ASIX - AdvanSix pops after Q3 earnings beat

AdvanSix ([[ASIX]] +0.4%) Q3 results:Sales down 9.2% Y/Y, reflecting 5% higher volume, 13% lower raw material pass-through pricing and 1% unfavorable impact of market-based pricing.EBITDA declined by 36.6% Y/Y to $15.8M and margin declined by 240 bps to 5.6%.Cash flow from operations of $36M vs. $33.17M in prior year, reflecting lower net income and the favorable impact of changes in working capital.Free cash flow of $19.6M, compared to negative $2.01M a year ago.Capital expenditures of $16M declined $19.2M versus the prior year following the completion of several high-return growth and cost savings investments.Company had ~$17M of cash on hand with ~$111M of additional capacity available under the revolving credit facility, at end of the quarter.2020 outlook: Company expects a reduction in net debt and leverage levels in 4Q20 with robust cash generation supported by working capital improvements and cash tax benefits associated with the CARES Act and continued disciplined cost management - expect

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AdvanSix pops after Q3 earnings beat