AdvanSix Announces Second Quarter 2024 Financial Results
AdvanSix (NYSE: ASIX) reported strong second quarter 2024 financial results, with sales up 6% to $453 million compared to the prior year. The company saw a 5% increase in volume and 1% favorable net pricing. Net Income rose to $38.9 million, while Adjusted EBITDA increased by $12.4 million to $78.1 million. Earnings Per Share reached $1.43, with Adjusted EPS at $1.55. Cash Flow from Operations improved by 43% to $50.2 million. The company's performance was driven by higher domestic nylon sales, robust ammonium sulfate demand, and strong acetone pricing. AdvanSix continues to invest in long-term sustainable growth, including its SUSTAIN program.
AdvanSix (NYSE: ASIX) ha riportato risultati finanziari forti per il secondo trimestre del 2024, con vendite aumentate del 6% a $453 milioni rispetto all'anno precedente. L'azienda ha registrato un aumento del 5% nel volume e un incremento del 1% nei prezzi netti favorevoli. Il Reddito Netto è salito a $38,9 milioni, mentre l'EBITDA Rettificato è aumentato di $12,4 milioni, raggiungendo i $78,1 milioni. Gli Utili per Azione hanno raggiunto $1,43, con EPS Rettificati a $1,55. Il Flusso di Cassa dalle Operazioni è migliorato del 43%, arrivando a $50,2 milioni. Le prestazioni dell'azienda sono state trascinate da vendite di nylon domestico più elevate, una robusta domanda di solfato di ammonio e prezzi solidi dell'acetone. AdvanSix continua a investire per una crescita sostenibile a lungo termine, incluso il suo programma SUSTAIN.
AdvanSix (NYSE: ASIX) reportó resultados financieros sólidos para el segundo trimestre de 2024, con ventas que aumentaron un 6% a $453 millones en comparación con el año anterior. La compañía vio un aumento del 5% en volumen y un 1% de precios netos favorables. El Ingreso Neto aumentó a $38,9 millones, mientras que el EBITDA Ajustado creció en $12,4 millones hasta alcanzar los $78,1 millones. Las Ganancias por Acción alcanzaron $1,43, con EPS Ajustados en $1,55. El Flujo de Efectivo de las Operaciones mejoró en un 43% a $50,2 millones. El rendimiento de la empresa fue impulsado por mayores ventas de nylon en el mercado doméstico, una fuerte demanda de sulfato de amonio y precios robustos de acetona. AdvanSix continúa invirtiendo en un crecimiento sostenible a largo plazo, incluyendo su programa SUSTAIN.
AdvanSix (NYSE: ASIX)는 2024년 2분기 재무 실적을 발표하며 전년 대비 6% 증가한 4억 5300만 달러의 매출을 기록했습니다. 회사는 5%의 판매량 증가와 1%의 유리한 순 가격을 보았습니다. 순익은 3천890만 달러로 증가했으며, 조정 EBITDA는 1천240만 달러 증가하여 7천810만 달러에 달했습니다. 주당 순이익은 1.43달러, 조정 EPS는 1.55달러에 도달했습니다. 운영 활동으로부터의 현금 흐름은 43% 증가하여 5천200만 달러로 개선되었습니다. 회사의 실적은 증가한 국내 나일론 판매, 강력한 황산암모늄 수요, 그리고 견조한 아세톤 가격에 의해 주도되었습니다. AdvanSix는 SUSTAIN 프로그램을 포함하여 장기적으로 지속 가능한 성장에 계속 투자하고 있습니다.
AdvanSix (NYSE: ASIX) a annoncé de solides résultats financiers pour le deuxième trimestre 2024, avec des ventes en hausse de 6% à 453 millions de dollars par rapport à l'année précédente. L'entreprise a enregistré une augmentation de 5% du volume et une nette hausse de 1% des prix. Le Revenu Net a atteint 38,9 millions de dollars, tandis que l'EBITDA Ajusté a augmenté de 12,4 millions de dollars pour atteindre 78,1 millions de dollars. Le Bénéfice par Action s'est élevé à 1,43 dollar, avec un BPA Ajusté à 1,55 dollar. Le Flux de Trésorerie des Activités Opérationnelles a progressé de 43% pour atteindre 50,2 millions de dollars. Les performances de l'entreprise ont été soutenues par des ventes de nylon domestiques élevées, une demande robuste de sulfate d'ammonium et des prix solides de l'acétone. AdvanSix continue d'investir dans une croissance durable à long terme, y compris son programme SUSTAIN.
