American Vanguard’s profit streak hits 16th quarter
Newport Beach-based American Vanguard Corp. posted record
quarterly earnings Wednesday, logging a 44% increase in sales and 53%
increase in income from a year ago.
These results give American Vanguard its 16th consecutive profitable quarter.
Net sales during the first quarter rose to $27.3 million from $19
million a year ago. Net income grew to $1.2 million, or 20 cents per
share, from $799,000, or 13 cents per share, during the first quarter
“We are extremely pleased with the company’s solid start in 2003
and are confident that we will meet our previously stated goals to
achieve double-digit sales and net income growth,” said Eric
Wintermute, president and chief executive.
The company develops and markets agricultural chemicals to keep
insects from damaging turf and crops. Shares of AVD rose 30 cents, or
1.75%, Friday to $17.40.
Ceradyne gets diesel truck contract, 2nd deal in a week
Ceradyne Inc., a Costa Mesa high-tech ceramics producer, announced
its second deal in a week Wednesday.
Ceradyne secured a deal with a top diesel truck manufacturer to
produce ceramic engine parts. The deal could be worth as much as $26
million during a four-year term. An initial order is worth $1.4
million, Ceradyne announced in a news release.
Sales of diesel parts to the truck customer in 2002 were
approximately $2.7 million.
On Monday, the company announced it had been selected by Lockheed
Martin Corp. to supply nosecones for an advanced version of the
Patriot missile system. That deal could be worth as much as $150 over
more than 10 years. The company received $7 million upfront.
Ceradyne shares fell 17 cents, or 1.11%, to $15.10 in Friday