AdvanSix Inc. (NYSE:ASIX) Q1 2024 Earnings Conference Call May 3, 2024 9:00 AM ET

Company Participants

Adam Kressel - VP, IR
Erin Kane - President and CEO
Michael Preston - SVP and CFO

Conference Call Participants

Charles Neivert - Piper Sandler
David Silver - CL King
Vincent Anderson - Stifel
Charles Neivert - Piper Sandler

Operator

Good day, and welcome to AdvanSix First Quarter 2024 Earnings Conference Call. [Operator Instructions] Please note this event is being recorded.

I would now like to turn the conference over to Adam Kressel, Vice President of Investor Relations and Treasurer. Please go ahead.

Adam Kressel

Thank you, Cindy. Good morning, and welcome to AdvanSix's first quarter 2024 earnings conference call. With me here today are President and CEO, Erin Kane; and Senior Vice President and CFO, Michael Preston. This call and webcast, including any non-GAAP reconciliations, are available on our website at investors.advansix.com.

Note that elements of this presentation contain forward-looking statements that are based on our best view of the world and of our business as we see it today. Those elements can change and the actual results could differ materially from those projected, and we ask that you consider them in that way. We refer you to the forward-looking statements included in our press release and earnings presentation.

In addition, we identify the principal risks and uncertainties that affect our performance in our SEC filings, including our annual report on Form 10-K as further updated in subsequent filings with the SEC.

This morning, we will review our financial results for the first quarter of 2024 and share our outlook for our key product lines and end markets. Finally, we'll leave time for your questions at the end.

So with that, I'll turn the call over to AdvanSix's President and CEO, Erin Kane.

Erin Kane

Thanks, Adam, and good morning, everyone.

Thank you for joining us and for your continued interest in AdvanSix. As you saw in our press release, our first quarter performance was impacted by the previously announced process-based operational disruption at our Frankford, Pennsylvania site, along with a delayed ramp to targeted utilization rates across our integrated value chain.

The total unfavorable impact to pretax income in the first quarter was approximately $27 million, comprised of the impact of lost sales and other additional costs, including purchases of replacement products and incremental plant spend. This disruption was fully resolved in the first quarter and I would like to once again thank our customers, partners and teammates for the collaboration to mitigate impact on the value chain.