ASIX AdvanSix Inc

Sales of $428 million, down 27% versus prior year

Earnings Per Share of $1.16; Adjusted Earnings Per Share of $1.25

Returned $19 million of cash to shareholders through repurchases and dividends in 2Q23

Announced 10% increase in quarterly dividend to $0.16 per share

AdvanSix (NYSE: ASIX) today announced its financial results for the second quarter ending June 30, 2023. Overall, the Company delivered solid earnings and cash flow results amid a continued dynamic macro environment.

Second Quarter 2023 Summary

• Sales down approximately 27% versus prior year driven by 19% unfavorable impact of market-based pricing, 6% lower raw material pass-through pricing, and 2% lower volume
• Net Income of $32.7 million, a decrease of $32.4 million versus the prior year
• Adjusted EBITDA of $65.8 million, a decrease of $39.6 million versus the prior year
• Cash Flow from Operations of $35.0 million, a decrease of $60.9 million versus the prior year
• Capital Expenditures of $19.3 million, an increase of $1.5 million versus the prior year
• Free Cash Flow of $15.7 million, a decrease of $62.4 million versus the prior year
• Repurchased 410,862 shares for approximately $14.9 million in 2Q23

“AdvanSix successfully delivered solid earnings and cash flow results in the second quarter against a record prior year,” said Erin Kane, president and CEO of AdvanSix. “The AdvanSix team executed well within a mixed set of dynamics across the portfolio. We captured strong in-season demand for plant nutrients in a significantly lower nitrogen and raw material environment, navigated a nylon pricing environment pressured by industry supply and demand conditions including increased low-priced imports, while North American acetone supply and demand continued to be balanced. Our team’s collective performance and advantaged business model supporting through-cycle profitability illustrates the value and resilience of our diversified chemistry company. Our confidence is reflected in once again increasing our quarterly cash dividend by 10 percent.”

Summary second quarter 2023 financial results for the Company are included below:

($ in Thousands, Except Earnings Per Share)

2Q 2023

 

2Q 2022

Sales

$427,940

 

$583,736

Net Income

32,728

 

65,157

Diluted Earnings Per Share

$1.16

 

$2.23

Adjusted Diluted Earnings Per Share (1)

$1.25

 

$2.30

Adjusted EBITDA (1)

65,785

 

105,426

Adjusted EBITDA Margin % (1)

15.4%

 

18.1%

Cash Flow from Operations

35,004

 

95,891

Free Cash Flow (1)(2)

15,713

 

78,131

(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 $428 million in the quarter decreased approximately 27% versus the prior year. Market-based pricing was unfavorable by 19% compared to the prior year primarily reflecting lower nutrient values reducing ammonium sulfate pricing, as well as lower nylon pricing. Raw material pass-through pricing was unfavorable by 6% following a net cost decrease in benzene and propylene (inputs to cumene which is a key feedstock to our products). Sales volume decreased approximately 2% driven by soft end market demand impacting portions of our nylon and chemical intermediates product lines, partially offset by higher domestic ammonium sulfate volume to meet strong in-season customer demand.

Sales by product line and approximate percentage of total sales are included below:

($ in Thousands)

2Q 2023

 

2Q 2022

 

Sales

 

% of Total

 

Sales

 

% of Total

Nylon

$

92,953

 

22%

 

$

132,105

 

23 %

Caprolactam

 

74,682

 

18 %

 

 

87,169

 

15 %

Chemical Intermediates

 

121,365

 

28 %

 

 

158,611

 

27 %

Ammonium Sulfate

 

138,940

 

32 %

 

 

205,851

 

35 %

 

$

427,940

 

100 %

 

$

583,736

 

100 %

Adjusted EBITDA of $65.8 million in the quarter decreased $39.6 million versus the prior year primarily due to unfavorable market-based pricing, net of raw material costs, partially offset by the favorable year-over-year impact of planned plant turnarounds, and the net impact of lower sales volume and changes in sales mix including higher domestic plant nutrients sales.

Adjusted earnings per share of $1.25 decreased $1.05 versus the prior year driven primarily by the factors discussed above.

Cash flow from operations of $35.0 million in the quarter decreased $60.9 million versus the prior year primarily due to lower net income and the unfavorable impact of changes in working capital driven largely by the unwinding of ammonium sulfate pre-buy advances. Capital expenditures of $19.3 million in the quarter increased $1.5 million versus the prior year.

Dividend

The Company's Board of Directors declared a quarterly cash dividend of $0.16 per share on the Company's common stock. This represents a 10% increase from the previous quarter's dividend. The dividend is payable on August 29, 2023 to stockholders of record as of the close of business on August 15, 2023.

