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Stock Market & Financial Investment News

News Breaks
January 29, 2013
15:17 EDTAVDAmerican Vanguard trading lower after Herbert Kraft cuts stake
American Vanguard (AVD) shares are trading lower after a filing released earlier today showed that Herbert Kraft lowered his stake in the company to 7.42% from 9.55%. American Vanguard is down $1.12, or 3.30%, to $32.87 in late afternoon trading.
News For AVD From The Last 14 Days
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April 10, 2014
17:23 EDTAVDAmerican Vanguard to host business news update conference call
Conference call will be held on April 11 at 12 pm. Webcast Link
16:22 EDTAVDAmerican Vanguard down over 4% to $19.50 following Q1 guidance
16:13 EDTAVDAmerican Vanguard sees Q1 revenue down about 33% YoY
Q1 consensus $100.27M. American Vanguard announced that elevated channel inventories, arising primarily from weather conditions in the Midwestern United States, will affect its first quarter financial performance. Net sales for the first quarter will be approximately 33% below those of the comparable period in 2013, and the company anticipates reporting net earnings that range from break-even to a few cents per share for the quarter, compared to consensus of 23c. As was reported by the company last December and reiterated again on February 27, persistent wet weather during the 2013 planting season resulted in reduced application of many crop protection inputs that are used at the time of planting – such as AMVAC’s granular soil insecticides. This surplus inventory in the distribution channel is gradually being drawn down as purchases are made for the present 2014 spring planting season. While the fundamental demand for soil insecticide products remains solid, new orders have been slowed by this inventory overhang and planting delays caused by this year’s severe winter weather. The company expects some purchases that would have ordinarily been made in the first quarter will be made during April & May, and as such will be reflected in its second quarter results. Eric Wintemute, Chairman and CEO of American Vanguard, stated, “Our corn products have been key drivers for our growth over the past three years. Consequently, a shift in corn input purchasing patterns tends to have a disproportionate effect upon our overall financial performance. Many of our Ag Chem industry peers are experiencing reduced sales of their corn products due to this sluggish procurement pattern. However, based upon discussions with our customers, we consider this to be a temporary market condition and expect continued growth for our corn products once conditions normalize. We remain in close contact with our channel partners and stand ready to address the needs of the market throughout the new planting season.” :th

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