AdvanSix (NYSE: ASIX) berichtete über starke finanzielle Ergebnisse für das zweite Quartal 2024, mit einem Umsatzanstieg um 6% auf 453 Millionen US-Dollar im Vergleich zum Vorjahr. Das Unternehmen verzeichnete einen Volumenanstieg von 5% und eine 1%ige positive Nettopreisgestaltung. Der Nettogewinn stieg auf 38,9 Millionen US-Dollar, während das bereinigte EBITDA um 12,4 Millionen US-Dollar auf 78,1 Millionen US-Dollar zunahm. Der Gewinn pro Aktie erreichte 1,43 US-Dollar, mit einem bereinigten EPS von 1,55 US-Dollar. Der Cashflow aus der Betriebstätigkeit verbesserte sich um 43% auf 50,2 Millionen US-Dollar. Die Leistung des Unternehmens wurde durch höhere Inlandsverkäufe von Nylon, eine robuste Nachfrage nach Ammoniumsulfat und starke Preise für Aceton vorangetrieben. AdvanSix investiert weiterhin in nachhaltiges Wachstum auf lange Sicht, einschließlich seines SUSTAIN-Programms.
- Sales increased by 6% year-over-year to $453 million
- Net Income rose by $6.2 million to $38.9 million
- Adjusted EBITDA grew by $12.4 million to $78.1 million
- Adjusted EBITDA Margin improved by 180 bps to 17.2%
- Cash Flow from Operations increased by 43% to $50.2 million
- Adjusted Earnings Per Share rose by 24% to $1.55
- Capital Expenditures increased by $14.2 million to $33.5 million
AdvanSix's Q2 2024 results demonstrate robust performance across key financial metrics. Sales increased by
Profitability metrics are particularly impressive. Net Income rose by
Cash flow generation remains strong, with Cash Flow from Operations up
Looking ahead, the company's outlook appears favorable. Higher ammonium sulfate pricing is expected in Q3, albeit with typical seasonal patterns. The global acetone market remains tight, which should support pricing. North American nylon industry spreads are anticipated to improve modestly through 2024.
Investors should note the increased capital expenditure guidance of
AdvanSix's Q2 results reflect favorable market conditions across its product portfolio. The
The company's diverse product mix is proving advantageous in navigating market fluctuations. Nylon sales, representing
The acetone market's continued strength is noteworthy, contributing to favorable pricing. This trend is expected to persist due to balanced to tight global supply and demand conditions. For investors, this signals potential for sustained margin improvement in the chemical intermediates segment.
The outlook for ammonium sulfate is particularly interesting. While Q3 typically sees seasonal pricing declines, the company anticipates higher year-over-year pricing due to robust demand. This could indicate a structural shift in the fertilizer market, possibly driven by global food security concerns and agricultural intensification.
The expected improvement in North American nylon industry spreads through 2024 suggests a potential recovery in key end markets. Investors should monitor macroeconomic indicators and industry reports to corroborate this outlook, as it could significantly impact AdvanSix's profitability in the coming quarters.
