AdvanSix, Parsippany, N.J., reported first-quarter net income of $28.1 million ($0.98 per diluted share) on sales of $376.4 million, up from the year-ago $8.6 million ($0.31 per share) and $302.7 million, respectively. EBITDA was $55 million, up from $28.6 million.
Ammonium sulfate made up just 19 percent of total sales, down from the year-ago 23 percent. The company expects improved ammonium sulfate results through the 2021 planting season, citing improving ag fundamentals, including robust planted acres, and crop prices at multi-year highs supporting higher prices. The company said it is monitoring ammonium sulfate industry supply and higher sulfur input costs.
The company said EBITDA was up primarily due to higher volume and market-based pricing, partially offset by the unfavorable impact of higher raw material costs including natural gas and sulfur, and an approximately $6.6 million unfavorable non-cash LIFO inventory reserve adjustment.
The company is budgeting $9-$11 million for turnarounds for the second quarter and a total of $25-$30 million for the year.