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Sep 30, 2022
Advansix Q3 2022 Earnings Report
Announced third quarter 2022 financial results
Key Takeaways
AdvanSix reported sales of $479 million, up 7% year-over-year, driven by market-based pricing and raw material pass-through pricing, offset by lower volume due to the extended plant turnaround; EPS was $0.35 and adjusted EPS was $0.43; cash flow from operations was $59 million.
Sales up approximately 7% versus prior year driven by 18% favorable impact of market-based pricing, 4% higher raw material pass-through pricing, and 3% contribution from acquisitions, partially offset by 18% lower volume
Net Income of $10.0 million, a decrease of $33.9 million versus the prior year
Adjusted EBITDA of $33.3 million, a decrease of $44.4 million versus the prior year
Cash Flow from Operations of $58.9 million, a decrease of $17.6 million versus the prior year
Revenue by Segment
Forward Guidance
AdvanSix expects performance rebounding towards results demonstrated in 1Q22 and 2Q22 as well as continued strong cash flow generation, strong underlying agriculture and fertilizer industry fundamentals to continue, North American demand for nylon and chemical intermediates mixed overall; softness in consumer durables and building and construction end markets, targeting our typical high plant utilization rates as supported by our global competitive position.
Positive Outlook
- 4Q22 expected performance rebounding towards results demonstrated in 1Q22 and 2Q22 as well as continued strong cash flow generation
- Expect strong underlying agriculture and fertilizer industry fundamentals to continue
- North American demand for nylon and chemical intermediates mixed overall
- Targeting our typical high plant utilization rates as supported by our global competitive position
- Capital Expenditures tracking to approximately $95 million for the full year 2022
Challenges Ahead
- softness in consumer durables and building and construction end markets
- Expect pre-tax income impact of planned plant turnarounds to be $28 million to $33 million in 2023 versus approximately $50 million in 2022
Revenue & Expenses
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