Financial Performance - Consolidated net sales for Q2 2024 were $50.2 million, a decrease of $0.2 million, or 0.3%, compared to Q2 2023, primarily due to a 19.1% decrease in average selling prices[95] - Consolidated gross profit for Q2 2024 increased 854.7% to $5.9 million, or 11.7% of sales, compared to a gross loss of $0.8 million in Q2 2023[96] - The operating loss for Q2 2024 was $0.3 million, significantly improved from an operating loss of $6.9 million in Q2 2023[97] - Consolidated net loss from continuing operations for Q2 2024 was $198, significantly improved from a loss of $6,149 in Q2 2023[109] - Adjusted EBITDA for Q2 2024 was $2,112, representing 4.2% of sales, compared to an adjusted EBITDA loss of $4,754 in Q2 2023[109] Segment Performance - Specialty Chemicals segment net sales for Q2 2024 totaled $21.5 million, an increase of $0.1 million, or 0.5%, driven by a 20.6% increase in pounds shipped[98] - Tubular Products segment net sales for Q2 2024 totaled $28.7 million, a decrease of $0.3 million, or 0.9%, primarily due to a 17.7% decrease in average selling prices[101] - Specialty Chemicals segment reported adjusted EBITDA of $1,700 for Q2 2024, which is 7.9% of segment sales, up from 1.5% in Q2 2023[110] - Tubular Products segment achieved adjusted EBITDA of $1,704 in Q2 2024, compared to an adjusted EBITDA loss of $2,467 in Q2 2023, with 5.9% of segment sales[112] Expenses and Charges - SG&A expenses for Q2 2024 decreased to $6.1 million, or 12.1% of sales, compared to $6.2 million, or 12.2% of sales in Q2 2023[97] - Interest expense for Q2 2024 decreased to $0.1 million from $1.0 million in Q2 2023, attributed to lower outstanding debt[106] - The company incurred asset impairment charges of $1.1 million related to the Munhall facility closure during the first half of 2024[92] Cash and Liquidity - Total cash provided by operating activities decreased to $2,951 in the first half of 2024 from $10,156 in the same period of 2023[111] - As of June 30, 2024, the company held $3.6 million in cash and cash equivalents and had $62.7 million available on its revolving line of credit[113] - The company had no long-term debt outstanding as of June 30, 2024, following a reduction in the maximum revolving loan commitment from $105 million to $80 million[119] - The current ratio decreased to 3.3 as of June 30, 2024, from 3.7 at the end of 2023, indicating a slight decline in liquidity[124] Capital and Shareholder Activities - The company expects capital spending to be as much as $4.8 million for the remainder of fiscal 2024[125] - Share repurchases for the first half of 2024 totaled 31,563 shares at an average price of $10.10, costing $319,798[122] Taxation - The effective tax rate for continuing operations was 18.0% for Q2 2024, higher than the U.S. statutory rate of 21.0% due to state tax benefits relative to pretax losses[106] Discontinued Operations - The divestiture of Specialty Pipe & Tube, Inc. resulted in approximately $55 million in cash proceeds, classified under discontinued operations[93]

Financial Performance - Net sales from continuing operations for Q2 2024 were $50.2 million, a slight decline of 0.4% compared to $50.4 million in Q2 2023[5]. - Gross profit increased to $5.9 million, representing a gross profit margin of 11.7%, compared to a gross loss of $(0.8) million and a margin of (1.5)% in Q2 2023[6]. - Adjusted EBITDA improved significantly to $2.1 million with an adjusted EBITDA margin of 4.2%, compared to $(4.8) million and (9.4)% in the prior year period[7]. - The net loss from continuing operations improved to $(0.2) million, or $(0.02) diluted loss per share, compared to a net loss of $(6.1) million, or $(0.60) diluted loss per share in Q2 2023[6]. - For the six months ended June 30, 2024, Ascent Industries reported a net loss of $6,419,000, a significant improvement from a net loss of $19,835,000 in the same period of 2023, indicating a reduction of approximately 67.6%[29]. - Adjusted EBITDA for the six months ended June 30, 2024, was $(1,003,000), an improvement from $(8,489,000) in the same period of 2023, showing a reduction in losses of approximately 88.2%[31]. - The Tubular Products segment achieved an Adjusted EBITDA of $992,000 for the six months ended June 30, 2024, compared to $(4,872,000) in the same period of 2023, marking a significant turnaround[31]. - Specialty Chemicals segment reported an Adjusted EBITDA of $1,410,000 for the six months ended June 30, 2024, compared to $2,811,000 in the same period of 2023, indicating a decline of approximately 50.1%[31]. Segment Performance - Ascent Chemicals segment net sales increased slightly to $21.5 million, with adjusted EBITDA rising to $1.7 million, or 7.9% of segment net sales, compared to 1.5% in the prior year[10]. - Ascent Tubular segment net sales were $28.7 million, with adjusted EBITDA increasing to $1.7 million, or 5.9% of segment net sales, compared to (8.5)% in Q2 2023[11]. Cash Flow and Debt - Net cash provided by operating activities for continuing operations was $2,951,000, down from $10,156,000 in the prior year, reflecting a decrease of about 70.9%[29]. - Cash and cash equivalents at the end of the period increased to $3,595,000 from $717,000 year-over-year, representing a substantial increase of approximately 401.4%[29]. - The company incurred $107,700,000 in borrowings from long-term debt during the six months ended June 30, 2024, compared to $139,137,000 in the same period of 2023, reflecting a decrease of about 22.6%[29]. - The company had no debt outstanding as of June 30, 2024, and $62.7 million available under its revolving credit facility[12]. Shareholder Actions - The company repurchased 15,233 shares at an average cost of $10.25 per share for approximately $0.2 million during the quarter[12]. Management Outlook - Management expressed optimism about achieving incremental financial improvements throughout the year while enhancing the quality of the business development pipeline[5]. - The company is focused on creating a more predictable and profitable operating model, with ongoing efforts to reduce costs and optimize product mix[4]. Inventory and Investment - The provision for losses on inventories was $906,000 for the six months ended June 30, 2024, down from $1,194,000 in the same period of 2023, indicating a reduction of approximately 24.1%[29]. - The company reported a net cash used in investing activities of $770,000 for the six months ended June 30, 2024, compared to $1,625,000 in the same period of 2023, showing a decrease of about 52.7%[29]. - The net cash provided by (used in) financing activities was $84,000 for the six months ended June 30, 2024, a significant improvement from $(17,171,000) in the same period of 2023[29].

