American Vanguard Corporation (NYSE:AVD), today announced financial results for the first quarter ended March 31, 2012.
Fiscal 2012 First Quarter Financial Highlights – versus Fiscal 2011 First Quarter
- Net sales of $87.3 million, compared with $66.0 million, an increase of 32%.
- Net income of $8.7 million, compared with $5.0 million, an increase of 74%.
- Earnings per diluted share were $0.31, compared with $0.18, an increase of 72%.
Eric Wintemute, Chairman and CEO of American Vanguard, stated: “Our first quarter 2012 business performance reflects positive conditions in the U.S. agricultural sector and was driven largely by the growing demand for our portfolio of granular soil insecticides. Gross profit margins rose to 43% as we achieved improved overall factory utilization rates. Operating expenses as a percentage of sales were held to 26%, despite higher regulatory expenses and freight costs that kept pace with our expanding export business. Stronger sales, improved gross margins and operating expense management enabled us to improve our bottom line significantly.”
Mr. Wintemute continued, “We are seeing renewed demand for the use of granular soil insecticides in the U.S. corn market, as growers combat strong pest pressure from both primary and secondary insects. The use of our corn soil insecticides in conjunction with genetically modified seeds as part of an integrated pest management program provides the most comprehensive defense against the full range of soil insects and can enhance harvest yields. American Vanguard has the largest offering of corn soil insecticides along with the most advanced, closed delivery equipment for safely and efficiently dispensing these products.”Mr. Wintemute concluded, “Our performance during the quarter serves to validate our long-standing belief that conventional chemistry is an essential part of integrated pest management. We are, of course, pleased with these results and look forward to giving additional color during our earnings call on the period.”
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
24/7 market commentary from Jim Cramer and 20+ veteran Wall Street gurus. Get access to the latest trading ideas on stocks, options, and ETFs as well as a real-time forum to see the pros exchanging their investment ideas.
- Jim Cramer + 20 Wall Street pros
- Intraday commentary & news
- Real-time trading forum
- Actionable trade ideas
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV