(By Balaseshan) Chemical maker AmericanVanguard Corp. (NYSE: AVD) reported a 76.6 percent jump in quarterly earnings driven by strong global demand for food, feed, fiber and bio-fuels. Results exceeded Street's expectations.
Earnings for the fourth quarter were $11.3 million or $0.39 per share, up from $6.4 million or $0.23 per share in the previous year quarter.
Net sales increased to $104.3 million from $81.8 million.
Analysts, on average, polled by Thomson Reuters had expected a profit of $0.35 per share on revenue of $99.05 million for the fourth quarter.
In the previous third quarter, the company posted earnings of $0.28 per share on net sales of $90.8 million.
[Related -Sloppy Day For The Indices]
For the fiscal 2012, earnings were $36.8 million or $1.28 per share, up from $22.1 million or $0.79 per share last year. Sales grew 22% to $366.2 million for the full year 2012. Street analysts predicted profit of $1.23 per share on revenue of $362.94 million for the full year.
Gross margin for the year rose to 44% from 41%. Operating expenses remained steady as a percentage of sales at 28%.
American Vanguard develops products for crop protection and management, turf and ornamentals management and public and animal health. Its chemical products include insecticides, fungicides, herbicides and molluscicides, among others.
AVD is trading down 6.31% at $30.14 on Thursday. The stock has been trading between $16.00 and $37.51 for the past 52 weeks.