Business
Ascent Industries Reports Fourth Quarter and Full Year 2022 Results
Second Consecutive Year of Growth in Net Sales and Net Income Year-Over-Year, Reflecting Continued Improvements Across the Organization Ascent Chemicals
About this update from Ascent Industries Co.
[{"type":"text","content":"\nSecond Consecutive Year of Growth in Net Sales and Net Income Year-Over-Year, Reflecting Continued Improvements Across the Organization\n\nAscent Chemicals Continues to Outperform with Year-Over-Year Growth in Net Sales, Net Income, and Adjusted EBITDA for Full Year 2022\n\nFourth Quarter Net Income of $0.1 Million and Adjusted EBITDA of Negative $2.0 Million Includes Net Loss of $8.9 Million and Adjusted EBITDA of Negative $7.4 million Attributable to its Munhall Facility1\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 fourth quarter and full year ended December 31, 2022.\n\nFourth Quarter 2022 Summary\n\n\n\n(in millions, expect per share and margin)\n\n\n\nQ4 2022\n\n\n\nQ4 2021\n\n\n\nChange\n\n\n\n\n\nNet Sales\n\n\n\n$81.6\n\n\n\n$95.7\n\n\n\n-14.7%\n\n\n\n\n\nGross Profit\n\n\n\n$1.6\n\n\n\n$19.9\n\n\n\n-92.0%\n\n\n\n\n\nGross Profit Margin\n\n\n\n2.0%\n\n\n\n20.8%\n\n\n\n-1880bps\n\n\n\n\n\nNet Income\n\n\n\n$0.1\n\n\n\n$8.1\n\n\n\n-98.4%\n\n\n\n\n\nDiluted Earnings per Share\n\n\n\n$0.01\n\n\n\n$0.84\n\n\n\n-98.5%\n\n\n\n\n\nAdjusted EBITDA\n\n\n\n$(2.0)\n\n\n\n$14.9\n\n\n\n-113.2%\n\n\n\n\n\nAdjusted EBITDA Margin\n\n\n\n(2.4)%\n\n\n\n15.5%\n\n\n\n-1790bps\n\n\n\n\nFull Year 2022 Summary\n\n\n\n(in millions, except per share and margin)\n\n\n\n2022\n\n\n\n2021\n\n\n\nChange\n\n\n\n\n\nNet Sales\n\n\n\n$414.1\n\n\n\n$334.7\n\n\n\n23.7%\n\n\n\n\n\nGross Profit\n\n\n\n$56.5\n\n\n\n$60.8\n\n\n\n-7.0%\n\n\n\n\n\nGross Profit Margin\n\n\n\n13.7%\n\n\n\n18.2%\n\n\n\n-450bps\n\n\n\n\n\nNet Income\n\n\n\n$22.1\n\n\n\n$20.2\n\n\n\n9.0%\n\n\n\n\n\nDiluted Earnings per share\n\n\n\n$2.12\n\n\n\n$2.14\n\n\n\n-1.0%\n\n\n\n\n\nAdjusted EBITDA\n\n\n\n$36.0\n\n\n\n$44.3\n\n\n\n-18.7%\n\n\n\n\n\nAdjusted EBITDA Margin\n\n\n\n8.7%\n\n\n\n13.2%\n\n\n\n-450bps\n\n\n\n\n\n ________________________________\n\n\n1 Company management has previously articulated its intent to reduce operations at the Company's facility in Munhall, PA, specifically its galvanized pipe and tube operations. The majority of the galvanized reduction has been completed as of March 31, 2023, and the Company is currently evaluating strategic alternatives for...