Sales of
Earnings Per Share of
Cash Flow from Operations of
Performance across diversified portfolio supports favorable earnings outlook
Second Quarter 2024 Summary
-
Sales up approximately
6% versus prior year driven by an approximately5% increase in volume and approximately1% favorable net pricing -
Net Income of
, an increase of$38.9 million versus the prior year$6.2 million -
Adjusted EBITDA of
, an increase of$78.1 million versus the prior year$12.4 million -
Adjusted EBITDA Margin of
17.2% , up 180 bps versus the prior year -
Cash Flow from Operations of
, an increase of$50.2 million versus the prior year$15.2 million -
Capital Expenditures of
, an increase of$33.5 million versus the prior year$14.2 million -
Free Cash Flow of
, an increase of$16.7 million versus the prior year$1.0 million -
Returned
of cash to shareholders through dividends and repurchases in 2Q24$8 million
“Our strong second quarter results, featuring top and bottom line growth as well as year-over-year cash flow improvement, reflect our collective organization's execution and the advantages of our business model and diverse product portfolio,” said Erin Kane, president and CEO of AdvanSix. “We realized a
Summary second quarter 2024 financial results for the Company are included below:
($ in Thousands, Except Earnings Per Share) |
2Q 2024 |
|
2Q 2023 |
Sales |
|
|
|
Net Income |
38,927 |
|
32,728 |
Diluted Earnings Per Share |
|
|
|
Adjusted Diluted Earnings Per Share (1) |
|
|
|
Adjusted EBITDA (1) |
78,141 |
|
65,785 |
Adjusted EBITDA Margin % (1) |
|
|
|
Cash Flow from Operations |
50,200 |
|
35,004 |
Free Cash Flow (1)(2) |
16,705 |
|
15,713 |
(1) See “Non-GAAP Measures” included in this press release for non-GAAP reconciliations |
|||
(2) Net cash provided by operating activities less capital expenditures |
Sales of
Sales by product line and approximate percentage of total sales are included below:
($ in Thousands) |
2Q 2024 |
|
2Q 2023 |
||||||
|
Sales |
|
% of Total |
|
Sales |
|
% of Total |
||
Nylon |
$ |
103,217 |
|
|
|
$ |
92,953 |
|
|
Caprolactam |
|
81,303 |
|
|
|
|
74,682 |
|
|
Ammonium Sulfate |
|
139,674 |
|
|
|
|
138,940 |
|
|
Chemical Intermediates |
|
129,285 |
|
|
|
|
121,365 |
|
|
Total |
$ |
453,479 |
|
|
|
$ |
427,940 |
|
|
Adjusted EBITDA of
Adjusted earnings per share of
Cash flow from operations of
Outlook
- Anticipate higher ammonium sulfate pricing in 3Q24 year-over-year reflecting robust demand entering fall fill; however, typical North American ammonium sulfate seasonality expected to drive 3Q24 sequential domestic pricing decline
- Expect balanced to tight global acetone supply and demand conditions
- Expect North American nylon industry spreads to modestly improve through 2024 reflecting tighter regional supply and stable end market demand
-
Continue to expect Capital Expenditures of
to$140 million in 2024, reflecting increased spend to address critical enterprise risk mitigation and growth projects including our SUSTAIN (Sustainable$150 million U.S. Sulfate to Accelerate Increased Nutrition) program -
Continue to expect pre-tax income impact of planned plant turnarounds to be
to$38 in 2024$43 million
"We expect the current market backdrop to support our favorable second half outlook including a constructive global acetone supply and demand environment and modestly improving North American nylon industry spreads. While we anticipate typical North American ammonium sulfate seasonality, we are starting the third quarter with a strong fall fill program at higher pricing levels compared to the prior year. Over the long-term, we continue to positively position the enterprise through high-return growth and cost savings programs, an improved portfolio mix, and disciplined capital deployment to fuel future earnings, cash flow performance and robust total shareholder returns,” concluded Kane.
Dividend
The Company's Board of Directors declared a quarterly cash dividend of
Conference Call Information
AdvanSix will discuss its results during its investor conference call today starting at 9:00 a.m. ET. To participate on the conference call, dial (844) 855-9494 (domestic) or (412) 858-4602 (international) approximately 10 minutes before the 9:00 a.m. ET start, and tell the operator that you are dialing in for AdvanSix’s second quarter 2024 earnings call. The live webcast of the investor call as well as related presentation materials can be accessed at http://investors.advansix.com. Investors can hear a replay of the conference call from 12 noon ET on August 2 until 12 noon ET on August 8 by dialing (877) 344-7529 (domestic) or (412) 317-0088 (international). The access code is 4182243.
