Significant Year-Over-Year Performance Improvement
AdvanSix delivered significantly improved year-over-year performance with a 12% increase in sales to $378 million, driven by improved operational performance and a 4% increase in market pricing.
Strong Plant Nutrients Segment
The plant nutrients segment showed continued strength with ammonium sulfate prices up 34% year-over-year and 25% sequentially, driven by favorable North American supply and demand conditions.
Successful Insurance Settlement
AdvanSix concluded a multi-year effort to recover losses associated with the 2019 PES cumene supplier shutdown, resulting in a $26 million settlement, contributing to a total of $39 million in aggregated insurance proceeds.
Adjusted EBITDA and Earnings Growth
Adjusted EBITDA was $52 million with a margin of 13.7%. Adjusted earnings per share increased by $1.49 to $0.93 versus the prior year.
Positive Tax and Cash Flow Developments
The effective tax rate decreased to 19.3% from 25.7%, largely due to additional tax credits. Cash flow from operations increased by $48 million, resulting in a positive outlook for generating positive free cash flow for the year.