By Kelly Cloonan
Shares of American Vanguard declined after the agricultural-products company swung to a first-quarter loss and posted lower sales amid continued weakness in the agricultural industry.
The stock fell 12%, to $4.29, late Friday morning. Shares have slipped 51% in the past 12 months.
The Newport Beach, Calif., company on Friday posted a loss of $8.5 million, or 30 cents a share, compared with a profit of $1.6 million, or 6 cents a share, a year earlier.
Revenue fell 14%, to $115.8 million.
The results reflect a continued challenging environment for suppliers to the global agricultural sector, Chief Executive Douglas Kaye III said.
"Against a backdrop of global economic uncertainty and generally high interest rates, customers focused on managing working capital by reducing inventory and limiting procurement to a just-in-time basis," he said.
Such trends have started to improve in the current quarter, and the company expects the second half of the year to be seasonally stronger and benefit from improving customer order rates, Kaye added.
If market conditions don't improve, the company plans to further reduce costs in the coming quarters, he said.
Write to Kelly Cloonan at kelly.cloonan@wsj.com
(END) Dow Jones Newswires
June 06, 2025 11:34 ET (15:34 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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