Financial Performance - Consolidated net sales for Q1 2024 were $44.1 million, a decrease of $10.8 million, or 19.6%, compared to Q1 2023[88] - Consolidated gross profit increased 72.4% to $2.5 million, or 5.7% of sales, compared to $1.5 million, or 2.7% of sales in Q1 2023[88] - Consolidated operating loss for Q1 2024 was $5.3 million, an improvement from an operating loss of $6.4 million in Q1 2023[89] - Adjusted EBITDA for Q1 2024 was $(3.115) million, or (7.1)% of sales, compared to $(3.735) million, or (6.8)% of sales in Q1 2023[95] Segment Performance - Specialty Chemicals segment net sales decreased by $3.5 million, or 14.5%, to $20.3 million in Q1 2024[90] - Tubular Products segment net sales totaled $23.8 million, a decrease of $7.2 million, or 23.3%, from Q1 2023[92] Cash Flow and Liquidity - Cash flows from operating activities decreased due to changes in working capital, with inventory increasing cash flows by $1.2 million in Q1 2024 compared to $9.5 million in Q1 2023[103] - Accounts payable contributed $4.0 million to operating cash flows in Q1 2024, down from $6.8 million in Q1 2023, indicating a decrease in inventory purchases[103] - Net cash used in investing activities decreased due to lower capital expenditures in Q1 2024 compared to Q1 2023[104] - The company had no outstanding debt as of March 31, 2024, and December 31, 2023, reflecting a decrease in cash used in financing activities[105][107] - The current ratio decreased from 3.7 as of December 31, 2023, to 3.2 as of March 31, 2024, indicating a decline in liquidity[111] Shareholder Actions - The company repurchased 16,330 shares at an average price of $9.97 for a total cost of $163,221 in Q1 2024, compared to 32,313 shares at $10.11 for $327,521 in Q1 2023[108][109] Tax and Interest - Interest expense decreased to $0.1 million in Q1 2024 from $1.1 million in Q1 2023 due to lower outstanding debt[94] - The effective tax rate for continuing operations was 22.3% for Q1 2024, lower than the U.S. statutory rate of 21.0%[94] Asset Management - The company incurred asset impairment charges of $1.1 million related to the Munhall closure during Q1 2024[85] - Material cash requirements for operating and finance leases totaled $32.1 million, with $1.5 million payable within 12 months[112] - Capital spending is expected to be as much as $6.2 million for the remainder of fiscal 2024[113] Equity and Debt Ratios - The debt to capital ratio remained at 0% as of March 31, 2024, consistent with no outstanding debt[111] - Return on average equity improved from -38.6% as of December 31, 2023, to -4.9% as of March 31, 2024, suggesting a reduction in losses[111]

Financial Performance - Net sales for Q1 2024 were $44.1 million, down from $54.9 million in Q1 2023, representing a decline of 19.6%[2] - Gross profit increased to $2.5 million, with a gross profit margin of 5.7%, compared to $1.5 million and 2.7% in Q1 2023, reflecting a 300 basis points improvement[2] - Net loss from continuing operations decreased to $4.7 million, or $(0.47) diluted loss per share, compared to a net loss of $5.8 million, or $(0.57) diluted loss per share in the prior year, a year-over-year improvement of 18.6%[2][4] - Adjusted EBITDA improved to $(3.1) million from $(3.7) million in Q1 2023, with an adjusted EBITDA margin of (7.1)% compared to (6.8)% in the prior year[6] - Net loss from continuing operations for Q1 2024 was $4,094,000, an improvement from a loss of $5,788,000 in Q1 2023, representing a 29.3% reduction[33] - Adjusted EBITDA for Q1 2024 was $(3,115,000), compared to $(3,735,000) in Q1 2023, indicating a 16.6% improvement year-over-year[33] - Specialty Chemicals segment reported a net loss of $1,458,000 in Q1 2024, compared to a net income of $1,342,000 in Q1 2023, reflecting a significant decline[34] - Tubular Products segment net loss from continuing operations was $1,502,000 in Q1 2024, an improvement from a loss of $3,293,000 in Q1 2023, marking a 54.4% reduction[35] Segment Performance - Ascent Chemicals segment net sales were $20.3 million, down from $23.7 million in Q1 2023, with an operating loss of $1.4 million compared to an operating income of $1.4 million in the prior year[7] - Ascent Tubular segment net sales were $23.8 million, down from $31.1 million in Q1 2023, with an operating loss decreasing to $1.5 million from $3.3 million in the prior year[8] Cash Management - Cash and cash equivalents at the end of Q1 2024 were $1,299,000, up from $421,000 at the end of Q1 2023, showing a significant increase[30] - Net cash provided by operating activities for continuing operations was $216,000 in Q1 2024, a decrease of 98.3% from $12,410,000 in Q1 2023[30] - Total cash used in financing activities decreased to $510,000 in Q1 2024 from $13,586,000 in Q1 2023, indicating improved cash management[30] Operational Changes - The company has ceased operations at its welded pipe and tube facility in Munhall, PA, effective August 31, 2023, and categorized related financial results into discontinued operations[2] Shareholder Actions - The company repurchased 16,330 shares at an average cost of $9.97 per share for approximately $0.2 million during the quarter[9] Management Outlook - Management expects continued improvements in financial results throughout 2024, driven by cost optimization and product mix adjustments[3] Accounts Receivable and Risk - Accounts receivable increased by $1,885,000 in Q1 2024, compared to an increase of $1,072,000 in Q1 2023, suggesting a growing sales volume[30] - The provision for losses on accounts receivable was $330,000 in Q1 2024, compared to a reduction of $57,000 in Q1 2023, indicating potential credit risk concerns[30] Cost Control - The company incurred stock-based compensation expenses of $209,000 in Q1 2024, down from $319,000 in Q1 2023, reflecting cost control measures[30]

