Record Results Boost American Vanguard Stock to Year’s High
NEWPORT BEACH — American Vanguard Corp.’s stock surged 34.5% Wednesday to its highest level for the year as the company posted record second-quarter results.
The stock rose $2.63 a share to $10.25 on the Nasdaq market.
American Vanguard, which develops and markets agricultural chemicals, reported that net income for the second quarter increased to $688,100, or 27 cents a share, from $15,500, or 1 cent a share, for the same period last year. Revenue totaled $16 million, up 62% from $9.9 million.
For the first six months, net income rose nearly 81% to $632,000, or 25 cents a share, from $350,000, or 14 cents a share, a year ago. Revenue was up more than 30% to $26.5 million from $20.3 million.
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