Advansix Announces Third Quarter 2022 Financial Results

Sales of $479 million, up 7% versus prior year

Earnings Per Share of $0.35; Adjusted Earnings Per Share of $0.43

Cash Flow from Operations of $59 million, down 23% versus prior year

Returned $17 million of cash to shareholders through dividends and repurchases

PARSIPPANY, N.J.–(BUSINESS WIRE)–AdvanSix (NYSE: ASIX) today announced its financial results for the third quarter ending September 30, 2022. Overall, results were impacted by the previously announced extended planned plant turnaround.

Third Quarter 2022 Summary

  • Sales up approximately 7% versus prior year driven by 18% favorable impact of market-based pricing, 4% higher raw material pass-through pricing, and 3% contribution from acquisitions, partially offset by 18% lower volume
  • Net Income of $10.0 million, a decrease of $33.9 million versus the prior year
  • Adjusted EBITDA of $33.3 million, a decrease of $44.4 million versus the prior year
  • Cash Flow from Operations of $58.9 million, a decrease of $17.6 million versus the prior year
  • Capital Expenditures of $22.2 million, an increase of $9.2 million versus the prior year
  • Free Cash Flow of $36.7 million, a decrease of $26.8 million versus the prior year
  • Repurchased 362,609 shares for approximately $13 million in 3Q22; Year-to-date repurchases of approximately $24 million
  • Increased 3Q22 quarterly dividend by 16% to $0.145 per share

“Our third quarter performance reflects the resilience of our business model and our ability to navigate challenging conditions,” said Erin Kane, president and CEO of AdvanSix. “Despite the unfavorable impact of the extended plant turnaround as previously announced on October 7, sales grew year-over-year as our commercial execution offset lower sales volume. Our healthy cash flow performance continued to support smart and disciplined deployment of capital in the quarter into reinvestment in the business, $17 million of cash returned to shareholders in the form of dividends and share repurchases, and further debt reduction.”

Summary third quarter 2022 financial results for the Company are included below:

($ in Thousands, Except Earnings Per Share)

3Q 2022

 

3Q 2021

Sales

$

478,769

 

 

$

446,495

 

Net Income

 

10,032

 

 

 

43,942

 

Diluted Earnings Per Share

$

0.35

 

 

$

1.51

 

Adjusted Diluted Earnings Per Share (1)

$

0.43

 

 

$

1.58

 

Adjusted EBITDA (1)

 

33,313

 

 

 

77,687

 

Adjusted EBITDA Margin % (1)

 

7.0

%

 

 

17.4

%

Cash Flow from Operations

 

58,934

 

 

 

76,488

 

Free Cash Flow (1)(2)

 

36,703

 

 

 

63,495

 

(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 $479 million in the quarter increased approximately 7% versus the prior year. Market-based pricing was favorable by 18% compared to the prior year driven by higher pricing across our ammonium sulfate and nylon product lines. Raw material pass-through pricing was favorable by 4% following a net cost increase in benzene and propylene (inputs to cumene which is a key feedstock to our products). The acquisition of U.S. Amines contributed approximately 3% to sales in the quarter. Sales volume decreased approximately 18% driven primarily by the unfavorable impact of the extended plant turnaround and lower production output overall compared to the prior year.

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

($ in Thousands)

 

3Q 2022

 

 

3Q 2021

 

Sales

 

% of Total

 

Sales

 

% of Total

Nylon

$

141,017

 

29

%

 

$

122,110

 

27

%

Caprolactam

 

90,818

 

19

%

 

 

80,265

 

18

%

Chemical Intermediates

 

115,268

 

24

%

 

 

130,920

 

29

%

Ammonium Sulfate

 

131,666

 

28

%

 

 

113,200

 

26

%

 

$

478,769

 

100

%

 

$

446,495

 

100

%

Adjusted EBITDA of $33.3 million in the quarter decreased $44.4 million versus the prior year primarily due to the unfavorable impact of the extended planned plant turnaround, lower sales volume, inflation, and higher utilities cost driven by natural gas prices, partially offset by higher market-based pricing, net of increased raw material costs.