NEWPORT BEACH, Calif., May 07, 2024 (GLOBE NEWSWIRE) -- Gateway Group ("Gateway"), a leading financial communications and digital media advisory firm, today announced the preliminary list of presenting companies for its annual Gateway Conference taking place at the Four Seasons Hotel in San Francisco on September 4th and 5th. Celebrating 25 years of connecting leading growth companies with global capital markets audiences, Gateway is bringing back its flagship conference in person for the first time since 2 ...

Here are three stocks added to the Zacks Rank #5 (Strong Sell) List today:AerSale Corporation (ASLE) is an aviation aftermarket solutions provider. The Zacks Consensus Estimate for its current year earnings has been revised 53.4% downward over the last 60 days.Alliance Resource Partners, L.P. (ARLP) is a diversified natural resource company. The Zacks Consensus Estimate for its current year earnings has been revised 7.5% downward over the last 60 days.Ascent Industries Co. (ACNT) is an industrials company. ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-K ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 ☒ FOR THE FISCAL YEAR ENDED DECEMBER 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM TO COMMISSION FILE NUMBER 0-19687 Ascent Industries Co. (Exact name of registrant as specified in its charter) Delaware 57-0426694 (State or other jurisdiction of incorporati ...

Ascent Industries Co. (NASDAQ:ACNT) Q4 2023 Earnings Conference Call March 28, 2024 4:00 AM ET Company Participants Cody Cree - IR Ben Rosenzweig - Executive Chairman of the Board Bryan Kitchen - CEO Ryan Kavalauskas - CFO Conference Call Participants Vincent Anderson - Stifel Matthew Schwarz - MAZE Investments LLC Operator Good afternoon, everyone and thank you for participating in today's Conference Call to discuss Ascent's Financial Results for the Fourth Quarter and Full Year ended December 31, 2023. J ...

Exhibit 99.1 Ascent Industries Reports Fourth Quarter and Full Year 2023 Results Eliminated All Outstanding Debt with Cash Proceeds from the Sale of Specialty Pipe & Tube New Leadership Focused on Accelerating Profitable Growth and Maximizing Value Oak Brook, Illinois, March 28, 2024 – Ascent Industries Co. (Nasdaq: ACNT) (“Ascent” or the “Company”), an industrials company focused on the production of specialty chemicals and industrial tubular products, is reporting its results for the fourth quarter and fu ...

WIN-Initiative/Neleman/Stone via Getty Images Investment thesis In June 2021, I wrote an article about Ascent Industries (NASDAQ:ACNT), which was then named Synalloy, as operations were improving significantly after all the disruptions suffered during 2020 when the coronavirus pandemic broke the strong growth trend experienced in 2017, 2018, and 2019, and the share price still traded at 57% below mid-term highs (reached in August 2018). Despite reporting a 17.72% revenue decline year over year in Q1 202 ...

Ascent Industries Co. (NASDAQ:ACNT) Q3 2023 Earnings Conference Call November 9, 2023 4:30 PM ET Company Participants Cody Cree - Investor Relations Ben Rosenzweig - Executive Chairman of the Board Chris Hutter - President & Chief Executive Officer Bill Steckel - Chief Financial Officer Conference Call Participants Vincent Anderson - Stifel Operator Good afternoon, everyone and thank you for participating in today's Conference Call to discuss Ascent's Financial Results for the Third Quarter ended September ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended September 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Transition Period from _____ to _____ COMMISSION FILE NUMBER 0-19687 Ascent Industries Co. (Exact name of registrant as specified in its charter) Delaware 57-0426694 (State or other jurisd ...