- AdvanSix Inc (NYSE: ASIX) reported a fourth-quarter FY22 sales decline of 5% year-over-year to $404.06 million, missing the consensus of $472.6 million.
- Adjusted EPS of $1.27 missed the consensus of $1.52.
- AdvanSix's net cash provided by operating activities was up 109% Y/Y to $70 million. Free cash flow was $41.2 million.
- Adjusted EBITDA increased to $66.6 million (+28.1% Y/Y), and the margin expanded by 420 bps to 16.5%.
- Capital expenditures stood at $28.4 million, up $9.1 million Y/Y.
- CEO Erin Kane said, "We continue to progress our core strategies, and in the fourth quarter, our strong commercial performance helped to offset pockets of soft end market demand, customer destocking, and operational challenges."
- Buyback: The board approved an additional $75 million share repurchase program.
- Dividend: The board declared a quarterly cash dividend of $0.145 per share, payable on March 17, 2023, to stockholders of record on March 3, 2023.
- FY23 Outlook: The company expects capital expenditures of $110 million - $120 million in 2023, reflecting increased spend due to critical infrastructure, other maintenance, and growth and cost savings projects.
- Price Action: ASIX shares closed lower by 0.33% at $41.90 on Thursday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Loading...
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in