Adjusted earnings per share of $0.43 decreased $1.15 versus the prior year driven primarily by the factors discussed above, partially offset by a lower effective tax rate in the quarter versus the prior year.

Cash flow from operations of $58.9 million in the quarter decreased $17.6 million versus the prior year primarily due to lower net income, partially offset by the favorable impact of changes in working capital. Capital expenditures of $22.2 million in the quarter increased $9.2 million versus the prior year.

Dividend

The Company’s Board of Directors declared a quarterly cash dividend of $0.145 per share on the Company’s common stock. The dividend is payable on November 29, 2022 to stockholders of record as of the close of business on November 15, 2022.

Outlook

  • 4Q22 expected performance rebounding towards results demonstrated in 1Q22 and 2Q22 as well as continued strong cash flow generation
  • Expect strong underlying agriculture and fertilizer industry fundamentals to continue
  • North American demand for nylon and chemical intermediates mixed overall; softness in consumer durables and building and construction end markets
  • Targeting our typical high plant utilization rates as supported by our global competitive position
  • Capital Expenditures tracking to approximately $95 million for the full year 2022
  • Expect pre-tax income impact of planned plant turnarounds to be $28 million to $33 million in 2023 versus approximately $50 million in 2022

“Our outlook is supported by our diverse product portfolio, advantage of our business model, and strong underlying agriculture and fertilizer industry fundamentals. The growth prospects of AdvanSix remain robust, and we are committed to delivering long-term value to our shareholders. We’ve demonstrated our ability to successfully perform through all market conditions and expand our earnings base while generating robust cash flow and look forward to closing out 2022 with another strong quarter,” 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 third quarter 2022 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 November 4 until 12 noon ET on November 11 by dialing (877) 344-7529 (domestic) or (412) 317-0088 (international). The access code is 3129770.

About AdvanSix

AdvanSix plays a critical role in global supply chains, innovating and delivering essential products for our customers in a wide variety of end markets and applications that touch people’s lives, such as building and construction, fertilizers, agrochemicals, plastics, solvents, packaging, paints, coatings, adhesives and electronics. Our reliable and sustainable supply of quality products emerges from the integrated value chain of our five U.S.-based manufacturing facilities. AdvanSix strives to deliver best-in-class customer experiences and differentiated products in the industries of nylon solutions, chemical intermediates, and plant nutrients, guided by our core values of Safety, Integrity, Accountability and Respect. 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 scope, shape and pace of recovery of the pandemic including the impact of social and economic restrictions and other containment measures taken to combat virus transmission; 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; 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, 2021, 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)

 

 

September 30, 2022

 

December 31, 2021

ASSETS

 

 

 

Current assets:

 

 

 

Cash and cash equivalents

$

24,694

 

 

$

15,100

 

Accounts and other receivables – net

 

185,901

 

 

 

178,140

 

Inventories – net

 

158,432

 

 

 

149,570

 

Taxes receivable

 

14,930

 

 

 

947

 

Other current assets

 

14,399

 

 

 

6,097

 

Total current assets

 

398,356

 

 

 

349,854

 

 

 

 

 

Property, plant and equipment – net

 

803,188

 

 

 

767,964

 

Operating lease right-of-use assets

 

124,960

 

 

 

136,207

 

Goodwill

 

56,192

 

 

 

17,592

 

Intangible assets

 

50,004

 

 

 

17,980

 

Other assets

 

22,833

 

 

 

22,402

 

Total assets

$

1,455,533

 

 

$

1,311,999

 

 

 

 

 

LIABILITIES

 

 

 

Current liabilities:

 

 

 

Accounts payable

$

265,090

 

 

$

211,511

 

Accrued liabilities

 

44,068

 

 

 

49,712

 

Income taxes payable

 

24

 

 

 

9,723

 

Operating lease liabilities – short-term

 

38,913

 