About AdvanSix
AdvanSix is a diversified chemistry company that produces essential materials for our customers in a wide variety of end markets and applications that touch people’s lives. Our integrated value chain of our five
Forward Looking Statements
This release contains certain statements that may be deemed “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, that address activities, events or developments that our management intends, expects, projects, believes or anticipates will or may occur in the future are forward-looking statements. Forward-looking statements may be identified by words such as "expect," "anticipate," "estimate," “outlook,” "project," "strategy," "intend," "plan," "target," "goal," "may," "will," "should" and "believe" and other variations or similar terminology and expressions. Although we believe forward-looking statements are based upon reasonable assumptions, such statements involve known and unknown risks, uncertainties and other factors, many of which are beyond our control and difficult to predict, which may cause the actual results or performance of the Company to be materially different from any future results or performance expressed or implied by such forward-looking statements. Such risks and uncertainties include, but are not limited to: general economic and financial conditions in the
Non-GAAP Financial Measures
This press release includes certain non-GAAP financial measures intended to supplement, not to act as substitutes for, comparable GAAP measures. Reconciliations of non-GAAP financial measures to GAAP financial measures are provided in this press release. Investors are urged to consider carefully the comparable GAAP measures and the reconciliations to those measures provided. Non-GAAP measures in this press release may be calculated in a way that is not comparable to similarly-titled measures reported by other companies.
AdvanSix Inc.
|
|||||
|
June 30, 2024 |
|
December 31, 2023 |
||
ASSETS |
|
|
|
||
Current assets: |
|
|
|
||
Cash and cash equivalents |
$ |
12,105 |
|
$ |
29,768 |
Accounts and other receivables – net |
|
170,155 |
|
|
165,393 |
Inventories – net |
|
175,827 |
|
|
211,831 |
Taxes receivable |
|
179 |
|
|
1,434 |
Other current assets |
|
20,326 |
|
|
11,378 |
Total current assets |
|
378,592 |
|
|
419,804 |
|
|
|
|
||
Property, plant and equipment – net |
|
878,491 |
|
|
852,642 |
Operating lease right-of-use assets |
|
91,876 |
|
|
95,805 |
Goodwill |
|
56,192 |
|
|
56,192 |
Intangible assets |
|
44,668 |
|
|
46,193 |
Other assets |
|
28,131 |
|
|
25,384 |
Total assets |
$ |
1,477,950 |
|
$ |
1,496,020 |
|
|
|
|
||
LIABILITIES |
|
|
|
||
Current liabilities: |
|
|
|
||
Accounts payable |
$ |
189,326 |
|
$ |
259,068 |
Accrued liabilities |
|
50,223 |
|
|
44,086 |
Income taxes payable |
|
1,007 |
|
|
8,033 |
Operating lease liabilities – short-term |
|
31,250 |
|
|
32,053 |
Deferred income and customer advances |
|
1,148 |
|
|
15,678 |
Total current liabilities |
|
272,954 |
|
|
358,918 |
|
|
|
|
||
Deferred income taxes |
|
151,803 |
|
|
151,059 |
Operating lease liabilities – long-term |
|
60,783 |
|
|
63,961 |
Line of credit – long-term |
