American Vanguard (NYSE:AVD) stock is falling on Friday after the specialty chemicals company announced its earnings for the second quarter of 2024.
The bad news for AVD stockholders starts with the company’s diluted earnings per share of -9 cents. That’s nowhere close to the 12 cents per share Wall Street was expecting. It’s also worse than the -4 cents per share reported in the same period of the year prior.
Adding to this is the company’s revenue of $128.21 million in Q2. Yet again, that failed to reach analysts’ revenue estimate of $133.6 million. It’s also down 3.5% year-over-year from $132.8 million.
Acting American Vanguard CEO Timothy Donnelly said the following about these results:
“Our profitability was reduced largely due to non-recurring charges, including severance compensation for the former CEO and other one-time costs including various expenses in support of our business transformation activity. That said, the company does not find these results to be acceptable and is focused on changing direction with urgency”
Outlook Cut Hits AVD Stock
American Vanguard also reduced its outlook alongside these lackluster results. This has it expecting 2024 revenue to come in between $565 million and $580 million. That would see it missing Wall Street’s revenue estimate of $596.75 million for the year.
AVD stock is down 28.1% as of Friday morning.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
On the date of publication, the responsible editor did not have (either directly or indirectly) any positions in the securities mentioned in this article.
