So let's start with Q1 and move forward to the full year and beyond. Our 2023 full year outlook will improve upon our 2022 year with the ranges of revenue up 5% to 7%, adjusted EBITDA up 14% to 18% and net income up 17% to 25%. In fact, even with the Q1 performance, we're well below our original forecast. However, with unusually low channel inventory of our domestic crop products, we expect strong sales for the balance of the year. And we have two growth initiatives on top of that that we'll be talking about in a moment.Īs you will have read from our earnings release and we have highlighted that on the Slide 5, our Q1 sales of Aztec and its impact were lower than expected due to supply chain delays in China in the case of Aztec and a glut of large volume herbicide specifcally Glyphosate and Glufosinate in US market in the case of impact. We do basic R&D as well and our business model has largely been to acquire branded products from the majors. And so those of you who are joining us for the frst time, just a quick slide and we're traded on the New York Stock Exchange as American Vanguard founded in 1969. With that said, we turn the call over to Eric. All forward-looking statements represent the company's best judgment as of the date of this call, and such information will not necessarily be updated by the company. Such factors can include weather conditions,Ĭhanges in regulatory policy, competitive pressures, supply chain disruptions and other types of risks as detailed in the company's SEC reports and flings. In today's call, the company may discuss forward-looking information such information and statements are based on estimates and assumptions by the company's management and are subject to various risks and uncertainties that may cause actual results to difer from management's current expectations. Robert Trogele, the company's Chief Operating Ofcer.īefore beginning, let's take a moment for our usual cautionary reminder. Also available to assist in answering your questions Mr. Jim Thompson, Director of Portfolio Strategy and Business Development, the one who is guiding our green solutions initiative. Scott Hendrix, Senior Vice President in charge of the US and Canadian crop sales and our application technology initiatives. David Johnson, the company's Chief Financial Ofcer Mr. Eric Wintemute, the Chairman and CEO of American Vanguard Mr. Thank you, Misty, and welcome everyone to American Vanguard's First Quarter 2023 earnings review. I will now turn the call over to Bill Kuser, Director of Investor Relations. Welcome to the American Vanguard Corporation First Quarter 2023 Financial Results.
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