Outlook

• Expect favorable underlying agriculture industry fundamentals to continue; Typical North American ammonium sulfate seasonality expected to drive 3Q23 sequential domestic pricing decline
• Expect balanced supply and demand conditions for North American acetone to continue
• Expect continued unfavorable supply and demand conditions across nylon and other chemical intermediates due to headwinds in consumer durables and building and construction end markets
• Continue to expect Capital Expenditures of $110 million to $120 million in 2023, reflecting increased spend due to critical infrastructure, other maintenance, and growth and cost savings projects
• Continue to expect pre-tax income impact of planned plant turnarounds to be $25 million to $30 million in 3Q23, totaling $28 million to $33 million in full year 2023

"We are highly focused on the execution of our upcoming third quarter planned plant turnaround to support safe, stable and sustainable operations at higher utilization rates relative to our industry. While we anticipate the impacts of ammonium sulfate seasonality and soft end market demand overall, we remain well positioned to offer near, medium and long-term value for our shareholders supported by the structural improvements made to the underlying earnings power of this business. We are committed to producing the right chemistries with the right properties to solve our customers' most exciting opportunities, recently illustrated by the introduction of new 100 percent post-consumer recycled content nylon,” concluded Kane.

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 2023 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 4 until 12 noon ET on August 11 by dialing (877) 344-7529 (domestic) or (412) 317-0088 (international). The access code is 9404240.

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 U.S.-based manufacturing facilities plays a critical role in global supply chains and enables us to innovate and deliver essential products for our customers across building and construction, fertilizers, agrochemicals, plastics, solvents, packaging, paints, coatings, adhesives, electronics and other end markets. Guided by our core values of Safety, Integrity, Accountability and Respect, AdvanSix strives to deliver best-in-class customer experiences and differentiated products in the industries of nylon solutions, chemical intermediates, and plant nutrients. More information on AdvanSix can be found at http://www.advansix.com.

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 U.S. and globally, including the impact of the coronavirus (COVID-19) pandemic and any resurgences; the potential effects of inflationary pressures, labor market shortages and supply chain issues; instability or volatility in financial markets or other unfavorable economic or business conditions caused by geopolitical concerns, including as a result of the conflict between Russia and Ukraine; the effect on our customers’ demand for our products and our suppliers’ ability to manufacture and deliver our raw materials, including implications of reduced refinery utilization in the U.S.; our ability to sell and provide our goods and services; the ability of our customers to pay for our products; any closures of our and our customers’ offices and facilities; risks associated with increased phishing, compromised business emails and other cybersecurity attacks and disruptions to our technology infrastructure; risks associated with employees working remotely or operating with a reduced workforce; risks associated with our indebtedness including compliance with financial and restrictive covenants, and our ability to access capital on reasonable terms, at a reasonable cost, or at all, due to economic conditions or otherwise; the impact of scheduled turnarounds and significant unplanned downtime and interruptions of production or logistics operations as a result of mechanical issues or other unanticipated events such as fires, severe weather conditions, natural disasters, pandemics and geopolitical conflicts and related events; price fluctuations, cost increases and supply of raw materials; our operations and growth projects requiring substantial capital; growth rates and cyclicality of the industries we serve including global changes in supply and demand; failure to develop and commercialize new products or technologies; loss of significant customer relationships; adverse trade and tax policies; extensive environmental, health and safety laws that apply to our operations; hazards associated with chemical manufacturing, storage and transportation; litigation associated with chemical manufacturing and our business operations generally; inability to acquire and integrate businesses, assets, products or technologies; protection of our intellectual property and proprietary information; prolonged work stoppages as a result of labor difficulties or otherwise; cybersecurity, data privacy incidents and disruptions to our technology infrastructure; failure to maintain effective internal controls; our ability to declare and pay quarterly cash dividends and the amounts and timing of any future dividends; our ability to repurchase our common stock and the amount and timing of any future repurchases; disruptions in supply chain, transportation and logistics; potential for uncertainty regarding qualification for tax treatment of our spin-off; fluctuations in our stock price; and changes in laws or regulations applicable to our business. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this release. Such forward-looking statements are not guarantees of future performance, and actual results, developments and business decisions may differ from those envisaged by such forward-looking statements. We identify the principal risks and uncertainties that affect our performance in our filings with the Securities and Exchange Commission (SEC), including the risk factors in Part 1, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2022, as updated in subsequent reports filed with the SEC.

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.