 

 

36,127

 

Deferred income and customer advances

 

2,561

 

 

 

2,749

 

Total current liabilities

 

350,656

 

 

 

309,822

 

 

 

 

 

Deferred income taxes

 

152,412

 

 

 

133,330

 

Operating lease liabilities – long-term

 

86,304

 

 

 

100,580

 

Line of credit – long-term

 

135,000

 

 

 

135,000

 

Postretirement benefit obligations

 

6,868

 

 

 

18,243

 

Other liabilities

 

10,016

 

 

 

13,834

 

Total liabilities

 

741,256

 

 

 

710,809

 

 

 

 

 

STOCKHOLDERS’ EQUITY

 

 

 

Common stock, par value $0.01; 200,000,000 shares authorized; 31,962,466 shares issued and 27,715,594 outstanding at September 30, 2022; 31,755,430 shares issued and 28,139,954 outstanding at December 31, 2021

 

320

 

 

 

318

 

Preferred stock, par value $0.01; 50,000,000 shares authorized and 0 shares issued and outstanding at September 30, 2022 and December 31, 2021

 

 

 

 

 

Treasury stock at par (4,246,872 shares at September 30, 2022; 3,615,476 shares at December 31, 2021)

 

(42

)

 

 

(36

)

Additional paid-in capital

 

181,628

 

 

 

195,931

 

Retained earnings

 

538,056

 

 

 

411,516

 

Accumulated other comprehensive loss

 

(5,685

)

 

 

(6,539

)

Total stockholders’ equity

 

714,277

 

 

 

601,190

 

Total liabilities and stockholders’ equity

$

1,455,533

 

 

$

1,311,999

 

 

 

AdvanSix Inc.

Condensed Consolidated Statements of Operations

(Unaudited)

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

 

 

Three Months Ended

September 30,

 

Nine Months Ended

September 30,

 

2022

 

2021

 

2022

 

2021

Sales

$

478,769

 

 

$

446,495

 

$

1,541,578

 

 

$

1,260,561

 

 

 

 

 

 

 

 

Costs, expenses and other:

 

 

 

 

 

 

 

Costs of goods sold

 

443,646

 

 

 

366,180

 

 

1,296,128

 

 

 

1,040,965

Selling, general and administrative expenses

 

23,069

 

 

 

21,121

 

 

65,120

 

 

 

62,112

Interest expense, net

 

686

 

 

 

1,174

 

 

2,017

 

 

 

4,096

Other non-operating (income) expense, net

 

(1,394

)

 

 

331

 

 

(1,825

)

 

 

349

Total costs, expenses and other

 

466,007

 

 

 

388,806

 

 

1,361,440

 

 

 

1,107,522

 

 

 

 

 

 

 

 

Income before taxes

 

12,762

 

 

 

57,689

 

 

180,138

 

 

 

153,039

Income tax expense

 

2,730

 

 

 

13,747

 

 

41,876

 

 

 

36,835

Net income

$

10,032

 

 

$

43,942

 

$

138,262

 

 

$

116,204

 

 

 

 

 

 

 

 

Earnings per common share

 

 

 

 

 

 

 

Basic

$

0.36

 

 

$

1.56

 

$

4.92

 

 

$

4.13

Diluted

$

0.35

 

 

$

1.51

 

$

4.74

 

 

$

4.02

 

 

 

 

 

 

 

 

Weighted average common shares outstanding

 

 

 

 

 

 

 

Basic

 

27,944,494

 

 

 

28,182,810

 

 

28,103,255

 

 

 

28,136,511

Diluted

 

28,889,658

 

 

 

29,100,276

 

 

29,173,537

 

 

 

28,920,832

 

AdvanSix Inc.

