American Vanguard Corp - AVD STOCK NEWS

American Vanguard's crop business unit, AMVAC, has entered into a regional distribution agreement with DPH Biologicals, expanding its GreenSolutions portfolio and increasing biological products availability across the U.S. Under the long-term agreement, AMVAC will distribute DPH Bio's key products, including TerraTrove SP-1 Classic, TerraTrove AmplAphex biofertilizers, and BellaTrove Companion Maxx, an EPA-approved biocontrol product.

The partnership allows DPH Bio to strengthen its U.S. market access through AMVAC's commercial and operational teams, initially focusing on specialty crop markets. AMVAC will service DPH Bio's existing customers in the Western and Southern regions, providing enhanced commercial and technical support. The collaboration combines DPH Bio's products with AMVAC's GreenSolutions portfolio, creating an industry-leading offering for growers, distributors, and retail partners.

American Vanguard (NYSE:AVD) announced that its new CEO, Douglas 'Dak' Kaye, III, will participate in an investor forum hosted by Lake Street Capital on January 16, 2025 at 11 a.m. Eastern Time. This will mark Kaye's first presentation to the financial community as AVD's CEO. Kaye brings over 20 years of executive leadership experience, having previously served as North American President of Albaugh, , a global developer, manufacturer, and marketer of crop protection products.

American Vanguard (AVD) announced changes to its Board of Directors. Debra Edwards, who served since 2011 as Chair of the Compensation Committee and on the Risk and Finance Committees, is retiring from the board. The company appointed Carmen Tiu effective December 11, 2024, to fill the vacancy. Tiu, who will serve on the Risk and Finance Committees, brings extensive experience from her tenure at Dow AgroSciences and Corteva AgroSciences, particularly in regulatory strategy, food standards, risk, and government affairs. Her credentials include over 30 scientific publications, 70 scientific reports, and hundreds of regulatory submissions.

American Vanguard (AVD) has appointed Douglas A. ('Dak') Kaye, III as its new Chief Executive Officer, effective December 9, 2024. Kaye brings extensive experience from his 13-year tenure at Albaugh, , where he most recently served as President, North America. He previously held positions as Group Chief Commercial Officer and President of the European region.

The appointment follows a comprehensive search process and aims to drive the company's transformation goals, including achieving a 15% adjusted EBITDA margin. Kaye will succeed the Office of CEO (OCEO), which has been in place since July 15, 2024, and will be based at global headquarters starting January 6, 2025.

American Vanguard reported Q3 2024 financial results with net sales of $118.3 million ($130.7 million excluding Dacthal recall impact) compared to $149.5 million in Q3 2023. The company maintained its full-year 2024 Adjusted EBITDA guidance of $40-50 million despite reporting Q3 Adjusted EBITDA of $1.8 million vs $11.4 million year-over-year. Non-crop revenues grew 17% and Green Solutions revenues increased 18%. The company reduced debt by $32.5 million to $179 million and raised expected transformation benefits to $20 million from $15 million. Q3 EPS was $(0.92) compared to $(0.01) in Q3 2023.

American Vanguard (AVD) has scheduled its third quarter 2024 financial results announcement for Monday, November 11, with the conference call set for 4:30 pm ET/ 1:30 pm PT. Acting CEO Tim Donnelly, CFO David T. Johnson, and Board Member Mark Bassett will lead the presentation. The webcast will be available on the company's website and archived for one year for future access.

American Vanguard (NYSE: AVD) has announced the voluntary cancellation of all federal registrations for its Dacthal herbicide products. This decision follows an emergency suspension order issued by the EPA on August 6, 2024. The company is working with state and federal authorities to remove Dacthal from distribution channels and plans to cancel all international registrations as well.

The EPA's suspension was based on a single rodent study provided by AVD two years ago, which showed potential fetal effects at certain doses. The company had been working with the EPA to identify risk mitigation measures and discuss additional studies, but ultimately decided to withdraw the product registrations.

American Vanguard (NYSE: AVD) reported Q2 2024 financial results, showing a slight decline in net sales to $128.2 million from $132.8 million in Q2 2023. The company faced profitability challenges, with earnings per share dropping to $(0.42) from $(0.04) year-over-year. Despite adverse market conditions, AVD saw double-digit increases in domestic non-crop business and Green Solutions products sales.

To address liquidity concerns, AVD entered an amended credit facility on August 8, 2024, relaxing EBITDA-based covenants and increasing borrowing capacity. The company has also implemented cost-cutting measures, including a 4% workforce reduction and initiatives to manage inventory and expenses. AVD revised its full-year 2024 targets, lowering adjusted EBITDA expectations to $40-$50 million and projecting net sales to be down 2% to flat at $565-$580 million.

American Vanguard (NYSE: AVD) has announced its schedule for the 2024 second quarter earnings release and conference call. The financial results will be reported on Thursday, August 8, 2024, after the stock market closes. A conference call led by Tim Donelly (Acting CEO), David T. Johnson (VP, CFO and Treasurer), and Mark Bassett (Director) will take place at 4:30 pm ET / 1:30 pm PT on the same day.

Interested parties can participate in the call by dialing 201-493-6744, 10 minutes before the start time. The call will also be webcast live on the company's website. For those unable to attend, an archived version will be available on the American Vanguard website.