Materials firm AdvanSix Inc. had a record financial year in 2022, posting double-digit gains in both sales and profit.
For the year, sales at Parsippany, N.J.-based AdvanSix were up more than 15 percent to almost $1.95 billion, with profit up 23 percent to almost $172 million. Sales for 2022 in the firm's nylon unit were up 15 percent to just over $485 million.
In a news release, officials said that AdvanSix in 2022 "generated record annual sales, earnings and cash flow, reflecting strong commercial execution." They added that the firm "enhanced its capital deployment" with the acquisition of U.S. Amines. AdvanSix acquired U.S. Amines, a maker of alkyl and specialty amines, in early 2022 for about $100 million in an all-cash deal.
"We continue to progress our core strategies," President and CEO Erin Kane said in the release. "In the fourth quarter, our strong commercial performance helped to offset pockets of soft end market demand, customer destocking and operational challenges."
Looking to 2023, she added that AdvanSix "is well positioned for another year of differentiated performance."
"While we anticipate the challenges of an uncertain environment to impact several end applications … we remain confident in our demonstrated ability to perform through various business and macroeconomic cycle," Kane said.
On Wall Street, AdvanSix's per-share stock price began 2023 near $37 but was at $41.70 in early trading Feb. 17 for an increase of almost 13 percent.