Condensed Consolidated Statements of Cash Flows

(Unaudited)

(Dollars in thousands)

 

 

Three Months Ended

September 30,

 

Nine Months Ended
September 30,

 

 

2022

 

 

 

2021

 

 

 

2022

 

 

 

2021

 

Cash flows from operating activities:

 

 

 

 

 

 

 

Net income

$

10,032

 

 

$

43,942

 

 

$

138,262

 

 

$

116,204

 

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

 

 

 

 

 

 

 

Depreciation and amortization

 

17,644

 

 

 

16,325

 

 

 

51,870

 

 

 

49,058

 

Loss on disposal of assets

 

503

 

 

 

409

 

 

 

1,303

 

 

 

842

 

Deferred income taxes

 

6,138

 

 

 

3,423

 

 

 

8,696

 

 

 

11,235

 

Stock-based compensation

 

2,220

 

 

 

2,499

 

 

 

7,599

 

 

 

8,606

 

Accretion of deferred financing fees

 

155

 

 

 

142

 

 

 

464

 

 

 

424

 

Changes in assets and liabilities, net of business acquisitions:

 

 

 

 

 

 

 

Accounts and other receivables

 

59,491

 

 

 

(5,575

)

 

 

7,346

 

 

 

(46,549

)

Inventories

 

(2,985

)

 

 

(2,807

)

 

 

27

 

 

 

37,885

 

Taxes receivable

 

(13,983

)

 

 

26

 

 

 

(13,983

)

 

 

11,952

 

Accounts payable

 

(18,662

)

 

 

20,226

 

 

 

43,468

 

 

 

27,047

 

Income taxes payable

 

(8

)

 

 

 

 

 

(9,699

)

 

 

 

Accrued liabilities

 

1,155

 

 

 

1,843

 

 

 

(7,666

)

 

 

6,418

 

Deferred income and customer advances

 

954

 

 

 

188

 

 

 

(188

)

 

 

(23,241

)

Other assets and liabilities

 

(3,720

)

 

 

(4,153

)

 

 

(23,512

)

 

 

(14,358

)

Net cash provided by operating activities

 

58,934

 

 

 

76,488

 

 

 

203,987

 

 

 

185,523

 

 

 

 

 

 

 

 

 

Cash flows from investing activities:

 

 

 

 

 

 

 

Expenditures for property, plant and equipment

 

(22,231

)

 

 

(12,993

)

 

 

(61,010

)

 

 

(37,471

)

Acquisition of business

 

 

 

 

 

 

 

(97,456

)

 

 

(9,523

)

Other investing activities

 

(366

)

 

 

(493

)

 

 

(1,587

)

 

 

(975

)

Net cash used for investing activities

 

(22,597

)

 

 

(13,486

)

 

 

(160,053

)

 

 

(47,969

)

 

 

 

 

 

 

 

 

Cash flows from financing activities:

 

 

 

 

 

 

 

Borrowings from line of credit

 

123,500

 

 

 

29,000

 

 

 

354,000

 

 

 

133,500

 

Payments of line of credit

 

(135,000

)

 

 

(89,000

)

 

 

(354,000

)

 

 

(273,500

)

Principal payments of finance leases

 

(231

)

 

 

(170

)

 

 

(712

)

 

 

(534

)

Dividend payments

 

(4,051

)

 

 

 

 

 

(11,083

)

 

 

 

Purchase of treasury stock

 

(13,172

)

 

 

 

 

 

(23,591

)

 

 

(589

)

Issuance of common stock

 

14

 

 

 

156

 

 

 

1,046

 

 

 

202

 

Net cash used for financing activities

 

(28,940

)

 

 

(60,014

)

 

 

(34,340

)

 

 

(140,921

)

 

 

 

 

 

 

 

 

Net change in cash and cash equivalents

 

7,397

 

 

 

2,988

 

 

 

9,594

 

 

 

(3,367

)

Cash and cash equivalents at beginning of period

 

17,297

 

 

 

4,251

 

 

 

15,100

 

 

 

10,606

 

Cash and cash equivalents at the end of period

$

24,694

 

 

$

7,239

 

 

$

24,694

 

 

$

7,239

 

 

 

 

 

 

 

 

 

Supplemental non-cash investing activities:

