AdvanSix Announces First Quarter 2021 Financial Results
AdvanSix (NYSE: ASIX) today announced its financial results for the first quarter ending March 31, 2021. Overall, the Company generated significantly higher sales, earnings and cash flow in the quarter reflecting improved end market conditions and strong execution.
First Quarter 2021 Results
-
Sales up approximately
24% versus prior year driven by11% higher raw material pass-through pricing,8% higher volume and5% favorable impact of market-based pricing -
Net Income of
$28.1 million , an increase of$19.6 million versus the prior year -
EBITDA of
$55.1 million , an increase of$26.4 million versus the prior year -
EBITDA Margin of
14.6% , an increase of 510 bps versus the prior year -
Cash Flow from Operations of
$57.1 million , an increase of$37.4 million versus the prior year -
Capital Expenditures of
$14.2 million , a decrease of$19.9 million versus the prior year -
Free Cash Flow of
$42.9 million , an increase of$57.3 million versus the prior year
“It's been a terrific start to 2021. The diversity of our product portfolio and strength of our business model and execution is reflected in the strong year-over-year results. We captured sales volume growth and pricing to achieve significant margin expansion, higher earnings and robust cash flow amid recovering demand and a tightened supply environment overall," said Erin Kane, president and CEO of AdvanSix. "We also continued to progress our core strategies. As previously announced, we closed the acquisition of certain assets of Commonwealth Industrial Services (CIS) in January to expand our offerings in sulfur nutrition and the integration and synergy realization are progressing well ahead of plan. This week we were also honored in being awarded a 2021 EcoVadis Platinum Rating in recognition of our strengthening corporate social responsibility performance and ranking us among the top
Summary first quarter 2021 financial results for the Company are included below:
($ in Thousands, Except Earnings Per Share) |
1Q 2021 |
|
1Q 2020 |
|
Sales |
|
|
|
|
Net Income |
28,131 |
|
8,576 |
|
Earnings Per Share (Diluted) |
|
|
|
|
EBITDA
|