Financial Data and Key Metrics Changes - Net sales from continuing operations decreased to $44.1 million compared to $54.9 million in the prior year period, primarily due to decreased end market demand and destocking trends [21] - Gross profit from continuing operations increased to $2.5 million from $1.5 million, with gross margin improving by 300 basis points to 5.7% [21] - Net loss from continuing operations decreased to $4.1 million or $0.41 diluted loss per share, compared to a net loss of $5.8 million or $0.58 diluted loss per share in the prior year [22] - Adjusted EBITDA improved to negative $3.1 million from negative $3.7 million, with adjusted EBITDA margin at negative 7.1% [22] - Liquidity position as of March 31, 2024, showed no outstanding debt and access to $63.6 million in availability [23] Business Line Data and Key Metrics Changes - In the Tubular segment, sequential and year-over-year bottom-line improvements were reported despite ongoing market headwinds [11] - Specialty Chemicals faced challenges with inventory destocking and soft market demand, but initial customer responses to product mix changes were strong [15][16] - The company is shifting its product mix towards branded product sales in Specialty Chemicals to mitigate demand variability [15][16] Market Data and Key Metrics Changes - Demand challenges persisted across both segments, impacting overall financial performance [6] - The company noted that while there are signs of market recovery, it is not relying on this for meeting internal plans [6] Company Strategy and Development Direction - The company is focused on cost savings, operational efficiencies, and product mix optimization to improve financial results [6] - Capital priorities include share repurchases and maintaining a focus on internal operations while keeping M&A on the back burner [9] - The company aims to restore credibility among shareholders and create durable shareholder value [9] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about improvements in financial results in the second half of the year, driven by operational initiatives [6][10] - The company remains debt-free and has shown significant year-over-year improvement in liquidity [10] - Management emphasized the importance of accountability and ownership in navigating ongoing demand headwinds [11] Other Important Information - The company has repurchased 16,330 shares for approximately $165,000 through its share repurchase program [23] - Management is optimistic about the future and believes that actions taken are positioning the company for recovery [19] Q&A Session Summary Question: Stability of operating expenses in Chemicals - Management acknowledged that while variable margins are being managed, there is still work to be done on fixed cost absorption and variable margin improvements [25][26] Question: Price versus volume in segments - Management noted that prices in the Tubular segment were depressed but expected a slight uptick in Q2, while the Chemical segment experienced volatility [27][28] Question: Inventory levels - Management indicated that there are opportunities to right-size inventory levels in both segments and that optimization efforts are ongoing [29][30] Question: Customer relationships amid changes - Management reported some churn but emphasized the loyalty of the majority of customers who have been with the company for decades [31][32] Question: Future margin expectations - Management described the upcoming period as transitional, with new business expected to fall within the targeted margin range [33][34]

分组1 - Ascent Industries reported a quarterly loss of $0.41 per share, which was worse than the Zacks Consensus Estimate of a loss of $0.36, but an improvement from a loss of $0.51 per share a year ago [1] - The company's revenues for the quarter ended March 2024 were $44.11 million, exceeding the Zacks Consensus Estimate by 10.83%, but down from $82.45 million year-over-year [1] - Over the last four quarters, Ascent Industries has surpassed consensus EPS estimates only once and has a current Zacks Rank of 5 (Strong Sell) [1][4] 分组2 - The earnings outlook for Ascent Industries is unfavorable, with current consensus EPS estimates of -$0.07 on revenues of $53.8 million for the coming quarter and -$0.14 on revenues of $196.1 million for the current fiscal year [4] - The Manufacturing - General Industrial industry, to which Ascent Industries belongs, is currently in the top 31% of Zacks industries, indicating a relatively strong position [5] - Broadwind Energy, Inc., another company in the same industry, is expected to report a quarterly loss of $0.07 per share, reflecting a year-over-year change of -200% [5][6]

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 ...

Core Viewpoint - Three stocks have been added to the Zacks Rank 5 (Strong Sell) List due to significant downward revisions in earnings estimates for the current year [1] Company Summaries - **AerSale Corporation (ASLE)**: An aviation aftermarket solutions provider with a Zacks Consensus Estimate for current year earnings revised downward by 53.4% over the last 60 days [1] - **Alliance Resource Partners, L.P. (ARLP)**: A diversified natural resource company with a Zacks Consensus Estimate for current year earnings revised downward by 7.5% over the last 60 days [1] - **Ascent Industries Co. (ACNT)**: An industrials company with a Zacks Consensus Estimate for current year earnings revised downward by 116.1% over the last 60 days [1]

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 ...