 

 

 

 

 

 

 

Capital expenditures included in accounts payable

 

 

 

 

$

19,182

 

 

$

6,783

 

 

 

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

September 30,

 

Nine Months Ended

September 30,

 

 

2022

 

 

 

2021

 

 

 

2022

 

 

 

2021

 

Net cash provided by operating activities

$

58,934

 

 

$

76,488

 

 

$

203,987

 

 

$

185,523

 

Expenditures for property, plant and equipment

 

(22,231

)

 

 

(12,993

)

 

 

(61,010

)

 

 

(37,471

)

Free cash flow (1)

$

36,703

 

 

$

63,495

 

 

$

142,977

 

 

$

148,052

 

 

 

 

 

 

 

 

 

(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

September 30,

 

Nine Months Ended

September 30,

 

2022

 

2021

 

2022

 

2021

Net income

$

10,032

 

 

$

43,942

 

 

$

138,262

 

 

$

116,204

 

Non-cash stock-based compensation

 

2,220

 

 

 

2,499

 

 

 

7,599

 

 

 

8,606

 

Non-recurring, unusual or extraordinary expenses

 

 

 

 

 

 

 

 

 

 

 

Non-cash amortization from acquisitions

 

532

 

 

 

65

 

 

 

1,284

 

 

 

174

 

One-time M&A costs

 

 

 

 

 

 

 

277

 

 

 

172

 

Benefit from income taxes relating to reconciling items

 

(466

)

 

 

(391

)

 

 

(1,461

)

 

 

(1,378

)

Adjusted Net Income

 

12,318

 

 

 

46,115

 

 

 

145,961

 

 

 

123,778

 

Interest expense, net

 

686

 

 

 

1,174

 

 

 

2,017

 

 

 

4,096

 

Income tax expense – adjusted

 

3,196

 

 

 

14,138

 

 

 

43,337

 

 

 

38,213

 

Depreciation and amortization – adjusted

 

17,113

 

 

 

16,260

 

 

 

50,586

 

 

 

48,884

 

Adjusted EBITDA

$

33,313

 

 

$

77,687

 

 

$

241,901

 

 

$

214,971

 

 

 

 

 

 

 

 

 

Sales

$

478,769

 

 

$

446,495

 

 

$

1,541,578

 

 

$

1,260,561

 

 

 

 

 

 

 

 

 

Adjusted EBITDA Margin (2)

 

7.0

%

 

 

17.4

%

 

 

15.7

%

 

 

17.1

%

 

 

 

 

 

 

 

 

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

 

 

 

 

 

Three Months Ended

September 30,

 

Nine Months Ended

September 30,

 

2022

 

2021

 

2022

 

2021

Net Income

$

10,032

 

$

43,942

 

$

138,262

 

$

116,204

Adjusted Net Income

 

12,318

 

 

46,115

 

 

145,961

 

 

123,778

 

 

 

 

 

 

 

 

Weighted-average number of common shares outstanding – basic

 

27,944,494

 

 

28,182,810

 

 

28,103,255

 

 

28,136,511

Dilutive effect of equity awards and other stock-based holdings

 

945,164

 

 

917,466

 

 

1,070,282

 

 

784,321

Weighted-average number of common shares outstanding – diluted

 

28,889,658

 

 

29,100,276

 

 

29,173,537

 

 

28,920,832

 

 

 

 

 

 

 

 

EPS – Basic

$

0.36

 

$

1.56

 

$

4.92

 

$

4.13

EPS – Diluted

$

0.35

 

$

1.51

 

$

4.74

 

$

4.02

Adjusted EPS – Basic

$

0.44

 

$

1.64

 

$

5.19

 

$

4.40

Adjusted EPS – Diluted

$

0.43

 

$

1.58

 

$

5.00

 

$

4.28

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

~$3

$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.

Contacts

Media

Janeen Lawlor

(973) 526-1615

[email protected]

Investors

Adam Kressel

(973) 526-1700

[email protected]

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