    (12,403

    )

     

     

     

     

    Total cost of sales

     

     

    (3,788

    )

     

     

    —

     

     

     

    (3,788

    )

     

     

     

     

    Total gross profit

     

    $

    (16,191

    )

     

    $

    —

     

     

    $

    (16,191

    )

     

     

     

     

    AMERICAN VANGUARD CORPORATION AND SUBSIDIARIES

    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

    (In thousands)

    (Unaudited)

     

     

     

    For the Nine Months Ended September 30,

     

     

     

    2024

     

     

    2023

     

    Cash flows from operating activities:

     

     

     

     

     

     

    Net (loss) income

     

    $

    (35,911

    )

     

    $

    540

     

    Adjustments to reconcile net (loss) income to net cash used in operating activities:

     

     

     

     

     

     

    Depreciation of property, plant and equipment

     

     

    6,655

     

     

     

    6,396

     

    Amortization of intangibles assets

     

     

    9,947

     

     

     

    10,009

     

    Amortization of other long-term assets

     

     

    199

     

     

     

    1,445

     

    Amortization of deferred loan fees

     

     

    342

     

     

     

    174

     

    Provision for bad debts

     

     

    1,278

     

     

     

    952

     

    Stock-based compensation

     

     

    3,887

     

     

     

    4,257

     

    Change in deferred income taxes

     

     

    (9,110

    )

     

     

    (977

    )

    Changes in liabilities for uncertain tax positions or unrecognized tax benefits

     

     

    106

     

     

     

    467

     

    Change in equity investment fair value

     

     

    (513

    )

     

     

    324

     

    Other

     

     

    110

     

     

     

    7

     

    Foreign currency transaction losses

     

     

    121

     

     

     

    199

     

    Changes in assets and liabilities associated with operations:

     

     

     

     

     

     

    Decrease (increase) in net receivables

     

     

    33,475

     

     

     

    (29,055

    )

    Increase in inventories

     

     

    (29,429

    )

     

     

    (58,163

    )

    Increase in prepaid expenses and other assets

     

     

    (4,107

    )

     

     

    (633

    )

    Change in income tax receivable/payable, net

     

     

    (6,216

    )

     

     

    (4,046

    )

    Increase (decrease) in net operating lease liability

     

     

    (48

    )

     

     

    227

     

    Increase in accounts payable

     

     

    6,141

     

     

     

    1,240

     

    Decrease in customer prepayments

     

     

    (38,375

    )

     

     

    (104,590

    )

    Increase in accrued program costs

     

     

    17,721

     

     

     

    29,779

     

    Increase (decrease) in other payables and accrued expenses

     

     

    13,878

     

     

     

    (4,406

    )

    Net cash used in operating activities

     

     

    (29,849

    )

     

     

    (145,854

    )

    Cash flows from investing activities:

     

     

     

     

     

     

    Capital expenditures

     

     

    (6,106

    )

     

     

    (8,589

    )

    Proceeds from disposal of property, plant and equipment

     

     

    66

     

     

     

    200

     

    Intangible assets

     

     

    (341

    )

     

     

    (759

    )

    Net cash used in investing activities

     

     

    (6,381

    )

     

     

    (9,148

    )

    Cash flows from financing activities:

     

     

     

     

     

     

    Payments under line of credit agreement

     

     

    (168,188

    )

     

     

    (62,800

    )

    Borrowings under line of credit agreement

     

     

    208,037

     

     

     

    228,500

     

    Receipt from the issuance of common stock under ESPP

     

     

    901

     

     

     

    980

     

    Net receipt from the exercise of stock options

     

     

    —

     

     

     

    46

     

    Net payment for tax withholding on stock-based compensation awards

     

     

    (1,416

    )

     

     

    (1,957

    )

    Repurchase of common stock

     

     

    —

     

     

     

    (15,539

    )

    Payment of cash dividends

     

     

    (2,510

    )

     

     

    (2,550

    )

    Net cash provided by financing activities

     

     

    36,824

     

     

     

    146,680

     

    Net increase (decrease) in cash and cash equivalents

     

     

    594

     

     

     

    (8,322

    )

    Effect of exchange rate changes on cash and cash equivalents

     

     

    (130

    )

     

     

    (477

    )

    Cash and cash equivalents at beginning of period

     

     

    11,416

     

     

     

    20,328

     

    Cash and cash equivalents at end of period

     

    $

    11,880

     

     

    $

    11,529

     

    AMERICAN VANGUARD CORPORATION AND SUBSIDIARIES

    RECONCILIATION OF NET INCOME (LOSS) TO ADJUSTED EBITDA

    (Unaudited)

     

     

     

    Three Months Ended September 30,

     

     

    Nine Months Ended September 30,

     

     

     

    2024

     

     

    2023

     

     

    2024

     

     

    2023

     

    Net (loss) income

     

    $

    (25,742

    )

     

    $

    (325

    )

     

    $

    (35,911

    )

     

    $

    540

     

    Income tax (benefit) expense

     

     

    (7,024

    )

     

     

    885

     

     

     

    (7,093

    )

     

     

    2,066

     

    Interest expense, net

     

     

    4,378

     

     

     

    3,384

     

     

     

    11,988

     

     

     

    8,282

     

    Depreciation and amortization

     

     

    5,703

     

     

     

    5,704

     

     

     

    16,801

     

     

     

    17,850

     

    Stock-based compensation

     

     

    1,135

     

     

     

    1,716

     

     

     

    3,887

     

     

     

    4,257

     

    Transformation costs & legal reserves

     

     

    7,159

     

     

     

    —

     

     

     

    17,402

     

     

     

    —

     

    Dacthal returns

     

     

    16,191

     

     

     

    —

     

     

     

    16,191

     

     

     

    —

     

    Proxy contest activities

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    541

     

    Adjusted EBITDA2

     

    $

    1,800

     

     

    $

    11,364

     

     

    $

    23,265

     

     

    $

    33,536

     

    ______________________________

    1 Adjusted earnings before interest, taxes, depreciation, and amortization. Adjusted EBITDA is not a financial measure calculated and presented in accordance with U.S. generally accepted accounting principles (GAAP) and should not be considered as an alternative to net income (loss), operating income (loss) or any other financial measure so calculated and presented, nor as an alternative to cash flow from operating activities as a measure of liquidity. The items excluded from adjusted EBITDA are detailed in the reconciliation attached to this news release. Other companies (including the Company's competitors) may define adjusted EBITDA differently.

    2 Adjusted earnings before interest, taxes, depreciation, and amortization. Adjusted EBITDA is not a financial measure calculated and presented in accordance with U.S. generally accepted accounting principles (GAAP) and should not be considered as an alternative to net income (loss), operating income (loss) or any other financial measure so calculated and presented, nor as an alternative to cash flow from operating activities as a measure of liquidity. The items excluded from adjusted EBITDA are detailed in the reconciliation attached to this news release. Other companies (including the Company's competitors) may define adjusted EBITDA differently.

    View source version on businesswire.com: https://www.businesswire.com/news/home/20241111947698/en/

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