|
230,000 |
|
|
170,000 |
Postretirement benefit obligations |
|
5,919 |
|
|
3,660 |
Other liabilities |
|
9,894 |
|
|
9,185 |
Total liabilities |
|
731,353 |
|
|
756,783 |
|
|
|
|
||
STOCKHOLDERS' EQUITY |
|
|
|
||
Common stock, par value |
|
330 |
|
|
326 |
Preferred stock, par value |
|
— |
|
|
— |
Treasury stock at par (6,250,181 shares at June 30, 2024; 5,848,475 shares at December 31, 2023) |
|
(63) |
|
|
(58) |
Additional paid-in capital |
|
132,786 |
|
|
138,046 |
Retained earnings |
|
617,723 |
|
|
605,067 |
Accumulated other comprehensive loss |
|
(4,179) |
|
|
(4,144) |
Total stockholders' equity |
|
746,597 |
|
|
739,237 |
Total liabilities and stockholders' equity |
$ |
1,477,950 |
|
$ |
1,496,020 |
AdvanSix Inc. Condensed Consolidated Statements of Operations (Unaudited) (Dollars in thousands, except share and per share amounts) |
|||||||||||
|
Three Months Ended
|
|
Six Months Ended
|
||||||||
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||
Sales |
$ |
453,479 |
|
$ |
427,940 |
|
$ |
790,308 |
|
$ |
828,484 |
|
|
|
|
|
|
|
|
||||
Costs, expenses and other: |
|
|
|
|
|
|
|
||||
Costs of goods sold |
|
372,111 |
|
|
360,017 |
|
|
705,975 |
|
|
690,059 |
Selling, general and administrative expenses |
|
24,431 |
|
|
24,011 |
|
|
48,024 |
|
|
49,126 |
Interest expense, net |
|
3,514 |
|
|
1,954 |
|
|
6,213 |
|
|
3,221 |
Other non-operating (income) expense, net |
|
1,351 |
|
|
(1,325) |
|
|
1,441 |
|
|
(1,433) |
Total costs, expenses and other |
|
401,407 |
|
|
384,657 |
|
|
761,653 |
|
|
740,973 |
|
|
|
|
|
|
|
|
||||
Income before taxes |
|
52,072 |
|
|
43,283 |
|
|
28,655 |
|
|
87,511 |
Income tax expense |
|
13,145 |
|
|
10,555 |
|
|
7,124 |
|
|
19,829 |
Net income |
$ |
38,927 |
|
$ |
32,728 |
|
$ |
21,531 |
|
$ |
67,682 |
|
|
|
|
|
|
|
|
||||
Earnings per common share |
|
|
|
|
|
|
|
||||
Basic |
$ |
1.45 |
|
$ |
1.19 |
|
$ |
0.80 |
|
$ |
2.46 |
Diluted |
$ |
1.43 |
|
$ |
1.16 |
|
$ |
0.79 |
|
$ |
2.39 |
|
|
|
|
|
|
|
|
||||
Weighted average common shares outstanding |
|
|
|
|
|
|
|
||||
Basic |
|
26,839,429 |
|
|
27,494,555 |
|
|
26,859,044 |
|
|
27,547,874 |
Diluted |
|
27,150,347 |
|
|
28,113,402 |
|
|
27,251,326 |
|
|
28,348,266 |
AdvanSix Inc. Condensed Consolidated Statements of Cash Flows (Unaudited) (Dollars in thousands) |
|||||||||||
|
Three Months Ended
|
|
Six Months Ended
|
||||||||
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||
Cash flows from operating activities: |
|
|
|
|
|
|
|
||||
Net income |
$ |
38,927 |
|
$ |
32,728 |
|
$ |
21,531 |
|
$ |
67,682 |
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
|
|
|
|
||||
Depreciation and amortization |
|
19,162 |
|
|
18,113 |
|
|
38,264 |
|
|
35,958 |
Loss on disposal of assets |
|
172 |
|
|
400 |
|
|
261 |
|
|
568 |
Deferred income taxes |
|
(357) |
|
|
4,064 |
|
|
751 |
|
|
3,894 |
Stock-based compensation |
|
2,193 |
|
|
2,436 |
|
|
4,404 |
|
|
4,449 |
Amortization of deferred financing fees |
|
154 |
|
|
154 |
|
|
309 |
|
|
309 |
Operational asset adjustments |
|
1,200 |
|
|
— |
|
|
1,200 |
|
|
— |
Changes in assets and liabilities, net of business acquisitions: |
|
|
|
|
|
|
|
||||
