American Vanguard Corporation (NYSE:AVD), today announced financial results for the third quarter and nine month period ended September 30, 2012.
Fiscal 2012 Third Quarter Financial Highlights – versus Fiscal 2011 Third Quarter:
- Net sales improved to $90.8 million from $73.8 million, an increase of 23%
- Net income improved to $8.1 million from $4.6 million, an increase of 75%
- Earnings per diluted share were $0.28 versus $0.16 in the prior year
Fiscal 2012 First Nine Month Financial Highlights – versus Fiscal 2011 First Nine Month:
- Net sales improved to $262.8 million from $219.9 million, an increase of 20%
- Net income improved to $25.6 million from $15.6 million, an increase of 63%
- Earnings per diluted share were $0.89 versus $0.56 in the prior year
Note: Complete details are available in the financial schedules attached to this press releaseEric Wintemute, Chairman and CEO of American Vanguard, stated: “We are pleased to report record net sales and net income performance for the third quarter and the first nine months of 2012 reflecting continued strong demand for our products and excellent profitability of our business. This quarter’s results were driven by our participation in cotton and seasonal sales of our soil fumigants for post-harvest applications. Our sales also included initial shipments of granular soil insecticides in response to grower demand ahead of the 2013 planting season.” Mr. Wintemute continued: “In our current results, we see the continuing trend of profitability improvement, as a higher-valued product mix, selective price increases and solid manufacturing performance all contribute to higher gross profit margins. Our finished goods inventory and accounts receivable levels have both risen, in response to the production associated with the pre-season sales build-up for the upcoming corn planting season. Notwithstanding the current strong growth the Company is experiencing, we continue to have sufficient cash and credit available for capital expenditures and/or potential product acquisitions that we may undertake in the coming quarters.”
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