Why Is American Vanguard (AVD) Stock Down 28% Today?

Financial Performance - American Vanguard reported diluted earnings per share of -9 cents for Q2 2024, missing Wall Street's expectation of 12 cents per share and worse than the -4 cents per share reported in the same period last year [1][2] - The company's revenue for Q2 was $128.21 million, falling short of analysts' estimate of$133.6 million and down 3.5% year-over-year from $132.8 million [1][3] Management Commentary - Acting CEO Timothy Donnelly attributed the reduced profitability to non-recurring charges, including severance compensation for the former CEO and one-time costs related to business transformation activities, emphasizing that the results are not acceptable and the company is focused on urgent changes [2][3] Outlook and Market Reaction - American Vanguard has lowered its revenue outlook for 2024 to a range of$565 million to $580 million, which is below Wall Street's estimate of$596.75 million [3] - Following the earnings announcement and outlook cut, AVD stock experienced a decline of 28.1% [3]