Accounts and other receivables |
|
(186) |
|
|
8,116 |
|
|
(6,004) |
|
|
22,123 |
Inventories |
|
15,094 |
|
|
(1,351) |
|
|
36,004 |
|
|
(10,484) |
Taxes receivable |
|
(171) |
|
|
(419) |
|
|
1,255 |
|
|
8,329 |
Accounts payable |
|
(8,686) |
|
|
8,611 |
|
|
(61,681) |
|
|
(45,878) |
Income taxes payable |
|
72 |
|
|
(2,439) |
|
|
(7,026) |
|
|
(1,338) |
Accrued liabilities |
|
3,999 |
|
|
2,664 |
|
|
6,149 |
|
|
(5,744) |
Deferred income and customer advances |
|
(10,138) |
|
|
(23,339) |
|
|
(14,530) |
|
|
(32,097) |
Other assets and liabilities |
|
(11,235) |
|
|
(14,734) |
|
|
(6,889) |
|
|
(11,192) |
Net cash provided by operating activities |
|
50,200 |
|
|
35,004 |
|
|
13,998 |
|
|
36,579 |
|
|
|
|
|
|
|
|
||||
Cash flows from investing activities: |
|
|
|
|
|
|
|
||||
Expenditures for property, plant and equipment |
|
(33,495) |
|
|
(19,291) |
|
|
(68,883) |
|
|
(43,894) |
Other investing activities |
|
(2,317) |
|
|
(1,031) |
|
|
(3,736) |
|
|
(2,034) |
Net cash used for investing activities |
|
(35,812) |
|
|
(20,322) |
|
|
(72,619) |
|
|
(45,928) |
|
|
|
|
|
|
|
|
||||
Cash flows from financing activities: |
|
|
|
|
|
|
|
||||
Borrowings from line of credit |
|
73,000 |
|
|
152,500 |
|
|
257,500 |
|
|
230,500 |
Payments of line of credit |
|
(88,000) |
|
|
(139,500) |
|
|
(197,500) |
|
|
(205,500) |
Principal payments of finance leases |
|
(263) |
|
|
(225) |
|
|
(502) |
|
|
(456) |
Dividend payments |
|
(4,292) |
|
|
(3,984) |
|
|
(8,582) |
|
|
(8,004) |
Purchase of treasury stock |
|
(3,362) |
|
|
(14,886) |
|
|
(10,385) |
|
|
(28,385) |
Issuance of common stock |
|
1 |
|
|
123 |
|
|
427 |
|
|
745 |
Net cash provided by (used for) financing activities |
|
(22,916) |
|
|
(5,972) |
|
|
40,958 |
|
|
(11,100) |
|
|
|
|
|
|
|
|
||||
Net change in cash and cash equivalents |
|
(8,528) |
|
|
8,710 |
|
|
(17,663) |
|
|
(20,449) |
Cash and cash equivalents at beginning of period |
|
20,633 |
|
|
1,826 |
|
|
29,768 |
|
|
30,985 |
Cash and cash equivalents at the end of period |
$ |
12,105 |
|
$ |
10,536 |
|
$ |
12,105 |
|
$ |
10,536 |
|
|
|
|
|
|
|
|
||||
Supplemental non-cash investing activities: |
|
|
|
|
|
|
|
||||
Capital expenditures included in accounts payable |
|
|
|
|
$ |
14,932 |
|
$ |
9,832 |
AdvanSix Inc.
|
|||||||||||
Reconciliation of Net Cash Provided by Operating Activities to Free Cash Flow |
|||||||||||
|
Three Months Ended
|
|
Six Months Ended
|
||||||||
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||
Net cash provided by operating activities |
$ |
50,200 |
|
$ |
35,004 |
|
$ |
13,998 |
|
$ |
36,579 |
Expenditures for property, plant and equipment |
|
(33,495) |
|
|
(19,291) |
|
|
(68,883) |
|
|
(43,894) |
Free cash flow (1) |
$ |
16,705 |
|
$ |
15,713 |
|
$ |
(54,885) |
|
$ |
(7,315) |
|
|
|
|
|
|
|
|
||||
(1) Free cash flow is a non-GAAP measure defined as Net cash provided by operating activities less Expenditures for property, plant and equipment |
The Company believes that this metric is useful to investors and management as a measure to evaluate our ability to generate cash flow from business operations and the impact that this cash flow has on our liquidity.
