Stock plummets as company reports disappointing first-quarter results
- Advansix shares hit 52-week low of $22.34
- First-quarter loss wider than expected
- Stock down 10% at $23.15
- Quarterly loss of $17.4 million
- Sales for the quarter at $336.8 million
- Adjusted loss of 56 cents a share
- Sales down due to market-based pricing and operational disruption
- Expecting ammonium sulfate pricing improvement in second quarter
Advansix shares hit their 52-week low of $22.34 earlier in the day after the company reported a first-quarter loss that was wider than expected. The stock was trading at $23.15, down 10% at 10:50 a.m. ET, and is down 36% in the past 12 months. The diversified chemistry company said it had a quarterly loss of $17.4 million, or 65 cents a share, compared with earnings of $35 million, or $1.22 a share, in the same quarter last year. Sales for the quarter were $336.8 million, compared with last year’s $400.5 million and the $344.6 million analysts were looking for. The company had an adjusted loss of 56 cents a share, compared with the loss of 54 cents analysts had forecast. Advansix said first-quarter sales were down due to the unfavorable impact of market-based pricing and a 7% decrease in volume primarily due to an operational disruption at its Frankford site. The company also expects second-quarter ammonium sulfate pricing improvement amid continued sulfur demand growth and tight North American supply.
Factuality Level: 8
Factuality Justification: The article provides specific details about Advansix’s financial performance, including the first-quarter loss, sales figures, and analyst expectations. The information is presented in a straightforward manner without sensationalism or bias. The article does not contain irrelevant information or digressions, focusing on the main topic of the company’s financial results.
Noise Level: 3
Noise Justification: The article provides relevant information about Advansix’s financial performance, including details about their quarterly loss, sales figures, and factors affecting their stock price. It stays on topic and supports its claims with data and examples. However, it lacks in-depth analysis, accountability of decision-makers, and actionable insights.
Financial Relevance: Yes
Financial Markets Impacted: Advansix shares
Presence Of Extreme Event: No
Nature Of Extreme Event: No
Impact Rating Of The Extreme Event: No
Rating Justification: The article pertains to financial topics as it discusses the stock performance and financial results of Advansix, a diversified chemistry company. However, there is no mention of an extreme event or any impact on financial markets or companies.
Public Companies: Advansix (ASIX)
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