Amvac warns of first-quarter slump
US agrochemical company American Vanguard warns that its first-quarter revenues are likely to be down by a third compared with the same period last year. It expects earnings to range from "break-even to a few cents per share". The company blames high stock levels remaining from last season due to persistent wet weather and reduced agrochemical applications in 2013. Sales were down by 28% in the fourth quarter of last year and the company warned that first-quarter revenues could be down by "as much as 20%" (Agrow No 684, p 10).