Materials maker AdvanSix Inc. posted strong sales and profit growth in the second quarter of 2022.
Parsippany, N.J.-based AdvanSix had sales of $583.7 million for the quarter, up 33 percent vs. the same quarter in 2021. Profit for the quarter was up 48 percent to $65.2 million in the same comparison.
Second-quarter sales in AdvanSix's nylon unit were up 18 percent to $132.1 million, while sales in its caprolactam unit, a nylon feedstock, were up almost 7 percent to $87.2 million.
In a news release, President and CEO Erin Kane said that in the quarter, strong commercial performance to meet customer demand more than offset higher inflation and lower sales volume. She added that the firm's integration of U.S. Amines LLC "is progressing very well." AdvanSix in February acquired U.S. Amines, a maker of alkyl and specialty amines, for about $100 million in an all-cash deal.
AdvanSix officials said in the release that the firm's second-quarter raw material pass-through pricing was favorable by 6 percent after a net cost increase in benzene and propylene, which it uses as feedstocks.
Looking ahead, Kane said that AdvanSix "expects continued healthy North America demand for nylon and chemical intermediates as well as favorable agriculture, nitrogen and sulfur fertilizer industry fundamentals. …While the macro environment continues to be dynamic, we have substantially increased the earnings power of this business."
On Wall Street, AdvanSix's per-share stock price was near $37.80 in late trading Aug. 9, down almost 19 percent so far in 2022.