AdvanSix reported sales of $401 million, a 16% decrease compared to the prior year. Earnings per share (EPS) was $1.22, and adjusted EPS was $1.30. The company returned $18 million of cash to shareholders through repurchases and dividends and announced a planned multi-year investment to expand granular ammonium sulfate production.
Sales decreased by approximately 16% versus prior year, driven by lower volume and unfavorable market-based pricing.
Net Income decreased to $35.0 million, a decrease of $28.1 million versus the prior year.
Adjusted EBITDA decreased to $65.4 million, a decrease of $37.8 million versus the prior year.
Free Cash Flow was ($23.0) million, a decrease of $51.2 million versus the prior year.
AdvanSix anticipates strong agriculture and fertilizer industry fundamentals through the domestic planting season and expects improvement in 2Q23 ammonium sulfate domestic sales volume. They also foresee balanced supply and demand for North American acetone and continued headwinds in consumer durables and building and construction end markets. Capital expenditures are expected to be $110 million to $120 million in 2023, and the pre-tax income impact of planned plant turnarounds is projected to be $28 million to $33 million.
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