Condensed Consolidated Balance Sheets

(Unaudited)

(Dollars in thousands, except share and per share amounts)

 

 

June 30, 2023

 

December 31, 2022

ASSETS

 

 

 

Current assets:

 

 

 

Cash and cash equivalents

$

10,536

 

 

$

30,985

 

Accounts and other receivables – net

 

153,148

 

 

 

175,429

 

Inventories – net

 

225,986

 

 

 

215,502

 

Taxes receivable

 

1,442

 

 

 

9,771

 

Other current assets

 

20,043

 

 

 

9,241

 

Total current assets

 

411,155

 

 

 

440,928

 

 

 

 

 

Property, plant and equipment – net

 

816,885

 

 

 

811,065

 

Operating lease right-of-use assets

 

109,816

 

 

 

114,688

 

Goodwill

 

56,192

 

 

 

56,192

 

Intangible assets

 

47,717

 

 

 

49,242

 

Other assets

 

25,244

 

 

 

23,216

 

Total assets

$

1,467,009

 

 

$

1,495,331

 

 

 

 

 

LIABILITIES

 

 

 

Current liabilities:

 

 

 

Accounts payable

$

220,158

 

 

$

272,770

 

Accrued liabilities

 

43,310

 

 

 

48,820

 

Operating lease liabilities – short-term

 

34,342

 

 

 

37,472

 

Deferred income and customer advances

 

2,333

 

 

 

34,430

 

Total current liabilities

 

300,143

 

 

 

393,492

 

 

 

 

 

Deferred income taxes

 

164,256

 

 

 

160,409

 

Operating lease liabilities – long-term

 

75,829

 

 

 

77,571

 

Line of credit – long-term

 

140,000

 

 

 

115,000

 

Postretirement benefit obligations

 

2,279

 

 

 

—

 

Other liabilities

 

10,143

 

 

 

10,679

 

Total liabilities

 

692,650

 

 

 

757,151

 

 

 

 

 

STOCKHOLDERS' EQUITY

 

 

 

Common stock, par value $0.01; 200,000,000 shares authorized; 32,577,862 shares issued and 27,302,873 outstanding at June 30, 2023; 31,977,593 shares issued and 27,446,520 outstanding at December 31, 2022

 

326

 

 

 

320

 

Preferred stock, par value $0.01; 50,000,000 shares authorized and 0 shares issued and outstanding at June 30, 2023 and December 31, 2022

 

—

 

 

 

—

 

Treasury stock at par (5,274,989 shares at June 30, 2023; 4,531,073 shares at December 31, 2022)

 

(53

)

 

 

(45

)

Additional paid-in capital

 

151,706

 

 

 

174,585

 

Retained earnings

 

626,885

 

 

 

567,517

 

Accumulated other comprehensive loss

 

(4,505

)

 

 

(4,197

)

Total stockholders' equity

 

774,359

 

 

 

738,180

 

Total liabilities and stockholders' equity

$

1,467,009

 

 

$

1,495,331

 

AdvanSix Inc.

Condensed Consolidated Statements of Operations

(Unaudited)

(Dollars in thousands, except share and per share amounts)

 

 

Three Months Ended

June 30,

 

Six Months Ended

June 30,

 

 

2023

 

 

 

2022

 

 

2023

 

 

 

2022

 

Sales

$

427,940

 

 

$

583,736

 

$

828,484

 

 

$

1,062,809

 

 

 

 

 

 

 

 

 

Costs, expenses and other:

 

 

 

 

 

 

 

Costs of goods sold

 

360,017

 

 

 

476,835

 

 

690,059

 

 

 

852,482

 

Selling, general and administrative expenses

 

24,011

 

 

 

20,841

 

 

49,126

 

 

 

42,051

 

Interest expense, net

 

1,954

 

 

 

769

 

 

3,221

 

 

 

1,332

 

Other non-operating (income) expense, net

 

(1,325

)

 

 

172

 

 

(1,433

)

 

 

(431

)

Total costs, expenses and other

 

384,657

 

 

 

498,617

 

 

740,973

 

 

 

895,434

 

 

 

 

 

 

 

 

 

Income before taxes

 

43,283

 

 

 

85,119

 

 

87,511

 

 

 

167,375

 

Income tax expense

 

10,555

 

 

 

19,962

 

 

19,829

 

 

 

39,145

 

Net income

$

32,728

 

 

$

65,157

 

$

67,682

 

 

$

128,230

 

 

 

 

 

 

 

 

 

Earnings per common share

 

 

 

 

 

 

 

Basic

$

1.19

 

 

$

2.31

 

$

2.46

 

 

$

4.55

 

Diluted

$

1.16

 

 

$

2.23

 

$

2.39

 

 

$

4.37

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding

 

 

 

 

 

 

 

Basic

 

27,494,555

 

 

 

28,168,207

 

 

27,547,874

 

 

 

28,183,951

 

Diluted

 

28,113,402

 

 

 

29,262,709

 

 

28,348,266

 

 

 

29,316,792

 

AdvanSix Inc.

