Newport Beach-based specialty chemical maker American Vanguard Corp. saw its stock price dive despite big gains in sales and profits in the first quarter.
The company had an $8.7 million profit in the quarter, up 74% from a year earlier.
The company had $87.3 million in sales, up 32% from a year-earlier, beating the average Wall Street estimate of $82.2 million.
The revenue growth was “driven largely by the growing demand for our portfolio of granular soil insecticides,” said Eric Wintemute, chairman and chief executive, in a statement.
He said the company’s results reflect “positive conditions in the U.S. agricultural sector.”
The quarterly report didn’t warm investors amid a generally down day on Wall Street, and American Vanguard shares fell about 4% drop to a market value of about $690 million in early trading today.