Reconciliation of Net Income to Adjusted EBITDA and Earnings Per Share to Adjusted Earnings Per Share |
|||||||||||
|
Three Months Ended
|
|
Six Months Ended
|
||||||||
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||
Net income |
$ |
38,927 |
|
$ |
32,728 |
|
$ |
21,531 |
|
$ |
67,682 |
Non-cash stock-based compensation |
|
2,193 |
|
|
2,436 |
|
|
4,404 |
|
|
4,449 |
Non-recurring, unusual or extraordinary expenses (income) (2) |
|
1,200 |
|
|
— |
|
|
1,200 |
|
|
— |
Non-cash amortization from acquisitions |
|
532 |
|
|
532 |
|
|
1,064 |
|
|
1,064 |
Non-recurring M&A costs |
|
— |
|
|
— |
|
|
— |
|
|
— |
Benefit from income taxes relating to reconciling items |
|
(762) |
|
|
(498) |
|
|
(1,227) |
|
|
(933) |
Adjusted Net Income |
|
42,090 |
|
|
35,198 |
|
|
26,972 |
|
|
72,262 |
Interest expense, net |
|
3,514 |
|
|
1,954 |
|
|
6,213 |
|
|
3,221 |
Income tax expense - Adjusted |
|
13,907 |
|
|
11,053 |
|
|
8,351 |
|
|
20,763 |
Depreciation and amortization - Adjusted |
|
18,630 |
|
|
17,580 |
|
|
37,200 |
|
|
34,893 |
Adjusted EBITDA |
$ |
78,141 |
|
$ |
65,785 |
|
$ |
78,736 |
|
$ |
131,139 |
|
|
|
|
|
|
|
|
||||
Sales |
$ |
453,479 |
|
$ |
427,940 |
|
$ |
790,308 |
|
$ |
828,484 |
|
|
|
|
|
|
|
|
||||
Adjusted EBITDA Margin (3) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
(2) Includes a pre-tax loss of approximately |
|||||||||||
(3) Adjusted EBITDA Margin is defined as Adjusted EBITDA divided by Sales |
|
Three Months Ended
|
|
Six Months Ended
|
||||||||
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||
Net income |
$ |
38,927 |
|
$ |
32,728 |
|
$ |
21,531 |
|
$ |
67,682 |
Adjusted Net income (non-GAAP) |
|
42,090 |
|
|
35,198 |
|
|
26,972 |
|
|
72,262 |
|
|
|
|
|
|
|
|
||||
Weighted-average number of common shares outstanding - basic |
|
26,839,429 |
|
|
27,494,555 |
|
|
26,859,044 |
|
|
27,547,874 |
Dilutive effect of equity awards and other stock-based holdings |
|
310,918 |
|
|
618,847 |
|
|
392,282 |
|
|
800,392 |
Weighted-average number of common shares outstanding - diluted |
|
27,150,347 |
|
|
28,113,402 |
|
|
27,251,326 |
|
|
28,348,266 |
|
|
|
|
|
|
|
|
||||
EPS - Basic |
$ |
1.45 |
|
$ |
1.19 |
|
$ |
0.80 |
|
$ |
2.46 |
EPS - Diluted |
$ |
1.43 |
|
$ |
1.16 |
|
$ |
0.79 |
|
$ |
2.39 |
Adjusted EPS - Basic (non-GAAP) |
$ |
1.57 |
|
$ |
1.28 |
|
$ |
1.00 |
|
$ |
2.62 |
Adjusted EPS - Diluted (non-GAAP) |
$ |
1.55 |
|
$ |
1.25 |
|
$ |
0.99 |
|
$ |
2.55 |
The Company believes the non-GAAP financial measures presented in this release provide meaningful supplemental information as they are used by the Company’s management to evaluate the Company’s operating performance, enhance a reader’s understanding of the financial performance of the Company, and facilitate a better comparison among fiscal periods and performance relative to its competitors, as these non-GAAP measures exclude items that are not considered core to the Company’s operations.
AdvanSix Inc.
|
||||||||
Planned Plant Turnaround Schedule (4) |
||||||||
|
||||||||
|
1Q |
2Q |
3Q |
4Q |
FY |
Primary Unit
|
||
2017 |
— |
|
|
|
|
Sulfuric Acid |
||
2018 |
|
|
|
— |
|
Ammonia |
||
2019 |
— |
|
|
|
|
Sulfuric Acid |
||
2020 |
|
|
|
|
|
Ammonia |
||
2021 |
|
|
— |
|
|
Sulfuric Acid |
||
2022 |
|
|
|
— |
|
Ammonia |
||
2023 |
|
|
|
— |
|
Sulfuric Acid |
||
2024E |
|
|
|
|
|
Ammonia |
||
(4) Primarily reflects the impact of fixed cost absorption, maintenance expense, and the purchase of feedstocks which are normally manufactured by the Company. |
View source version on businesswire.com: https://www.businesswire.com/news/home/20240801793646/en/
Media
Janeen Lawlor
(973) 526-1615
janeen.lawlor@advansix.com
Investors
Adam Kressel
(973) 526-1700
adam.kressel@advansix.com
Source: AdvanSix
FAQ
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