Condensed Consolidated Statements of Cash Flows

(Unaudited)

(Dollars in thousands)

 

 

Three Months Ended

June 30,

 

Six Months Ended

June 30,

 

 

2023

 

 

 

2022

 

 

 

2023

 

 

 

2022

 

Cash flows from operating activities:

 

 

 

 

 

 

 

Net income

$

32,728

 

 

$

65,157

 

 

$

67,682

 

 

$

128,230

 

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

 

 

 

 

 

Depreciation and amortization

 

18,113

 

 

 

17,534

 

 

 

35,958

 

 

 

34,226

 

Loss on disposal of assets

 

400

 

 

 

441

 

 

 

568

 

 

 

800

 

Deferred income taxes

 

4,064

 

 

 

3,077

 

 

 

3,894

 

 

 

2,558

 

Stock-based compensation

 

2,436

 

 

 

2,005

 

 

 

4,449

 

 

 

5,379

 

Amortization of deferred financing fees

 

154

 

 

 

154

 

 

 

309

 

 

 

309

 

Changes in assets and liabilities, net of business acquisitions:

 

 

 

 

 

 

 

Accounts and other receivables

 

8,116

 

 

 

(23,743

)

 

 

22,123

 

 

 

(52,145

)

Inventories

 

(1,351

)

 

 

4,901

 

 

 

(10,484

)

 

 

3,012

 

Taxes receivable

 

(419

)

 

 

—

 

 

 

8,329

 

 

 

—

 

Accounts payable

 

6,172

 

 

 

42,535

 

 

 

(47,216

)

 

 

52,439

 

Accrued liabilities

 

2,664

 

 

 

2,897

 

 

 

(5,744

)

 

 

(8,821

)

Deferred income and customer advances

 

(23,339

)

 

 

(827

)

 

 

(32,097

)

 

 

(1,142

)

Other assets and liabilities

 

(14,734

)

 

 

(18,240

)

 

 

(11,192

)

 

 

(19,792

)

Net cash provided by operating activities

 

35,004

 

 

 

95,891

 

 

 

36,579

 

 

 

145,053

 

 

 

 

 

 

 

 

 

Cash flows from investing activities:

 

 

 

 

 

 

 

Expenditures for property, plant and equipment

 

(19,291

)

 

 

(17,760

)

 

 

(43,894

)

 

 

(38,779

)

Acquisition of businesses

 

—

 

 

 

1,133

 

 

 

—

 

 

 

(97,456

)

Other investing activities

 

(1,031

)

 

 

(925

)

 

 

(2,034

)

 

 

(1,221

)

Net cash used for investing activities

 

(20,322

)

 

 

(17,552

)

 

 

(45,928

)

 

 

(137,456

)

 

 

 

 

 

 

 

 

Cash flows from financing activities:

 

 

 

 

 

 

 

Borrowings from line of credit

 

152,500

 

 

 

82,000

 

 

 

230,500

 

 

 

230,500

 

Payments of line of credit

 

(139,500

)

 

 

(155,500

)

 

 

(205,500

)

 

 

(219,000

)

Principal payments of finance leases

 

(225

)

 

 

(244

)

 

 

(456

)

 

 

(481

)

Dividend payments

 

(3,984

)

 

 

(3,515

)

 

 

(8,004

)

 

 

(7,032

)

Purchase of treasury stock

 

(14,886

)

 

 

(3,407

)

 

 

(28,385

)

 

 

(10,419

)

Issuance of common stock

 

123

 

 

 

318

 

 

 

745

 

 

 

1,032

 

Net cash used for financing activities

 

(5,972

)

 

 

(80,348

)

 

 

(11,100

)

 

 

(5,400

)

 

 

 

 

 

 

 

 

Net change in cash and cash equivalents

 

8,710

 

 

 

(2,009

)

 

 

(20,449

)

 

 

2,197

 

Cash and cash equivalents at beginning of period

 

1,826

 

 

 

19,306

 

 

 

30,985

 

 

 

15,100

 

Cash and cash equivalents at the end of period

$

10,536

 

 

$

17,297

 

 

$

10,536

 

 

$

17,297

 

 

 

 

 

 

 

 

 

Supplemental non-cash investing activities:

 

 

 

 

 

 

 

Capital expenditures included in accounts payable

 

 

 

 

$

9,832

 

 

$

9,207

 

AdvanSix Inc.

