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Ascent Industries Co. Reports Third Quarter 2022 Results
Sixth Consecutive Quarter of Year-Over-Year Net Sales Growth OAK BROOK, Ill.--(BUSINESS WIRE)-- Ascent Industries Co. (Nasdaq: ACNT) (“Ascent” or the
About this update from Ascent Industries Co.
[{"type":"text","content":"\nSixth Consecutive Quarter of Year-Over-Year Net Sales Growth\n\n OAK BROOK, Ill.--(BUSINESS WIRE)--\nAscent Industries Co. (Nasdaq: ACNT) (“Ascent” or the “Company”), an industrials company focused on the production and distribution of industrial tubular products and specialty chemicals, is reporting its results for the third quarter ended September 30, 2022.\n\nThird Quarter 2022 Summary\n\n\n\n(in millions, expect per share and margin)\n\n\n\nQ3 20221\n\n\n\nQ3 2021\n\n\n\nChange\n\n\n\n\n\nNet Sales\n\n\n\n$100.2\n\n\n\n$86.2\n\n\n\n16%\n\n\n\n\n\nGross Profit\n\n\n\n$11.6\n\n\n\n$18.0\n\n\n\n-36%\n\n\n\n\n\nGross Profit Margin\n\n\n\n11.5%\n\n\n\n20.9%\n\n\n\n-940bps\n\n\n\n\n\nNet Income\n\n\n\n$0.6\n\n\n\n$8.2\n\n\n\n-92%\n\n\n\n\n\nDiluted Earnings per Share\n\n\n\n$0.06\n\n\n\n$0.87\n\n\n\n-93%\n\n\n\n\n\nAdjusted EBITDA\n\n\n\n$5.6\n\n\n\n$14.8\n\n\n\n-62%\n\n\n\n\n\nAdjusted EBITDA Margin\n\n\n\n5.6%\n\n\n\n17.2%\n\n\n\n-1160bps\n\n\n\n\nManagement Commentary\n\n“Our third quarter results represent our sixth consecutive quarter of year-over-year revenue growth,” said Chris Hutter, president and CEO of Ascent. “While the overall pricing environment began to decline during the quarter, we were still able to capitalize on higher stainless prices in our tubular segment compared to the prior year. We continued to make improvements in our on-time delivery rates and employee safety record across both segments, driven by the enhanced safety measures we’ve implemented over the past two years. I’m also very pleased with the investments we have made in our customer development initiatives, which we expect to benefit us in the coming quarters. Notably, we’ve seen positive reception towards our corporate re-brand and have taken the opportunity to re-introduce our aligned suite of products to the market through well attended customer events at our facilities.\n\n“Our tubular segment continues to make progress as we further invest in our ongoing sales, inventory and operations planning initiatives to better shift our sales efforts towards higher margin products. In addition to pricing pressure on our lower margin products, we saw some increased competition from the influx of imports during the quarter, leading to slower sales of these affected products. We are using this transient period to allocate additional resources toward impr...