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American Vanguard Reports Third Quarter & Nine-Month 2013 Results

Stocks in this article: AVD

American Vanguard Corporation (NYSE:AVD) today announced financial results for the third quarter and nine-month period ended September 30, 2013.

Fiscal 2013 Nine Month Financial Highlights – versus Fiscal 2012 Nine Month Results

  • Net sales improved from $261.9 million to $305.5 million, an increase of 17%
  • Net income improved from $25.6 million to $34.2 million, an increase of 34%
  • Earnings per diluted share improved from $0.89 to $1.18, an increase of 33%

Fiscal 2013 Third Quarter Financial Highlights – versus Fiscal 2012 Third Quarter Results

  • Net sales improved from $89.8 million to $97.2 million, an increase of 8%
  • Net income improved from $8.1 million to $8.9 million, an increase of 10%
  • Earnings per diluted share improved from $0.28 to $0.31, an increase of 11%

Note: Further details are available in the financial schedules attached to this press release

Eric Wintemute, Chairman and CEO of American Vanguard, stated: “We are pleased to report record third quarter and year-to-date revenue and earnings growth. Our quarterly results benefited from strong sales of Bidrin®, Thimet® and our Force® corn soil insecticide in Smartbox. In the face of challenging market dynamics, we have reported our best ever Company performance. Looking forward, as the industry ramps up for the 2014 planting season and prepares to cope with the reported intensification of weed and insect pressure, we are ready to supply growers with the best selection of proven crop protection tools available.”

Mr. Wintemute continued: “We continue to achieve strong gross margin levels, posting 46% in the first nine months of 2013 and 44% in the third quarter. Our 2013 sales have been enhanced by the extended agreement with Monsanto to co-market our Impact® herbicide with their market leading Roundup glyphosate brands. Demand for our wide range of granular soil insecticides continues to grow, as expanding insect resistance encourages the use of our products in conjunction with genetically modified trait seed. Further, we continue to manage our balance sheet for long-term growth and have strengthened our organization to capitalize on promising opportunities in product development, international expansion and non-agricultural pest control markets.”

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