Non-GAAP Measures

(Dollars in thousands, except share and per share amounts)

Reconciliation of Net Cash Provided by Operating Activities to Free Cash Flow

 

 

Three Months Ended

June 30,

 

Six Months Ended

June 30,

 

 

2023

 

 

 

2022

 

 

 

2023

 

 

 

2022

 

Net cash provided by operating activities

$

35,004

 

 

$

95,891

 

 

$

36,579

 

 

$

145,053

 

Expenditures for property, plant and equipment

 

(19,291

)

 

 

(17,760

)

 

 

(43,894

)

 

 

(38,779

)

Free cash flow (1)

$

15,713

 

 

$

78,131

 

 

$

(7,315

)

 

$

106,274

 

 

 

 

 

 

 

 

 

(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

June 30,

 

Six Months Ended

June 30,

 

 

2023

 

 

 

2022

 

 

 

2023

 

 

 

2022

 

Net income

$

32,728

 

 

$

65,157

 

 

$

67,682

 

 

$

128,230

 

Non-cash stock-based compensation

 

2,436

 

 

 

2,005

 

 

 

4,449

 

 

 

5,379

 

Non-recurring, unusual or extraordinary expenses

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Non-cash amortization from acquisitions

 

532

 

 

 

551

 

 

 

1,064

 

 

 

752

 

Non-recurring M&A costs

 

—

 

 

 

—

 

 

 

—

 

 

 

277

 

Benefit from income taxes relating to reconciling items

 

(498

)

 

 

(439

)

 

 

(933

)

 

 

(995

)

Adjusted Net Income

 

35,198

 

 

 

67,274

 

 

 

72,262

 

 

 

133,643

 

Interest expense, net

 

1,954

 

 

 

769

 

 

 

3,221

 

 

 

1,332

 

Income tax expense - adjusted

 

11,053

 

 

 

20,401

 

 

 

20,763

 

 

 

40,141

 

Depreciation and amortization - adjusted

 

17,580

 

 

 

16,982

 

 

 

34,893

 

 

 

33,474

 

Adjusted EBITDA

$

65,785

 

 

$

105,426

 

 

$

131,139

 

 

$

208,590

 

 

 

 

 

 

 

 

 

Sales

$

427,940

 

 

$

583,736

 

 

$

828,484

 

 

$

1,062,809

 

 

 

 

 

 

 

 

 

Adjusted EBITDA Margin (2)

 

15.4

%

 

 

18.1

%

 

 

15.8

%

 

 

19.6

%

 

 

 

 

 

 

 

 

(2) Adjusted EBITDA Margin is defined as Adjusted EBITDA divided by Sales

 

 

 

 

 

Three Months Ended

June 30,

 

Six Months Ended

June 30,

 

 

2023

 

 

2022

 

 

2023

 

 

2022

Net Income

$

32,728

 

$

65,157

 

$

67,682

 

$

128,230

Adjusted Net Income

 

35,198

 

 

67,274

 

 

72,262

 

 

133,643

 

 

 

 

 

 

 

 

Weighted-average number of common shares outstanding - basic

 

27,494,555

 

 

28,168,207

 

 

27,547,874

 

 

28,183,951

Dilutive effect of equity awards and other stock-based holdings

 

618,847

 

 

1,094,502

 

 

800,392

 

 

1,132,841

Weighted-average number of common shares outstanding - diluted

 

28,113,402

 

 

29,262,709

 

 

28,348,266

 

 

29,316,792

 

 

 

 

 

 

 

 

EPS - Basic

$

1.19

 

$

2.31

 

$

2.46

 

$

4.55

EPS - Diluted

$

1.16

 

$

2.23

 

$

2.39

 

$

4.37

Adjusted EPS - Basic

$

1.28

 

$

2.39

 

$

2.62

 

$

4.74

Adjusted EPS - Diluted

$

1.25

 

$

2.30

 

$

2.55

 

$

4.56

 

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.

Appendix

(Pre-tax income impact, Dollars in millions)

Planned Plant Turnaround Schedule (3)

 

1Q

2Q

3Q

4Q

FY

2017

—

~$10

~$4

~$20

~$34

2018

~$2

~$10

~$30

—

~$42

2019

—

~$5

~$5

~$25

~$35

2020

~$2

~$7

~$20

~$2

~$31

2021

~$3

~$8

—

~$18

~$29

2022

~$1

~$5

~$44

—

~$50

2023E

~$2

~$1

$25-$30

—

$28-$33

(3) 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/20230803655711/en/

Media Janeen Lawlor (973) 526-1615 janeen.lawlor@advansix.com Investors Adam Kressel (973) 526-1700 adam.kressel@advansix.com