Ascent Industries Reports Second Quarter 2023 Results

About this update from Ascent Industries Co.

[{"type":"text","content":" 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 second quarter ended June 30, 2023.\n\n\nSecond Quarter 2023 Summary – Continuing Operations1\n\n\n\n\n(in millions, expect per share and margin)\n\n\n\n\n\n\nQ2 2023\n\n\n\n\n\n\nQ2 2022\n\n\n\n\n\n\nChange\n\n\n\n\n\n\n\n\nNet Sales\n\n\n\n\n\n\n$60.7\n\n\n\n\n\n\n$84.6\n\n\n\n\n\n\n-28.3%\n\n\n\n\n\n\n\n\nGross Profit\n\n\n\n\n\n\n$3.2\n\n\n\n\n\n\n$20.2\n\n\n\n\n\n\n-84.0%\n\n\n\n\n\n\n\n\nGross Profit Margin\n\n\n\n\n\n\n5.3%\n\n\n\n\n\n\n23.9%\n\n\n\n\n\n\n-1860bps\n\n\n\n\n\n\n\n\nNet Income (Loss)\n\n\n\n\n\n\n$(3.7)\n\n\n\n\n\n\n$10.8\n\n\n\n\n\n\n-134.8%\n\n\n\n\n\n\n\n\nDiluted Earnings (Loss) per Share\n\n\n\n\n\n\n$(0.37)\n\n\n\n\n\n\n$1.04\n\n\n\n\n\n\n-135.6%\n\n\n\n\n\n\n\n\nAdjusted EBITDA\n\n\n\n\n\n\n$(1.5)\n\n\n\n\n\n\n$14.8\n\n\n\n\n\n\n-110.0%\n\n\n\n\n\n\n\n\nAdjusted EBITDA Margin\n\n\n\n\n\n\n(2.4)%\n\n\n\n\n\n\n17.4%\n\n\n\n\n\n\n-1980bps\n\n\n\n\n\n\n\n\n\n1On June 2, 2023, the Board of Directors of Ascent made the decision to permanently cease operations at the Company’s welded pipe and tube facility located in Munhall, PA (“Munhall”) effective on or around August 31, 2023. As a result, financial results from Munhall have been categorized into discontinued operations.\n\n\n\n\n\n\n\nManagement Commentary\n\n\n“Challenges related to the strategic changes we’ve implemented over the last several quarters, along with difficult end market conditions impacting demand, continued to persist in the second quarter,” said Chris Hutter, president and CEO of Ascent. “Despite this difficult environment, our organization took action by finalizing the permanent closure of our Munhall operations, as well as managing working capital effectively to generate cash and pay down debt. We believe our tubular products segment is on a path to improve through the remainder of the year, while we continue to work on expanding our sales pipeline within the specialty chemicals segment to drive long-term, profitable growth.\n\n\n“We remain highly committed to executing our strategic goals and believe the operational changes we’ve made will significantly benefit the Company’s valu...

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